Hayek Quotes: Liberty, Socialism, and Economy

Dinner Topics for Tuesday

Quotes by Friedrich Hayek

keyIf we wish to preserve a free society, it is essential that we recognize that the desirability of a particular object is not sufficient justification for the use of coercion. ~Friedrich August von Hayek

Even the striving for equality by means of a directed economy can result only in an officially enforced inequality – an authoritarian determination of the status of each individual in the new hierarchical order. ~Friedrich August von Hayek

We must face the fact that the preservation of individual freedom is incompatible with a full satisfaction of our views of distributive justice. ~Friedrich August von Hayek

 

socialjusticeThe mirage of social justice

F. A. Hayek made many valuable contributions to the field of economics as well as to the disciplines of philosophy and politics. This volume represents the second of Hayek’s comprehensive three-part study of the relations between law and liberty. … Google Books

 

 

 

hayekbooksocialismThe Fatal Conceit

Book by Friedrich Hayek

The Fatal Conceit: The Errors of Socialism is a non-fiction book written by the economist and political philosopher Friedrich Hayek and edited by William Warren Bartley. Wikipedia

Published: 1988Author: Friedrich Hayek

 

Friedrich Hayek

Friedrich August Hayek ( 8 May 1899 – 23 March 1992), born in Austria-Hungary as Friedrich August von Hayek and frequently known as F. A. Hayek, was an Austrian, later turned British,[1] economist and philosopher best known for his defense of classical liberalism. In 1974, Hayek shared the Nobel Memorial Prize in Economic Sciences (with Gunnar Myrdal) for his “pioneering work in the theory of money and economic fluctuations and … penetrating analysis of the interdependence of economic, social and institutional phenomena”.[2]

Hayek is an economist[3] and major political thinker of the twentieth century.[4] Hayek’s account of how changing prices communicate information which enables individuals to coordinate their plans is widely regarded as an important achievement in economics.[5] He also contributed to the fields of systems thinking, jurisprudence, neuroscience, and the history of ideas.[6]

Hayek served in World War I and said that his experience in the war and his desire to help avoid the mistakes that had led to the war led him to his career. Hayek lived in Austria, Great Britain, the United States and Germany, and became a British subject in 1938. He spent most of his academic life at the London School of Economics (LSE), the University of Chicago, and the University of Freiburg.

In 1984, he was appointed as a member of the Order of the Companions of Honour by Queen Elizabeth II on the advice of Prime Minister Margaret Thatcher for his “services to the study of economics”.[7] He was the first recipient of the Hanns Martin Schleyer Prize in 1984.[8] He also received the US Presidential Medal of Freedom in 1991 from president George H. W. Bush.[9] In 2011, his article The Use of Knowledge in Society was selected as one of the top 20 articles published in the American Economic Review during its first 100 years.[10]

 

More about Hayek from Wikipedia

The Hayek Center

 

2 comments on “Hayek Quotes: Liberty, Socialism, and Economy

  1. I’ve observed that in the world nowadays, video games are definitely the latest trend with children of all ages. Many times it may be impossible to drag your son or daughter away from the games. If you want the best of both worlds, there are lots of educational activities for kids. Interesting post.

  2. In the late 1930s and early 1940s, Hayek turned to the debate about whether socialist planning could work. He argued that it could not. The reason socialist economists thought central planning could work, argued Hayek, was that they thought planners could take the given economic data and allocate resources accordingly. But Hayek pointed out that the data are not “given.” The data do not exist, and cannot exist, in any one mind or small number of minds. Rather, each individual has knowledge about particular resources and potential opportunities for using these resources that a central planner can never have. The virtue of the free market , argued Hayek, is that it gives the maximum latitude for people to use information that only they have. In short, the market process generates the data. Without markets, data are almost nonexistent.

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