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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

By the time any view becomes a majority view, it is no longer the best view: somebody will already have advanced beyond the point which the majority have reached.
FRIEDRICH AUGUST VON HAYEK

Advanced Majority Point Views
Justice, like liberty and coercion, is a concept which, for the sake of clarity, ought to be confined to the deliberate treatment of men by other men.
FRIEDRICH AUGUST VON HAYEK

Justice Liberty Men
Without a theory the facts are silent.
FRIEDRICH AUGUST VON HAYEK

Facts Silent Theory
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
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
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
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.
FRIEDRICH AUGUST VON HAYEK

Government Issues People
He will therefore have to use what knowledge he can achieve, not to shape the results as the craftsman shapes his handiwork, but rather to cultivate a growth by providing the appropriate environment, in the manner in which the gardener does this for his plants.
FRIEDRICH AUGUST VON HAYEK

Growth Handwork Shapes
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
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
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

Democracy Light Mean
Emergencies’ have always been the pretext on which the safeguards of individual liberty have been eroded.
FRIEDRICH AUGUST VON HAYEK

Historical Liberty War
It used to be the boast of free men that, so long as they kept within the bounds of the known law, there was no need to ask anybody’s permission or to obey anybody’s orders. It is doubtful whether any of us can make this claim today.
FRIEDRICH AUGUST VON HAYEK

Men Order Responsibility
When it becomes dominated by a collectivist creed, democracy will inevitably destroy itself.
FRIEDRICH AUGUST VON HAYEK

Democracy Politics Power
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