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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.

Friedrich August von Hayek

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

Historical Liberty War
The mind cannot foresee its own advance.
FRIEDRICH AUGUST VON HAYEK

Advance Foresee Mind Own
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
Freedom necessarily means that many things will be done which we do not like.
FRIEDRICH AUGUST VON HAYEK

Done Mean Necessarily
Many who think themselves infinitely superior to the aberrations of Nazism, and sincerely hate all manifestations, work at the same time for ideals whose realization would lead straight to the abhorred tyranny.
FRIEDRICH AUGUST VON HAYEK

Aberration Hate Thinking
When it becomes dominated by a collectivist creed, democracy will inevitably destroy itself.
FRIEDRICH AUGUST VON HAYEK

Democracy Politics Power
All political theories assume, of course, that most individuals are very ignorant. Those who plead for liberty differ from the rest in that they include among the ignorant themselves as well as the wisest.
FRIEDRICH AUGUST VON HAYEK

Ignorant Liberty Political Wisdom
Should our moral beliefs really prove to be dependent on factual assumptions shown to be incorrect, it would be hardly moral to defend them by refusing to acknowledge the facts.
FRIEDRICH AUGUST VON HAYEK

Assumptions Beliefs Facts Moral
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
Few are ready to recognize that the rise of fascism and Nazism was not a reaction against the socialist trends of the preceding period but a necessary outcome of those tendencies.
FRIEDRICH AUGUST VON HAYEK

Outcomes Reaction Trends
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
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
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
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 did not realise how fragile our civilisation was.
FRIEDRICH AUGUST VON HAYEK

Civilisation History Realising