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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

[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
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
Perhaps even more than elsewhere current notions of what is desirable and practicable are here still of a kind which may well produce the opposite of what they promise.
FRIEDRICH AUGUST VON HAYEK

May Opposites Promise
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.
FRIEDRICH AUGUST VON HAYEK

Attitude Growth Order
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
…the case for individual freedom rests largely on the recognition of the inevitable and universal ignorance of all of us concerning a great many of the factors on which the achievements of our ends and welfare depend.
FRIEDRICH AUGUST VON HAYEK

Achievement Ignorance Liberty
The chief evil is unlimited government, and nobody is qualified to wield unlimited power.
FRIEDRICH AUGUST VON HAYEK

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

Advance Foresee Mind Own
If I am not mistaken, psychology, psychiatry and some branches of sociology, not to speak about the so-called philosophy of history, are even more affected by what I have called the scientistic prejudice, and by specious claims of what science can achieve.
FRIEDRICH AUGUST VON HAYEK

Philosophy Prejudice Psychology
Capitalism created the possibility of employment.
FRIEDRICH AUGUST VON HAYEK

Capitalism Employment Possibility
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
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 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
By giving the government unlimited powers, the most arbitrary rule can be made legal; and in this way a democracy may set up the most complete despotism imaginable.
FRIEDRICH AUGUST VON HAYEK

Democracy Giving Government
Hayek was making us think of the productive process as a process in time, inputs coming before outputs.
FRIEDRICH AUGUST VON HAYEK

Input Thinking Time
This is not a dispute about whether planning is to be done or not. It is a dispute as to whether planning is to be done centrally, by one authority for the whole economic system, or is to be divided among many individuals.
FRIEDRICH AUGUST VON HAYEK

Done Economic Planning