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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

The mind cannot foresee its own advance.
FRIEDRICH AUGUST VON HAYEK

Advance Foresee Mind Own
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

Aberration Hate Thinking
The system of private property is the most important guaranty of freedom, not only for those who own property, but scarcely less for those who do not.
FRIEDRICH AUGUST VON HAYEK

Important Libertarian Liberty
Without a theory the facts are silent.
FRIEDRICH AUGUST VON HAYEK

Facts Silent Theory
It is because freedom means the renunciation of direct control of individual efforts that a free society can make use of so much more knowledge than the mind of the wisest ruler could comprehend.
FRIEDRICH AUGUST VON HAYEK

Effort Freedom Individual Mean
We did not realise how fragile our civilisation was.
FRIEDRICH AUGUST VON HAYEK

Civilisation History Realising
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

Order Population Race
The moral consequences of totalitarian propaganda…are destructive of all morals because they undermind one of the foundations of all morals: the sense of and respect for truth.
FRIEDRICH AUGUST VON HAYEK

Foundation Moral Politics
To be controlled in our economic pursuits means to be controlled in everything.
FRIEDRICH AUGUST VON HAYEK

Economics Historical Mean
Freedom can be preserved only if it is treated as a supreme principle which must not be sacrificed for particular advantages.
FRIEDRICH AUGUST VON HAYEK

Advantage Freedom Principles
[The] impersonal process of the market … can be neither just nor unjust, because the results are not intended or foreseen.
FRIEDRICH AUGUST VON HAYEK

Justice Process Unjust
Few are ready to recognize that the rise of fascism and Nazism was not a reaction against the socialist trends of the preceding period but a necessary outcome of those tendencies.
FRIEDRICH AUGUST VON HAYEK

Outcomes Reaction Trends
We shall not grow wiser before we learn that much that we have done was very foolish.
FRIEDRICH AUGUST VON HAYEK

Done Foolish Much Stupid
The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.
FRIEDRICH AUGUST VON HAYEK

Design Liberty Men
Liberty and responsibility are inseparable.
FRIEDRICH AUGUST VON HAYEK

Inseparable Liberty Responsibility
Wherever liberty as we understand it has been destroyed, this has almost always been done in the name of some new freedom promised to the people
FRIEDRICH AUGUST VON HAYEK

Liberty Names People