“While it is possible to imagine Mises without Hayek, it is not possible to imagine Hayek without Mises.”

“Here we have the heart of the difference between Hayek and Keynes: one knew that markets work to give us the best of all possible worlds, while governments create and exacerbate malfunctions; the other imagined that governments were somehow capable of both perceiving and correcting malfunctions by means of the printing press, provided the right technocrats are in charge.”

“Without leaps of imagination or dreaming, we lose the excitement of possibilities. Dreaming, after all is a form of planning.”

“Hayek’s view was that all the knowledge that is possible of a circumstance is a theory of the circumstance—that is, there is no such thing as pure sensation. There is, rather, a theory of sensation.”

“Mises believed that feminism was an assertion of equality, a revolt against nature, and therefore akin to socialism; that the family and marital fidelity were essential to civilization; that it was possible to make broad generalizations and perhaps scientific statements about races and ethnic groups; that apparent racial inequalities ought to be studied, although not used to influence state policy; that "Eurocentrism" was the proper outlook; and that one need not be sympathetic to mass culture or the counterculture, as Mises emphatically was not, to support the free market.”

“She learned to love him before he thought it was even possible, so he didn't have a chance to hide & mess it up & while it was a little scary at times, mainly he could not even imagine the world without her there.”

“The possible's slow fuse is lit by the Imagination.”

“Just as it is possible to think of water both while thirsty and while not thirsty, so it is possible to think of gold with greed and without greed. The same applies to other things.”

“The Good Economist Hayek is the thinker who has mind-blowing insights into just why the competitive market system is such a marvelous societal device for coordinating our by now 7.2 billion-wide global division of labor. Few other economists imagined that Lenin’s centrally-planned economy behind the Iron Curtain was doomed to settle at a level of productivity 1/5 that of the capitalist industrial market economies outside. Hayek did so imagine. And Hayek had dazzling insights as to why. Explaining the thought of this Hayek requires not sociology or history of thought but rather appreciation, admiration, and respect for pure genius.The Bad Economist Hayek is the thinker who was certain that Keynes had to be wrong, and that the mass unemployment of the Great Depression had to have in some mysterious way been the fault of some excessively-profligate government entity (or perhaps of those people excessively clever with money–fractional-reserve bankers, and those who claim not the natural increase of flocks but rather the interest on barren gold). Why Hayek could not see with everybody else–including Milton Friedman–that the Great Depression proved that Say’s Law was false in theory, and that aggregate demand needed to be properly and delicately managed in order to make Say’s Law true in practice is largely a mystery. Nearly everyone else did: the Lionel Robbinses and the Arthur Burnses quickly marked their beliefs to market after the Great Depression and figured out how to translate what they thought into acceptable post-World War II Keynesian language. Hayek never did.
My hypothesis is that the explanation is theology: For Hayek, the market could never fail. For Hayek, the market could only be failed. And the only way it could be failed was if its apostles were not pure enough.”

“Indulge your imagination in every possible flight.”