Friedrich Hayek

"The creative force of capitalism lies precisely in its competitive trial and error"

"Those who design institutions often do not understand how they actually function"

"True progress requires understanding that we know far less than we think we do"

"The market is not perfect but it is better than the alternative of conscious control"

"Freedom of thought requires freedom of expression and freedom of movement"

"The abundance we enjoy is the product of millions of uncoordinated decisions"

"Trying to improve others often leaves them worse off than before"

"The power to tax is the power to destroy selective industries and freedoms"

"Prosperity comes to those societies that best respect individual initiative"

"The fatal flaw of socialism is its assumption that knowledge can be centralized"

"What is called planning is often the suppression of others' plans"

"Customs and traditions contain wisdom that conscious reason cannot fully explain"

"The extended order depends on moral virtues that markets alone do not create"

"Economic understanding requires learning to see the world through others' eyes"

"The prosperity of nations is determined by respect for property and contract"

"Regulations often protect competitors rather than competition itself"

"The beauty of price signals is that they communicate information instantly across nations"

"True knowledge of society requires recognizing what we cannot know about it"

"Competition generates the innovations that improve all our lives"

"Those who believe government should control everything have not thought things through"

"The miracle of markets is that they require no miracles to work"

"Liberty means that others can make choices you disagree with"

"The advancement of civilization depends on respecting property rights"

"Courage is required to defend freedom against those offering security"

"The voluntary character of exchange makes it moral in a way coercion never is"

"Understanding economics means understanding why your intentions cannot substitute for others' knowledge"

"The invisible hand requires invisible participants, not visible planners"

"Time reveals the consequences of policies that seem wise in theory"

"The pursuit of equality often destroys the very foundation of prosperity"

"Markets succeed precisely because they do not require that anyone be wise"