Friedrich Hayek

Economist Philosopher Austrian-British 1899 – 1992

Advocated free-market capitalism and warned against centrally planned economies.

426 quotes

"Those who fear freedom usually fear the responsibility that comes with it"
Fear
"The private use of property is more efficient than public control"
Work
"Understanding the limits of our knowledge is the beginning of wisdom"
Wisdom
"The strength of capitalism lies in its discipline of profit and loss"
Strength
"To dream of perfect justice is often to create perfect tyranny"
Dreams
"The extended order we live in was never designed by anyone"
Creativity
"Inflation is the way governments wage war on their own citizens"
War
"Respect for others' property is the foundation of all other respects"
Kindness
"The test of progress is whether we allow others to live as they wish"
Freedom
"Prosperity is not a gift but the earned result of respecting economic laws"
Perseverance
"Those institutions that survive longest are often those least understood"
Philosophy
"The market teaches us lessons that conscious reason cannot discover"
Education
"True freedom includes the freedom to fail"
Courage
"The complexity of modern society depends on trusting mechanisms we don't fully understand"
Faith
"Progress requires admitting that we don't know the best solution in advance"
"The moral case for markets is as important as the economic case"
"The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design."
Knowledge
"The price system is the mechanism that performs all the coordination functions in a market economy."
"True liberalism is not socialism in disguise; it is the antithesis of socialism."
Politics
"The great tragedy of science is the slaying of a beautiful hypothesis by an ugly fact."
Science
"Civilization is not inherited; it has to be learned and earned by each generation anew."
Education
"The curious thing about the demand for equality is that it is usually made by those who think they will not lose by it."
Justice
"Individual effort and initiative, not centralized planning, drives human progress."
Freedom
"The most fatal conceit is the idea that one group can redesign society from scratch."
Philosophy
"In a system in which the individual is not free to pursue his own objectives, he cannot develop his full potential."
Success
"The conflict between planning and freedom touches the deepest issues of our civilization."
Change
"What distinguishes the civilized man from the savage is largely the accumulated capital of knowledge."
Wisdom
"The worst sufferings of mankind have come from the attempt to force men into uniform patterns."
Kindness
"Money is one of the greatest instruments of freedom ever invented by man."
Money
"The intellectuals have the power to sway the public mind, though many do not realize it."
Leadership