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We shall not grow wiser before we learn that much that we have done was very foolish.

Friedrich August von Hayek

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
Never will man penetrate deeper into error than when he is continuing on a road which has led him to great success
FRIEDRICH AUGUST VON HAYEK

Continuing Errors Men
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
Liberty”’.that condition of man in which coercion of some by others is reduced as much as possible in society
FRIEDRICH AUGUST VON HAYEK

Coercion Liberty Men
[The] impersonal process of the market … can be neither just nor unjust, because the results are not intended or foreseen.
FRIEDRICH AUGUST VON HAYEK

Justice Process Unjust
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
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.
FRIEDRICH AUGUST VON HAYEK

Faith Government Thinking
Freedom can be preserved only if it is treated as a supreme principle which must not be sacrificed for particular advantages.
FRIEDRICH AUGUST VON HAYEK

Advantage Freedom Principles
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
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

Important Libertarian Liberty
If socialists understood economics, they wouldn’t be socialist.
FRIEDRICH AUGUST VON HAYEK

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

Historical Liberty War
The conservative feels safe and content only if he is assured that some higher wisdom watches and supervises change, only if he knows that some authority is charged with keeping the change “orderly.
FRIEDRICH AUGUST VON HAYEK

Conservative Safe Watches
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