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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

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

Economics Individual Men
No human mind can comprehend all the knowledge which guides the actions of society.
FRIEDRICH AUGUST VON HAYEK

Action Knowledge Mind
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
I was quite depressed two weeks ago when I spent an afternoon at Brentano’s Bookshop in New York and was looking at the kind of books most people read. That seems to be hopeless; once you see that you lose all hope.
FRIEDRICH AUGUST VON HAYEK

Book Country New People Two
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
That there is little hope of international order or lasting peace so long as every country is free to employ whatever measures it thinks desirable in its own immediate interest, however damaging they may be to others, needs little emphasis now.
FRIEDRICH AUGUST VON HAYEK

Country Desirable Measure Order Thinking
Freedom necessarily means that many things will be done which we do not like.
FRIEDRICH AUGUST VON HAYEK

Done Mean Necessarily
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
Without a theory the facts are silent.
FRIEDRICH AUGUST VON HAYEK

Facts Silent Theory
Socialism can only be put into practice only by methods which most socialists disapprove.
FRIEDRICH AUGUST VON HAYEK

Politics Practice Socialism
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
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
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 we wish to preserve a free society, it is essential that we recognize that the desirability of a particular object is not sufficient justification for the use of coercion.
FRIEDRICH AUGUST VON HAYEK

Essentials Liberty Wish
If the human intellect is allowed to impose a preconceived pattern on society, if our powers of reasoning are allowed to lay claim to a monopoly of creative effort… then we must not be surprised if society, as such, ceases to function as a creative force.
FRIEDRICH AUGUST VON HAYEK

Creative Effort Monopoly Patterns
In government, the scum rises to the top.
FRIEDRICH AUGUST VON HAYEK

Government Libertarian Scum