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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

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

Politics Practice Socialism
[T]hose who are willing to surrender their freedom for security have always demanded that if they give up their full freedom it should also be taken from those not prepared to do so.
FRIEDRICH AUGUST VON HAYEK

Giving Surrender Taken Up
$Friedrich August von Hayek Quote - There is, in a competitive society, nobody who can exercise even a fraction of the power which a socialist planning board would possess.$

There is, in a competitive society, nobody who can exercise even a fraction of the power which a socialist planning board would possess.
FRIEDRICH AUGUST VON HAYEK

Boards Exercise Planning
It can hardly be denied that such a demand quite arbitrarily limits the facts which are to be admitted as possible causes of the events which occur in the real world.
FRIEDRICH AUGUST VON HAYEK

Causes Limits Real
The great aim of the struggle for liberty has been equality before the law.
FRIEDRICH AUGUST VON HAYEK

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

Economics Individual Men
Capitalism created the possibility of employment.
FRIEDRICH AUGUST VON HAYEK

Capitalism Employment Possibility
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
Socialism has never and nowhere been at first a working-class movement. It is by no means an obvious remedy for the obvious evil which the interests of that class will necessarily demand. It is a construction of theorists.
FRIEDRICH AUGUST VON HAYEK

Class Mean Movement Philosophy Working
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 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 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
Liberty is an opportunity for doing good, but this is only so when it is also an opportunity for doing wrong.
FRIEDRICH AUGUST VON HAYEK

Doing Good Liberty Opportunity
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
No human mind can comprehend all the knowledge which guides the actions of society.
FRIEDRICH AUGUST VON HAYEK

Action Knowledge Mind