The Nobel Prize confers on an individual an authority which in economics no man ought to possess.
FRIEDRICH AUGUST VON HAYEKSocialism can only be put into practice only by methods which most socialists disapprove.
More Friedrich August von Hayek Quotes
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It would clearly not be an improvement to build all houses exactly alike in order to create a perfect market for houses, and the same is true of most other fields where differences between the individual products prevent competition from ever being perfect.
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Once wide coercive powers are given to governmental agencies for particular purposes, such powers cannot be effectively controlled by democratic assemblies.
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The mind cannot foresee its own advance.
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The ultimate decision about what is accepted as right and wrong will be made not by individual human wisdom but by the disappearance of the groups that have adhered to the “wrong” beliefs.
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The system of private property is the most important guaranty of freedom, not only for those who own property, but scarcely less for those who do not.
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To be controlled in our economic pursuits means to be controlled in everything.
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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 -
Conservatism is only as good as what it conserves.
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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.
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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?
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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.
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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.
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Hayek was making us think of the productive process as a process in time, inputs coming before outputs.
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Socialism can only be put into practice only by methods which most socialists disapprove.
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We did not realise how fragile our civilisation was.
FRIEDRICH AUGUST VON HAYEK