Hayek_Quotes @HayekQuotes1
Quotes from Friedrich Hayek Joined June 2018-
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No one has characterized market mechanisms better than Friedrich Hayek. -- Herbert Simon
"A man who simply considers knowledge for its own sake." -- Gerald Edelman, on Friedrich Hayek
Q: Is it not possible that the secondary monetary repercussions, the secondary deflation, is often much more important than the primary discrepancy that brought it about. Hayek: I have never seen that question empirically investigated & should very much wish to see it attempted.
We can now demonstrate that socialism is altogether based on an intellectual failure to comprehend the conditions under which we are able to produce enough to satisfy our expectations. -- Friedrich Hayek, edited
The investigation of the relationship between morality and the possibility of socialism leads into an intellectual and I believe strictly scientific analysis of the interaction of our changing moral beliefs and the economic and social structure of society. -- F. Hayek, edited
Socialists preserve their position in academic economics merely by the pretense that differences over socialism are entirely moral questions about which science cannot decide. -- Friedrich Hayek, edited
I intend to call the second volume of my book on the impossibility of socialism, "A Disquisition on the Reactionary Character of the Socialist Conception." -- Friedrich Hayek, abridged
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Jack High interviews Friedrich Hayek in 1978 youtu.be/8K4nA2LfMY4
"It was curious that Mises, who was very sensitive to criticism, actually praised my 1937 article and seems never to have been aware that it was directed against his apriorism." -- Friedrich Hayek
“There is no reason why a man who has made a distinctive contribution to economic science should be omnicompetent on all problems of society—as the press tends to treat him till in the end he may himself be persuaded to believe.” — Friedrich Hayek
“There is all the difference in the world between treating people equally and attempting to make them equal. While the first is the condition of a free society, the second means, as De Tocqueville describes it, ‘a new form of servitude.’” — Friedrich Hayek
“The system of private property is the most important guarantee of freedom, not only for those who own property, but scarcely less for those who do not.” — Friedrich Hayek
It is obvious that, from this intellectual relativism, which denied the existence of truths which could be recognized independently of race, nation, or class, there was only a step to the position which puts sentiment above rational thinking. – Friedrich Hayek, spring 1933
“Liberty not only means that the individual has both the opportunity and the burden of choice; it also means that he must bear the consequences of his actions. Liberty and responsibility are inseparable.” — Friedrich Hayek
1950: A. Einstein's Letter to Erwin Schrödinger where he talks about the famous Schrödinger's cat thought experiment ✉️ Dear Schrödinger, You are the only contemporary physicist, besides Laue, who sees that one cannot get around the assumption of reality—if only one is honest.…
“Economic control is not merely control of a sector of human life which can be separated from the rest; it is the control of the means for all our ends. And whoever has sole control of the means must also determine which ends are to be served, which values are to be rated higher…
“The principle that the end justifies the means is in individualist ethics regarded as the denial of all morals. In collectivist ethics it becomes necessarily the supreme rule.” — Friedrich Hayek
"Most mathematical economists are bad mathematicians who imagine that mathematics consists of quantitative or numerical statements like statistics." -- Friedrich Hayek
"Truth in a socialist society becomes something to be laid down by authority, something which has to be believed in the interest of the unity of the organized effort, something which may have to be altered as the exigencies of this organized effort require it." F Hayek, abridged
The necessity to stop inflationary increases of the quantity of money does not mean that we should not endeavour to stop a real deflation when it should threaten to set in. 1/n
Monetary authorities prolonged the boom of the 1920s and caused a worse depression, and then they allowed a deflation to go on in the 1930s and prolonged the depression. -- Friedrich Hayek, abridged
I agree with Milton Friedman that once the Crash had occurred, the Federal Reserve System pursued a silly deflationary policy. I am not only against inflation but I am also against deflation. -- Friedrich Hayek
"Keynes has made valuable suggestions for treating the secondary complications of the boom-bust cycle -- such as the problem of the deflation -- in his book *A Treatise on Money*." -- Friedrich Hayek (condensed & revised)
I once asked Harrod what had put him on to the construction of his so-call ‘dynamic’ theory; he said, to my surprise, that it was thinking about Hayek. -- John Hicks 1982, pp. 340-341
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