Hayek_Quotes

Quotes from Friedrich Hayek

[Hayek_Quotes @HayekQuotes1]

Production processes that take more time will not be adopted unless they yield a greater return than those that take less time.

-- Friedrich Hayek

[F. A. Hayek Quotes @FAHayekSays]

“It is only because the control of the means of production is divided among many people acting independently that nobody has complete power over us, that we as individuals can decide what to do with ourselves.”

— Friedrich Hayek

[Hayek_Quotes @HayekQuotes1]

Freedom has been preserved for prolonged periods because general principles limiting coercive power, vaguely and dimly perceived, have governed public opinion.

— Friedrich Hayek, abridged

[Hayek_Quotes @HayekQuotes1]

edited

[Hayek_Quotes @HayekQuotes1]

Economists have so mixed up two sorts of propositions, the priori and the empirical, that it is frequently quite impossible to see what sort of validity they claimed for a particular statement.

— Friedrich Hayek

[Hayek_Quotes @HayekQuotes1]

— Friedrich Hayek, edited

[Hayek_Quotes @HayekQuotes1]

The central question of social science: how the combination of fragments of knowledge existing in different minds can bring about results which, if they were to be brought about deliberately, would require a knowledge on the part of the directing mind which no person can possess.

[Hayek_Quotes @HayekQuotes1]

abridged

[Hayek_Quotes @HayekQuotes1]

While the problem of the Division of Labour has been one of the main subjects of investigation since the beginning of our science, the problem of the Division of Knowledge has been neglected, although it is the really central problem of economics as a social science.

— F. Hayek

[F. A. Hayek Quotes @FAHayekSays]

Hayek: “Today it is almost heresy to suggest that scientific knowledge is not the sum of all knowledge.”

“But a little reflection will show that there is beyond question a body of very important but unorganized knowledge which cannot possibly be called scientific in the sense of knowledge of general rules: the knowledge of the particular circumstances of time and place.”

“It is with respect to this that practically every individual has some advantage over all others because he possesses unique information of which beneficial use might be made, but of which use can be made only if the decisions depending on it are left to him or are made with his active cooperation.”

[Hayek_Quotes @HayekQuotes1]

The adjective 'liberal' gradually assumed its political connotation during the latter part of the 18th century when it was used in such occasional phrases as when Adam Smith wrote of 'the liberal plan of equality, liberty, and justice'.

-- Friedrich Hayek

[Hayek_Quotes @HayekQuotes1]

Adam Smith's decisive contribution was the account of a self-generating order which formed itself spontaneously if individuals were restrained by appropriate rules of law. His *Wealth of Nations* more than any work marks the beginning of the development .. 1/2

[Hayek_Quotes @HayekQuotes1]

.. of modern liberalism. It made people understand that those restrictions on the powers government which had originated from sheer distrust of arbitrary power had become the chief cause of Britain's economic posterity.

-- Friedrich Hayek, edited

2/2

[Hayek_Quotes @HayekQuotes1]

The adjective 'liberal' gradually assumed its political connotation during the later part of the eighteenth century when it was used in such occasional phrases as when Adam Smith wrote of 'the liberal plan of equality, liberty, and justice'.

-- Friedrich Hayek

[Hayek_Quotes @HayekQuotes1]

The full significance of the division of labour is often not appreciated, because most people think of it—partly because of the classical illustration given by Adam Smith—as a designed intra-mural arrangement in which different individuals contribute the successive .. 1/4

[Hayek_Quotes @HayekQuotes1]

.. steps in a planned process for shaping certain products. In fact, however, co-ordination by the market of the endeavours of different enterprises in supplying the raw materials, tools and semi-finished products which the turning out of the final commodity requires, is .. 2/4

[Hayek_Quotes @HayekQuotes1]

.. probably much more important than the organised collaboration of numerous specialist workers. It is in a great measure this inter-firm division of labour, or specialisation, on which the achievement of the competitive market depends, and which that market makes possible. 3/4

[Hayek_Quotes @HayekQuotes1]

-- Friedrich Hayek 4/4

[F. A. Hayek Quotes @FAHayekSays]

“Marxism has led to Fascism and National Socialism, because, in all essentials, it is Fascism and National Socialism.”

— Friedrich Hayek

[Hayek_Quotes @HayekQuotes1]

Much pretended altruism consists in a desire to make others serve the ends which the “altruist” regards as important.

— Friedrich Hayek

[Hayek_Quotes @HayekQuotes1]

Altruism, to be a virtue, certainly does not presuppose that one has to follow another person's will.

— Friedrich Hayek