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Friedrich Hayek: 158 quotes7 likes

“It is no exaggeration to say that the central aim of socialism is to discredit those traditional morals which keep us alive.”

Friedrich Hayek

"The Origins and Effects of Our Morals: A Problem for Science", in The Essence of Hayek (1984)
1980s and later

“The advice I would give is: If you have the courage to do so, don't feel patriotic in monetary matters. Choose the money which helps you best.”

Friedrich Hayek

1980s and later, Interview in Silver & Gold Report (1980)

“The more the state "plans" the more difficult planning becomes for the individual.”

Friedrich Hayek

Source: 1940s–1950s, The Road to Serfdom (1944), Chapter 6: Planning and the Rule of Law

“I don't like criticizing Milton Friedman not only because he is an old friend but because, outside of monetary theory, we are in complete agreement. Our general views on what is desired and what is not are almost identical until we get on to money. But if I told him what I said before, that I very much doubt whether monetary policy has ever done anything good, he would disagree. He personally is convinced that a good monetary policy is a foundation for everything.”

Friedrich Hayek

Exclusive Interview with F.A. Hayek by James U. Blanchard III, in Cato Policy Report (May/June 1984)
1980s and later

“We do not owe our morals to our intelligence: we owe them to the fact that some groups uncomprehendingly accepted certain rules of conduct — the rules of private property, of honesty, and of the family — that enabled the groups practising them to prosper, multiply, and gradually to displace the others.”

Friedrich Hayek

1980s and later, Knowledge, Evolution and Society (1983), "Coping with Ignorance", "Our Moral Heritage"

“The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.”

Friedrich Hayek book The Fatal Conceit

Source: 1980s and later, The Fatal Conceit: The Errors of Socialism (1988), Ch. 5: The Fatal Conceit.
Context: Whereas, in fact, specialised students, even after generations of effort, find it exceedingly difficult to explain such matters, and cannot agree on what are the causes or what will be the effects of particular events. The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.
To the naive mind that can conceive of order only as the product of deliberate arrangement, it may seem absurd that in complex conditions order, and adaptation to the unknown, can be achieved more effectively by decentralizing decisions and that a division of authority will actually extend the possibility of overall order. Yet that decentralization actually leads to more information being taken into account.

“Well, I would say that, as long-term institutions, I am totally against dictatorships. But a dictatorship may be a necessary system for a transitional period. At times it is necessary for a country to have, for a time, some form or other of dictatorial power. As you will understand, it is possible for a dictator to govern in a liberal way. And it is also possible for a democracy to govern with a total lack of liberalism. Personally I prefer a liberal dictator to democratic government lacking liberalism.”

Friedrich Hayek

Interview in El Mercurio (1981)
1980s and later
Context: Well, I would say that, as long-term institutions, I am totally against dictatorships. But a dictatorship may be a necessary system for a transitional period. At times it is necessary for a country to have, for a time, some form or other of dictatorial power. As you will understand, it is possible for a dictator to govern in a liberal way. And it is also possible for a democracy to govern with a total lack of liberalism. Personally I prefer a liberal dictator to democratic government lacking liberalism. My personal impression — and this is valid for South America — is that in Chile, for example, we will witness a transition from a dictatorial government to a liberal government. And during this transition it may be necessary to maintain certain dictatorial powers, not as something permanent, but as a temporary arrangement.

“I have arrived at the conviction that the neglect by economists to discuss seriously what is really the crucial problem of our time is due to a certain timidity about soiling their hands by going from purely scientific questions into value questions.”

Friedrich Hayek

Conversation at the American Enterprise Institute for Public Policy Research, Washington, D.C. (9 February 1978); published in A Conversation with Friedrich A. Von Hayek: Science and Socialism (1979)
1960s–1970s
Context: I have arrived at the conviction that the neglect by economists to discuss seriously what is really the crucial problem of our time is due to a certain timidity about soiling their hands by going from purely scientific questions into value questions. This is a belief deliberately maintained by the other side because if they admitted that the issue is not a scientific question, they would have to admit that their science is antiquated and that, in academic circles, it occupies the position of astrology and not one that has any justification for serious consideration in scientific discussion. It seems to me that socialists today can preserve their position in academic economics merely by the pretense that the differences are entirely moral questions about which science cannot decide.

“Yet that decentralization actually leads to more information being taken into account.”

Friedrich Hayek book The Fatal Conceit

“Any kind of discrimination — be it on grounds of religion, political opinion, race, or whatever it is — seems to be incompatible with the idea of freedom under the law. Experience has shown that separate never is equal and cannot be equal.”

Friedrich Hayek

"Conversation with Systematic Liberalism," Forum (September 1961). 
1960s–1970s
Context: nowiki>[Apartheid law in South Africa] appears to be a clear and even extreme instance of that discrimination between different individuals which seems to me to be incompatible with the reign of liberty. The essence of what I said [in The Constitution of Liberty] was really the fact that the laws under which government can use coercion are equal for all responsible adult members of that society. Any kind of discrimination — be it on grounds of religion, political opinion, race, or whatever it is — seems to be incompatible with the idea of freedom under the law. Experience has shown that separate never is equal and cannot be equal.

“Nobody who has lived through the rise of the violent anti-Semitism which led to Hitler can refuse Mrs. Thatcher admiration for her courageous and outspoken warning. When I grew up in Vienna the established Jewish families were a generally respected group and all decent people would frown upon the occasional anti-Jewish outbursts of a few popular politicians. It was the sudden influx of large numbers of Galician and Polish Jews [during World War I] … which in a short period changed the attitude. They were too visibly different to be readily absorbed.”

Friedrich Hayek

Letter to The Times after Thatcher claimed that British people were afraid of being "swamped" by people of a different culture. (11 February 1978), p. 15
1960s–1970s

“Questions about the influence of socialism are increasingly more difficult to answer as the word socialism has so many meanings. The idea that the inequalities of incomes can be greatly reduced has come to be recognized as largely impractical. Practically all endeavours at just distribution express more or less arbitrary conceptions of what is just and the central idea of Marxian socialism of a rationalisation of the means of production has been largely abandoned as technically impracticable. I believe that in general the idea of justice is more closely met by a freely competitive market than by any deliberate allocation of income to some imagined ideal of the kind.”

Friedrich Hayek

December 13, 1991, quoted in Friedrich Hayek: A Biography (2001) by Alan O. Ebenstein
1980s and later

“A society that does not recognize that each individual has values of his own which he is entitled to follow can have no respect for the dignity of the individual and cannot really know freedom.”

Friedrich Hayek

Source: 1960s–1970s, The Constitution of Liberty (1960), p. 79.

“Perhaps I'm unrealistic. As long as people do not fully realize the danger of inflation, they may well pressure for more inflation as a short-term remedy for evils. Though we may well be driven into more, until people have learned the lesson, but that means that inflation may still do more of a great deal of harm, before it will be cured.”

Friedrich Hayek

1975 interview https://mises.org/library/hayek-meets-press-1975 on "Meet the Press." <br class="br">1960s–1970s

“Yet, though the French Revolution was so largely inspired by the ideal of the Rule of Law, it is questionable whether it really helped the advance towards that ideal. In its course too many different aspirations gained influence which it was difficult to reconcile with that ideal.”

Friedrich Hayek

Lecture II. Liberalism and Administration: The Rechtsstaat - 7. Montesquieu, Rousseau, and the French Revolution
1940s–1950s, The Political Ideal of the Rule of Law (1955)

“What all this amounts to, then, is that the Rule of Law requires that administrative discretion in coercive action (i. e., in interfering with the person and property of the private citizen) must always be subject to review by an independent court which is not an instrument of, or even privy to, the aims of current governmental policy; that its review must in all such instances extend to the substance of the administrative act and not merely to the question whether it was infra or ultra vires; and that, if such a court finds that the rights of private citizens have been infringed, it will assess damages just as if the right of this person had been violated by another private citizen. This, in addition to the familiar requirements of generality, equality, and certainty of the law is really the crux of the matter, the decisive point on which it depends whether the Rule of Law prevails or not.”

Friedrich Hayek

Lecture III. The Safeguards of Individual Liberty - 19. Fundamental Rights and the Protected Private Sphere
1940s–1950s, The Political Ideal of the Rule of Law (1955)

“Our basic problem is that we have three levels, I would say, of moral beliefs. We have the first instance, our intuitive moral feelings which are adapted to the small, person-to-person society where we act for people whom we know and are served by people whom we know. Then, we have a society governed by moral traditions which, unlike what modern rationalists believe, are not intellectual discoveries of men who designed them, but as a result of a persons, which I now prefer to describe as term of 'group selection.' Those groups who had accidentally developed such as the tradition of private property and the family who did succeed, but never understood this. So we owe our present extended order of human cooperation very largely to a moral tradition which the intellectual does not approve of, because it has never been intellectually designed and it has to compete with a third level of moral beliefs, those which the morals which the intellectuals designed in the hope that they can better satisfy man's instincts than the traditional morals to do. And we live in a world where three moral traditions are in constant conflict, the innate ones, the traditional ones, and the intellectually designed ones, and ultimately, all our political conflicts of this time can be reduced as affected by a conflict between free moral tradition of a different nature, not only of different content.”

Friedrich Hayek

in 1985 interview https://www.youtube.com/watch?v=11AXDT5824Y with John O'Sullivan <br class="br">1980s and later

“All economic activity is carried out through time. Every individual economic process occupies a certain time, and all linkages between economic processes necessarily involve longer or shorter periods of time.”

Friedrich Hayek

"Intertemporal Price Equilibrium and Movement in the Value of Money" (1928)
1920s–1930s

“It seems to me more and more that the immense efforts which during the great popularity of macroeconomics over the last thirty or forty years have been devoted to it, were largely misspent, and that if we want to be useful in the future we shall have to be content to improve and spread the admittedly limited insights which microeconomics conveys.I believe it is only microeconomics which enables us to understand the crucial functions of the market process: that it enables us to make effective use of information about thousands of facts of which nobody can have full knowledge.”

Friedrich Hayek

1980s and later, Knowledge, Evolution and Society (1983), "Coping with Ignorance"
Source: http://imprimis.hillsdale.edu/coping-with-ignorance/

“A reconsideration of the discussion in which I took an active part more than 40 years ago has left me with a rather depressing view of the somewhat shameful state of what has become an established part of economic science, the subject of ‘economic systems’. It appears to me that in this subject political attractiveness has been preserved by the flimsiest of arguments. The kindest thing one can say is that some well-meaning people have allowed themselves to be deceived by the vague and thoughtless language commonly used by specialists in the theory of these issues.”

Friedrich Hayek

1980s and later, "Two Pages of Fiction" (1982)