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The Nobel Prize confers on an individual an authority which in economics no man ought to possess.

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
Men
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Economics
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More quotes by Friedrich August von Hayek

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We must shed the illusion that we can deliberately create the future of mankind. This is the final conclusion of the forty years which I have now devoted to the study of these problems
Friedrich August von Hayek
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Hayek was making us think of the productive process as a process in time, inputs coming before outputs.
Friedrich August von Hayek
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We shall never prevent the abuse of power if we are not prepared to limit power in a way which occasionally may prevent its use for desirable purposes.
Friedrich August von Hayek
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It seems to be almost a law of human nature that it is easier for people to agree on a negative program - on the hatred of an enemy, on the envy of those better off - than on any positive task.
Friedrich August von Hayek
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The history of government management of money has, except for a few short happy periods, been one of incessant fraud and deception.
Friedrich August von Hayek
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Planning leads to dictatorship because dictatorship is the most effective instrument of coercion and the enforcement of ideals and, as such, essential if central planning on a large scale is to be possible.
Friedrich August von Hayek
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The chief point we must remember is that the great and rapid advance of the physical sciences took place in fields where it proved that explanation and prediction could be based on laws which accounted for the observed phenomena as functions of comparatively few variables - either particular facts or relative frequencies of events.
Friedrich August von Hayek
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We must shed the illusion that we can deliberately 'create the future of mankind'
Friedrich August von Hayek
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[Socialistic] economic planning, regulation, and intervention pave the way to totalitarianism by building a power structure that will inevitably be seized by the most power-hungry and unscrupulous.
Friedrich August von Hayek
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When it becomes dominated by a collectivist creed, democracy will inevitably destroy itself.
Friedrich August von Hayek
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Competition means decentralized planning by many separate persons.
Friedrich August von Hayek
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Without the rich - without those who accumulated capital - those poor who could exist at all would be very much poorer indeed, scratching a livelihood from marginal lands on which every drought would kill most of the children they would be trying to raise.
Friedrich August von Hayek
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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.
Friedrich August von Hayek
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If democracy is a means rather than an end, its limits must be determined in the light of the purpose we want it to serve.
Friedrich August von Hayek
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Our faith in freedom does not rest on the foreseeable results in particular circumstances, but on the belief that it will, on balance, release more forces for the good than for the bad ... Freedom granted only when it is known beforehand that its effects will be beneficial is not freedom.
Friedrich August von Hayek
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The more I learn about the evolution of ideas, the more I have become aware that I am simply an unrepentant Old Whig-with the stress on the old.
Friedrich August von Hayek
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A claim for equality of material position can be met only by a government with totalitarian powers.
Friedrich August von Hayek
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'Emergencies' have always been the pretext on which the safeguards of individual liberty have been eroded.
Friedrich August von Hayek
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The mind cannot foresee its own advance.
Friedrich August von Hayek
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We did not realise how fragile our civilisation was.
Friedrich August von Hayek