Friedrich Hayek: Trending quotes

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Friedrich Hayek: 158 quotes7 likes

“Our morality itself is the result of a process of cultural selection. Those things survive which enable the species to multiply.”

Friedrich Hayek

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

“Conservatism proper is a legitimate, probably necessary, and certainly widespread attitude of opposition to drastic change. It has, since the French Revolution, for a century and a half played an important role in European politics. Until the rise of socialism its opposite was liberalism… There is nothing corresponding to this conflict in the history of the United States, because what in Europe was called ‘liberalism’ was here the common tradition on which the American polity had been built: thus the defender of the American tradition was a liberal in the European sense.”

Friedrich Hayek

"Why I am Not a Conservative" https://www.press.uchicago.edu/books/excerpt/2011/hayek_constitution.html 1960s–1970s, The Constitution of Liberty (1960)

“On the scale on which [tax cutting] is being tried, I'm a little apprehensive. I'm all for reduction of government expenditures but to anticipate it by reducing the rate of taxation before you have reduced expenditure is a very risky thing to do.”

Friedrich Hayek

in "Business People; A Nobel Winner Assesses Reagan", The New York Times (1 December 1982)
1980s and later

“What a free society offers to the individual is much more than what he would be able to do if only he were free.”

Friedrich Hayek

Source: 1960s–1970s, The Constitution of Liberty (1960), p. 6.

“The sentence, 'stopping the printing presses,' is a figurative expression, because it is being done now by creating credit by the Federal Reserve System. But this is government action — all inflation is ultimately the result of activities which government determines and can control. And all inflations have been stopped in the past by the government stopping creating money, or preventing the central bank from creating more money. May I add just one thing? See, all inflations have been stopped by people who created or believed in a very naive form of the Quantity Theory, and acted on that. It may be wrong, but it is the only adequate theory effective to stop an inflation.”

Friedrich Hayek

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

“The attack on economics sprang rather from a dislike of the application of scientific methods to the investigation of social problems. The existence of a body of reasoning which prevented people from following their first impulsive reactions, and which compelled them to balance indirect effects, which could be seen only by exercising the intellect, against intense feeling caused by the direct observation of concrete suffering, then as now, occasioned intense resentment.”

Friedrich Hayek

"The Trend of Economic Thinking", lecture delivered at LSE on March 1, 1933, published in Economica (May 1933)
1920s–1930s

“Freedom granted only when it is known beforehand that its effects will be beneficial is not freedom.”

Friedrich Hayek

Source: 1960s–1970s, The Constitution of Liberty (1960), p. 83.

“I think the basic misconception is to speak of the so-called “best” allocation of resources. What is the best? In common economics it is defined as what would be if we knew everything. Economists operate with the fictitious assumption that all the relevant data is known, but this is totally unrealistic. Nobody knows all the data. What we have is widely dispersed knowledge, which cannot be concentrated in one mind. To call the situation—which would use all the knowledge available—“optimal” is nonsense because it is by definition a non-achievable solution. Our problem is not the full utilization of all knowledge but the best use we can achieve with any known institutional structure. In that sense, some oligopolistic (and even monopolistic situations), represent the best possible utilization of knowledge that we can achieve. Even the action of a monopolist can be extremely beneficial.”

Friedrich Hayek

1960s–1970s, A Conversation with Professor Friedrich A. Hayek (1979)

“I don’t have many strong dislikes. I admit that as a teacher—I have no racial prejudices in general—but there were certain types, and conspicuous among them the Near Eastern populations, which I still dislike because they are fundamentally dishonest. And I must say dishonesty is a thing I intensely dislike. It was a type which, in my childhood in Austria, was described as Levantine, typical of the people of the eastern Mediterranean. But I encountered it later, and I have a profound dislike for the typical Indian students at the London School of Economics, which I admit are all one type—Bengali moneylender sons. They are to me a detestable type, I admit, but not with any racial feeling. I have found a little of the same amongst the Egyptians —basically a lack of honesty in them. If I advise speaking about honesty, I think honesty is really the best expression of what I call the morals of a civilized society. Primitive man lacks a conception of honesty.”

Friedrich Hayek

Conversation https://www.youtube.com/watch?v=JoV-5p88rGU&feature=youtu.be&t=53m31s with Chitester (1978); published in Nobel Prize-Winning Economist: Friedrich A. von Hayek https://archive.org/details/nobelprizewinnin00haye (1983), p. 490 1960s–1970s

“I must confess that if I had been consulted whether to establish a Nobel Prize in economics, I should have decidedly advised against it.”

Friedrich Hayek

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

“There mere idea that the planning authority could ever possess a complete inventory of the amounts and qualities of all the different materials and instruments of production of which the manager of a particular plant will know or be able to find out makes the whole proposal a somewhat comic fiction. Once this is recognised it becomes obvious that what prices ought to be can never be determined without relying on competitive markets.”

Friedrich Hayek

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

“What the planning authority would have to know would not be the mere totals but the distinct, peculiar conditions prevailing in each enterprise which affect the information about values transmitted through market prices but would be completely lost in any statistical information about quantities that might reach the authority from time to time.”

Friedrich Hayek

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

“Since only actions aimed at perceived benefit to others were, to Aristotle's mind, morally approved, actions solely for personal gain must be bad. That commercial considerations may not have affected the daily activities of most people does not mean however that over any prolonged period their very lives did not depend on the functioning of a trade that enabled them to buy essentials. That production for gain which Aristotle denounced as unnatural had -- long before his time -- already become the foundation of an extended order far transcending the known needs of other persons.”

Friedrich Hayek

Source: 1980s and later, The Fatal Conceit: The Errors of Socialism (1988), p. 46

“What struck me most in this conversation was a radical passion for truthfulness in everything (which I came to know as a characteristic vogue among the young Viennese intellectuals of the generation immediately preceding mine only in the following university years). This truthfulness became almost a fashion in that border group between the purely Jewish and the purely Gentile parts of the intelligentsia in which I came so much to move. It meant much more than truth in speech. One had to "live" truth and not tolerate any pretence in oneself or others. It sometimes produced outright rudeness and, certainly, unpleasantness. Every convention was dissected and every conventional form exposed as fraud. Wittgenstein merely carried this further in applying it to himself. I sometimes felt that he took a perverse pleasure in discovering falsehood in his own feelings and that he was constantly trying to purge himself of all fraud.”

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 20. 1960s–1970s

“An evil fate befall German efforts to defend the ideal of liberty in general and in the field of economics in particular, with the result that today I am almost the only survivor of a generation that set out in the wake of the First World War to devote all its energies to the preservation of a civilised society, a generation that set itself the task to build a better society in a systematic fashion and to learn to understand, an to some extent defend, a tradition that had civilised the world.”

Friedrich Hayek

"The Rediscovery of Freedom: Personal Recollections" (1983), published in The Fortunes of Liberalism (1992)
1980s and later

“And since any inflation, however modest at first, can help employment only so long as it accelerates, adopted as a means of reducing unemployment, it will do so for any length of time only while it accelerates. "Mild" steady inflation cannot help—it can lead only to outright inflation. That inflation at a constant rate soon ceases to have any stimulating effect, and in the end merely leaves us with a backlog of delayed adaptations, is the conclusive argument against the "mild" inflation represented as beneficial even in standard economics textbooks.”

Friedrich Hayek

1980s Unemployment and the Unions: Essays on the Impotent Price Structure of Britain and Monopoly in the Labour Market https://books.google.com/books?id=zZu3AAAAIAAJ&q=%22only+while+it+accelerates%22&dq=%22only+while+it+accelerates%22&hl=en&sa=X&ei=HBhsUYjUGMv34QSW-YDgDg&redir_esc=y (1984) 1980s and later

“The Nobel Prize confers on an individual an authority which in economics no man ought to possess.
This does not matter in the natural sciences. Here the influence exercised by an individual is chiefly an influence on his fellow experts; and they will soon cut him down to size if he exceeds his competence.
But the influence of the economist that mainly matters is an influence over laymen: politicians, journalists, civil servants and the public generally.
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

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

“I believe that the main lesson which our generation has learnt is that we must find a new limit for the activities of government, a limit which leaves ample scope for sensible experimentation but which secures the freedom of the individual as the mainspring of all social and political activity. The whole purpose of these lectures has been to suggest that we can find such a limit if we are willing to revive and develop the ancient ideal of the Rule of Law.”

Friedrich Hayek

Lecture IV. The Decline of the Rule of Law - 25. The Task for Liberty- Loving Statesmen
1940s–1950s, The Political Ideal of the Rule of Law (1955)

“I cannot help but protest in the strongest possible terms against the cartoon on page 3 of your publication of the 30th of December equating the present governments of Poland and Chile. It can only be explained by complete ignorance of the facts or by the systematically promoted socialist calumnies of the present situation in Chile, which I had not expected the F. A. Z. to fall for. I believe that all the participants in the Mont Pelerin Society conference held a few weeks ago in Chile would agree with me that you owe the Chilean government a humble apology for such twisting of the facts. Any Pole lucky enough to escape to Chile could consider himself fortunate.”

Friedrich Hayek

Letter to the editor of Frankfurter Allgemeine Zeitung, on a cartoon comparing Pinochet's Chile to Jaruzelski's Poland, which was published on 6 January 1982
1980s and later

“The illiterate expression ‘given data’ constantly recurs in Lange. It appears to have an irresistable attraction to mathematical economists because it doubly assures them that they know what they do not know. It seems to bewitch them into making assertions about the real world for which they have no empirical justification whatever.”

Friedrich Hayek

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