Friedrich A. Hayek
Nobody can be a great economist who is only an economist - and I am even tempted to add that the economist who is only an economist is likely to become a nuisance if not a positive danger.”
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Friedrich A. Hayek
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.
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Friedrich A. Hayek
planning and competition can be combined only by planning for competition but not by planning against competition.
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Friedrich A. Hayek
It should be noted, moreover, that monopoly is frequently the product of factors other than the lower costs of greater size. It is attained through collusive agreement and promoted by public policies. When these agreements are invalidated and when these policies are reversed, competitive conditions can be restored.
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Friedrich A. Hayek
The chief difference [between totalitarian and free countries] is that only the totalitarians appear clearly to know how they want to achieve that result, while the free world has only its past achievements to show, being by its very nature unable to offer any detailed "plan" for further growth.
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Friedrich A. Hayek
It is because every individual knows little and, in particular, because we rarely know which of us knows best that we trust the independent and competitive efforts of many to induce the emergence of what we shall want when we see it.
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