No one has characterized market mechanisms better than Friedrich von Hayek.
quote by Herbert Simon
Submitted by Lucian Velea
Vote! | Copy!
Related quotes
We know: of course, with regard to the market and similar social structures, a great many facts which we cannot measure and on which indeed we have only some very imprecise and general information.
quote by Friedrich August von Hayek
Submitted by Lucian Velea
Vote! | Copy!
We know, in other words, the general conditions in which what we call, somewhat misleadingly, an equilibrium will establish itself: but we never know what the particular prices or wages are which would exist if the market were to bring about such an equilibrium.
quote by Friedrich August von Hayek
Submitted by Lucian Velea
Vote! | Copy!
The mind cannot foresee its own advance.
quote by Friedrich August von Hayek
Submitted by Lucian Velea
Vote! | Copy!
We shall not grow wiser before we learn that much that we have done was very foolish.
quote by Friedrich August von Hayek
Submitted by Lucian Velea
Vote! | Copy!
Intellects whose desires have outstripped their understanding.
quote by Friedrich August von Hayek
Submitted by Lucian Velea
Vote! | Copy!
The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.
quote by Friedrich Hayek
Submitted by Veronica Serbanoiu
Vote! | Copy!
Our moral traditions developed concurrently with our reason, not as its product.
quote by Friedrich August von Hayek
Submitted by Lucian Velea
Vote! | Copy!
'Emergencies' have always been the pretext on which the safeguards of individual liberty have been eroded.
quote by Friedrich August von Hayek
Submitted by Lucian Velea
Vote! | Copy!
We have indeed at the moment little cause for pride: as a profession we have made a mess of things.
quote by Friedrich August von Hayek
Submitted by Lucian Velea
Vote! | Copy!
A claim for equality of material position can be met only by a government with totalitarian powers.
quote by Friedrich August von Hayek
Submitted by Lucian Velea
Vote! | Copy!
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.
quote by Friedrich Hayek
Submitted by anonym
Vote! | Copy!
If most people are not willing to see the difficulty, this is mainly because, consciously or unconsciously, they assume that it will be they who will settle these questions for the others, and because they are convinced of their own capacity to do this.
quote by Friedrich August von Hayek
Submitted by Lucian Velea
Vote! | Copy!
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.
quote by Friedrich August von Hayek
Submitted by Lucian Velea
Vote! | Copy!
If we wish to preserve a free society, it is essential that we recognize that the desirability of a particular object is not sufficient justification for the use of coercion.
quote by Friedrich August von Hayek
Submitted by Lucian Velea
Vote! | Copy!
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.
quote by Friedrich August von Hayek
Submitted by Lucian Velea
Vote! | Copy!
We must face the fact that the preservation of individual freedom is incompatible with a full satisfaction of our views of distributive justice.
quote by Friedrich August von Hayek
Submitted by Lucian Velea
Vote! | Copy!
The progress of the natural sciences in modern times has of course so much exceeded all expectations that any suggestion that there may be some limits to it is bound to arouse suspicion.
quote by Friedrich August von Hayek
Submitted by Lucian Velea
Vote! | Copy!
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.
quote by Friedrich August von Hayek
Submitted by Lucian Velea
Vote! | Copy!
Why should we, however, in economics, have to plead ignorance of the sort of facts on which, in the case of a physical theory, a scientist would certainly be expected to give precise information?
quote by Friedrich August von Hayek
Submitted by Lucian Velea
Vote! | Copy!
Freedom granted only when it is known beforehand that its effects will be beneficial is not freedom.
quote by Friedrich August von Hayek
Submitted by Lucian Velea
Vote! | Copy!