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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
Must
Consulted
Advised
Confess
Nobel
Establish
Prize
Economics
Whether
Decidedly

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And who will deny that a world in which the wealthy are powerful is still a better world than one in which only the already powerful can acquire wealth?
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Nothing is more securely lodged than the ignorance of the experts.
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With the exception only of the period of the gold standard, practically all governments of history have used their exclusive power to issue money to defraud and plunder the people.
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Any man who is only an economist is unlikely to be a good one.
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Perhaps the fact that we have seen millions voting themselves into complete dependence on a tyrant has made our generation understand that to choose one's government is not necessarily to secure freedom.
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There may be few instances in which the superstition that only measurable magnitudes can be important has done positive harm in the economic field: but the present inflation and employment problems are a very serious one.
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The more the state plans the more difficult planning becomes for the individual.
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[The] impersonal process of the market ... can be neither just nor unjust, because the results are not intended or foreseen.
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Socialism can only be put into practice only by methods which most socialists disapprove.
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The mind cannot foresee its own advance.
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Competition means decentralized planning by many separate persons.
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I am convinced that if the market system were the result of deliberate human design, and if the people guided by the price changes understood that their decisions have significance far beyond their immediate aims, this mechanism would have been acclaimed as one of the greatest triumphs of the human mind.
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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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It is rather a problem of how to secure the best use of resources known to any of the members of society, for ends whose relative importance only those individuals know.
Friedrich August von Hayek
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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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Economic control is not merely control of a sector of human life which can be separated from the rest it is the control of the means for all our ends. And whoever has sole control of the means must also determine which ends are to be served, which values are to be rates higher and which lower, in short, what men should believe and strive for.
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Liberty'''.that condition of man in which coercion of some by others is reduced as much as possible in society
Friedrich August von Hayek
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That democratic socialism, the great utopia of the last few generations, is not only unachievable, but that to strive for it produces something so utterly different that few of those who wish it would be prepared to accept the consequences, many will not believe until the connection has been laid bare in all its aspects.
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The chief difference [between totalitarian and free countries] is that only the totalitarians appear clearly to know how they want to achieve that result, while the free world has only its past achievements to show, being by its very nature unable to offer any detailed plan for further growth.
Friedrich August von Hayek
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Many who think themselves infinitely superior to the aberrations of Nazism, and sincerely hate all manifestations, work at the same time for ideals whose realization would lead straight to the abhorred tyranny.
Friedrich August von Hayek