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I must confess that if I had been consulted whether to establish a Nobel Prize in economics, I should have decidedly advised against it.

Friedrich August von Hayek

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Friedrich August von Hayek
Age: 92 †
Born: 1899
Born: May 8
Died: 1992
Died: March 23
Economist
Historian
Philosopher
Political Scientist
University Teacher
Vienna
Austria
Friedrich August von Hayek
Friedrich von Hayek
Friedrich A. von Hayek
Friedrich A. Von Hayek
F. A. von Hayek
Friedrich August Von Hayek
Hayek
F. A. Hayek
Establish
Prize
Economics
Whether
Decidedly
Must
Consulted
Advised
Confess
Nobel

More quotes by Friedrich August von Hayek

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It is possible for a dictator to govern in a liberal way. And it is also possible for a democracy to govern with a total lack of liberalism. Personally I prefer a liberal dictator to democratic government lacking liberalism.
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It is perhaps the most characteristic feature of the intellectual that he judges new ideas not by their specific merits but by the readiness with which they fit into his general conceptions, into the picture of the world which he regards as modern or advanced.
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When it becomes dominated by a collectivist creed, democracy will inevitably destroy itself.
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The Germans would appear as the disturbers of peace, as they already do to some people, merely because they were the first to take the path along which all the others were ultimately to follow.
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What a free society offers to the individual is much more than what he would be able to do if only he were free.
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The attitude of the liberal towards society is like that of the gardener who tends a plant and, in order to create the conditions most favorable to its growth, must know as much as possible about its structure and the way it functions.
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There is, in a competitive society, nobody who can exercise even a fraction of the power which a socialist planning board would possess.
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Nothing is more securely lodged than the ignorance of the experts.
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The power which a multiple millionaire, who may be my neighbor and perhaps my employer, has over me is very much less than that which the smallest functionaire possesses who wields the coercive power of the state, and on whose desecration it depends whether and how I am allowed to live or to work.
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The central problem of management is how spontaneous interaction of people within a firm, each possessing only bits of knowledge, can bring about the competitive success that could only be achieved by the deliberate direction of a senior management that possesses the combined knowledge of all employees and contractors
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This is the constitutional limitation of man's knowledge and interests, the fact that he cannot know more than a tiny part of the whole of society and that therefore all that can enter into his motives are the immediate effects which his actions will have in the sphere he knows.
Friedrich August von Hayek
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We can either have a free Parliament or a free people. Personal freedom requires that all authority is restrained by long-run principles which the opinion of the people approves.
Friedrich August von Hayek
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Capitalism created the possibility of employment.
Friedrich August von Hayek
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The idea of social justice is that the state should treat different people unequally in order to make them equal.
Friedrich August von Hayek
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Socialism constitutes a threat to the present and future welfare of the human race, in the sense that neither socialism nor any other known substitute for the market order could sustain the current population of the world.
Friedrich August von Hayek
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Never will man penetrate deeper into error than when he is continuing on a road which has led him to great success
Friedrich August von Hayek
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The mind cannot foresee its own advance.
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The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.
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It is only because the majority opinion will always be opposed by some that our knowledge and understanding progress... it is always from a minority acting in ways different from what the majority would prescribe that the majority in the end learns to do better.
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We certainly do not regard it as right that the citizens of a large country should dominate those of a small adjoining country merely because they are more numerous.
Friedrich August von Hayek