Friedrich Hayek: Trending quotes (page 2)

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Friedrich Hayek: 158   quotes 7   likes

“If the world as a whole returned to the gold standard there would be such fluctuations in the value of gold that it would very soon prove impractical.
Today an international gold standard could only mean that a few countries would maintain a real gold standard. The other countries would hang on to the system through a gold exchange standard — where the currency isn't really redeemable in gold but the government attempts to keep a fixed rate between its currency and gold.”

Friedrich Hayek

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

World , Country

“I have certainly never contended that generally authoritarian governments are more likely to secure individual liberty than democratic ones, but rather the contrary. This does not mean, however, that in some historical circumstances personal liberty may not have been better protected under an authoritarian than democratic government. (…) More recently I have not been able to find a single person even in much maligned Chile who did not agree that personal freedom was much greater under Pinochet than it had been under Allende. Nor have I heard any sensible person claim that in the principalities of Monaco or Lichtenstein, which I am told are not precisely democratic, personal liberty is smaller than anywhere else!”

Friedrich Hayek

Letter to The Times (3 August 1978), p. 15
1960s–1970s

Freedom , Personality

“Those communities who adopted the new rules and, in doing so, infringed upon deeply embedded natural feelings became the successful ones, the ones who multiplied because they were more prosperous and were able to attract people from other groups.”

Friedrich Hayek

1980s and later, Knowledge, Evolution and Society (1983), "Coping with Ignorance", "The Reactionary Nature of the Socialist Conception"

People , Feeling , Communication , Nature

“Since the value of freedom rests on the opportunities it provides for unforeseen and unpredictable actions, we will rarely know what we lose through a particular restriction of freedom.”

Friedrich Hayek

“Principles or Expediency?” Toward Liberty: Essays in Honor of Ludwig von Mises on the Occasion of his 90th Birthday (29 September 1971)
1960s–1970s

Freedom

“If a big country like the United States did return to the gold standard, it would start a great deflation. Most likely the government couldn't stick to it for long. They'd switch the policy to some halfway measure like a gold exchange standard.”

Friedrich Hayek

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

Country

“I feared that such a prize, as I believe is true of the activities of some of the great scientific foundations, would tend to accentuate the swings of scientific fashion. This apprehension the selection committee has brilliantly refuted by awarding the prize to one whose views are as unfashionable as mine are.”

Friedrich Hayek

1960s–1970s, Nobel Banquet Speech (1974)

Fear , Fashion

“I don't know what monetarism is. If monetarism just means a good old-fashioned quantity theory, of course it has not failed. If it means the particular version of Milton Friedman, I think it has because he imagines that he can achieve — ascertain — a clear quantity relationship between a measurable quantity of money and the price level. I don't think that is possible. In fact, just about 40 years ago in the opening sentences of my book, Prices and Production, I wrote that it would be a great misfortune if people ever cease to believe in the quantity theory of money. It would be even worse ever to believe it literally. And that's exactly what Milton Friedman does.”

Friedrich Hayek

"Interview with F. A. Hayek", in Cato Policy Report (February 1983)
1980s and later

Money , People , Books , Imagination

“All the paradigms of culturally evolved institutions, morals, exchange, and money refer to such practices whose benefits transcend the individuals who practice them in the particular instances. The result is that whole groups may be helped by them to expand into what I shall call extended orders, through the effects of practices of which the individuals are not aware. Such practices can lead to the formation of orderly structures far exceeding the perception of those whose actions produce them.”

Friedrich Hayek

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

Money , Help

“I've always doubted that the socialists had a leg to stand on intellectually. They have improved their argument somehow, but once you begin to understand that prices are an instrument of communication and guidance which embody more information than we directly have, the whole idea that you can bring about the same order based on the division of labor by simple direction falls to the ground. Similarly, the idea [that] you can arrange for distributions of incomes which correspond to some conception of merit or need. If you need prices, including the prices of labor, to direct people to go where they are needed, you cannot have another distribution except the one from the market principle. I think that intellectually there is just nothing left of socialism.”

Friedrich Hayek

Interview with Thomas W. Hazlett in May of 1977, as published in " The Road to Serfdom, Forseeing the Fall", in Reason magazine (July 1992) http://reason.com/archives/1992/07/01/the-road-from-serfdom
1960s–1970s

People , Communication , Idea , Understanding

“I don’t believe we’re in for a crash now. It's much more likely that government will just conceal the continuation of inflation by price controls. But if anything is worse than an open inflation, it’s a repressed inflation. What you’re likely to get is not a violent deflation but increasing stagnation of productivity.”

Friedrich Hayek

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

“Conservatism, though a necessary element in any stable society, is not a social program; in its paternalistic, nationalistic and power adoring tendencies it is often closer to socialism than true liberalism; and with its traditionalistic, anti-intellectual, and often mystical propensities it will never, except in short periods of disillusionment, appeal to the young and all those others who believe that some changes are desirable if this world is to become a better place.”

Friedrich Hayek

Source: 1940s–1950s, The Road to Serfdom (1944), p. xi

World , Change

“You cannot successfully use your technical knowledge unless you are a fairly educated person, and, in particular, have some knowledge of the whole field of the social sciences as well as some knowledge of history and philosophy. Of course real competence in some particular field comes first. Unless you really know your economics or whatever your special field is, you will be simply a fraud. But if you know economics and nothing else, you will be a bane to mankind, good, perhaps, for writing articles for other economists to read, but for nothing else.”

Friedrich Hayek

Friedrich Hayek (1991). "On being an economist." In: W. W. Bartley and S. Kresge (eds.), The Trend of Economic Thinking; Essays on Political Economists and Economic History, Volume III, London. Routledge. p. 38
1980s and later

Education , History , Fraud , Knowledge

“There can be no doubt that our innate moral emotions and instincts were acquired in the hundreds of thousand years—probably half a million years—in which Homo sapiens lived in small hunting and gathering groups and developed a physiological constitution which governed his innate instincts. These instincts are still very strong in us. Yet civilization developed by our gradually learning cultural rules which were trans­mitted by teaching and which served largely to restrain and suppress some of those natural instincts.”

Friedrich Hayek

1980s and later, Knowledge, Evolution and Society (1983), "Coping with Ignorance", "Science and Socialism"

Nature , Strong , Learning

“Those who suffer from this monopoly should form a libertarian anti-labour union movement of workers directed against what has long become a deceptive farce favouring an elite that has gained dominance in a party wrongly claiming to represent the interest of all workers. Once it is recognized that the unions prevent people from getting jobs, such a movement may readily spread.”

Friedrich Hayek

"Jobs: the basic truths we have cast aside", The Times (7 August 1984), p. 10
1980s and later

People , Suffering

“The human groups have been selected for the effects of their habitual practices, effects of which the individuals were not and could not be aware. Customs are mostly group properties, beneficial only if they are common properties of its individual members but referring to reciprocal action.”

Friedrich Hayek

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

“I did say in print, in February, 1929 that there was no hope for economic recovery in Europe before American interest rates came down. That wouldn’t be until the American boom collapsed — which was likely to happen within the next few months. And this did, in fact, happen in October 1929.
What made me expect this, of course, was one of my main theoretical beliefs — that an inflationary boom cannot be maintained indefinitely. I was sure that a very unstable situation was created by the artificial prolongation of the boom in 1927, when the Federal Reserve tried to stave off a collapse by credit expansion.”

Friedrich Hayek

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

Hope

“The social sciences building at the University of Chicago indeed still bears since it was built 40 years ago on its outside an inscription taken from the famous physicist Lord Kelvin: "When you cannot measure, your knowledge is meager and unsatisfactory." I will admit that that may be true, but it is certainly not scientific to insist on measurement where you don't know what your measurements mean. There are cases where measurements are not relevant. What has done much damage to microeconomics is striving for a pseudo-exactness by imitating methods of the physical sciences which have to deal with what are fundamentally much more simple phenomena. And the assumption that it is possible to ascertain all the relevant particular facts still completely dominates the alternative methods of dealing with our constitutional ignorance, which economists have tried to overcome. This of course, is what has come to be called macroeconomics as distinct from microeconomics.”

Friedrich Hayek

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

Knowledge , Universe , Science

“A limited democracy might indeed be the best protector of individual liberty and be better than any other form of limited government, but an unlimited democracy is probably worse than any other form of unlimited government, because its government loses the power even to do what it thinks right if any group on which its majority depends thinks otherwise. If Mrs. Thatcher said that free choice is to be exercised more in the market place than in the ballot box, she has merely uttered the truism that the first is indispensable for individual freedom, while the second is not: free choice can at least exist under a dictatorship that can limit itself but not under the government of an unlimited democracy which cannot.”

Friedrich Hayek

Letter to The Times http://coreyrobin.files.wordpress.com/2012/07/hayek-letter-to-the-times-july-11-1978.pdf (11 July 1978), p. 15
1960s–1970s

Exercises , Democracy , Thinking , Freedom

“The next time I met Ludwig Wittgenstein was in the spring of 1928 when the economist Dennis Robertson, who was taking me for a walk through the Fellows' Gardens of Trinity College, Cambridge, suddenly decided to change course because on the top of a little rise he perceived the form of the philosopher draped over a deckchair. He evidently stood rather in awe of him, and he did not wish to disturb him.”

Friedrich Hayek

" Remembering My Cousin, Ludwig Wittgenstein https://www.unz.org/Pub/Encounter-1977aug-00020", Encounter ( August 1977 https://www.unz.org/Pub/Encounter-1977aug). Page 21.
1960s–1970s

Spring , Change , Time

“Life at Cambridge during those war years was to me particularly congenial, and it completed the process of thorough absorption in English life which, from the beginning, I had found very easy. Somehow the whole mood and intellectual atmosphere of the country had at once proved extraordinarily attractive to me, and the conditions of a war in which all my sympathies were with the English greatly speeded up the process of becoming thoroughly at home—much more than in my native Austria from which I had already become somewhat estranged during the conditions of the 1920s. While neither on my early visit to the United States nor during my later stay there or still later in Germany did I feel that I really belonged there, English ways of life seemed so naturally to accord with all my instincts and dispositions that, if it had not been for very special circumstances, I should never have wished to leave the country again. And of all the forms of life, that at one of the colleges of the old universities…still seems to me the most attractive. The evenings at the High Table and the Combinations Room at King's are among the pleasantest recollections of my life, and some of the older men I came then to know well, especially J. H. Clapham, remained, while they lived, dear friends.”

Friedrich Hayek

Stephen Kresge and Leif Wenar (eds.), Hayek on Hayek: An Autobiographical Dialogue (London: Routledge, 1994), p. 86
1980s and later

Life , Men , War , Way