black
grey
blue
red
brown
white

To create conditions in which competition will be as effective as possible, to prevent fraud and deception, to break up monopolies- these tasks provide a wide and unquestioned field for state activity.

Friedrich August von Hayek

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

Economics Individual Men
The freedom that will be used by only one man in a million may be more important to society and more beneficial to the majority than any freedom that we all use.
FRIEDRICH AUGUST VON HAYEK

Important Majority Men
Once wide coercive powers are given to governmental agencies for particular purposes, such powers cannot be effectively controlled by democratic assemblies.
FRIEDRICH AUGUST VON HAYEK

Agency Assembly Purpose
The conservative feels safe and content only if he is assured that some higher wisdom watches and supervises change, only if he knows that some authority is charged with keeping the change “orderly.
FRIEDRICH AUGUST VON HAYEK

Conservative Safe Watches
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

Continuing Errors Men
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.
FRIEDRICH AUGUST VON HAYEK

Ideas Judging Philosophy
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
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
If socialists understood economics, they wouldn’t be socialist.
FRIEDRICH AUGUST VON HAYEK

Economics Politics Socialist
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

Individual Problem Use
[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
Humiliating to human pride as it may be, we must recognize that the advance and even the preservation of civilization are dependent upon a maximum of opportunity for accidents to happen.
FRIEDRICH AUGUST VON HAYEK

Civilization Opportunity Pride
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?
FRIEDRICH AUGUST VON HAYEK

Powerful Wealth World
We must face the fact that the preservation of individual freedom is incompatible with a full satisfaction of our views of distributive justice.
FRIEDRICH AUGUST VON HAYEK

Justice Umpires Views
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

Finals Mankind Study Years
As is true with respect to other great evils, the measures by which war might be made altogether impossible for the future may well be worse than even war itself.
FRIEDRICH AUGUST VON HAYEK

Altogether Evil May War