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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

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
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
Justice, like liberty and coercion, is a concept which, for the sake of clarity, ought to be confined to the deliberate treatment of men by other men.
FRIEDRICH AUGUST VON HAYEK

Justice Liberty Men
To be controlled in our economic pursuits means to be controlled in everything.
FRIEDRICH AUGUST VON HAYEK

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

Economics Individual Men
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
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
The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.
FRIEDRICH AUGUST VON HAYEK

Design Liberty Men
The great aim of the struggle for liberty has been equality before the law.
FRIEDRICH AUGUST VON HAYEK

Law Liberty Struggle
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
We did not realise how fragile our civilisation was.
FRIEDRICH AUGUST VON HAYEK

Civilisation History Realising
The mind cannot foresee its own advance.
FRIEDRICH AUGUST VON HAYEK

Advance Foresee Mind Own
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
It seems to me that socialists today can preserve their position in academic economics merely by the pretense that the differences are entirely moral questions about which science cannot decide.
FRIEDRICH AUGUST VON HAYEK

Differences Moral Today
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
Once you admit that the individual is merely a means to serve the ends of the higher entity called society or the nation, most of those features of totalitarianism which horrify us follow of necessity
FRIEDRICH AUGUST VON HAYEK

Ends Individual Mean