We have indeed at the moment little cause for pride: as a profession we have made a mess of things. Friedrich August von Hayek Read Quote
This means that to entrust to science – or to deliberate control according to scientific principles – more than scientific method can achieve may have deplorable effects. Friedrich August von Hayek Read Quote
Why should we, however, in economics, have to plead ignorance of the sort of facts on which, in the case of a physical theory, a scientist would certainly be expected to give precise information? Friedrich August von Hayek Read Quote
We know: of course, with regard to the market and similar social structures, a great many facts which we cannot measure and on which indeed we have only some very imprecise and general information. Friedrich August von Hayek Read Quote
It can hardly be denied that such a demand quite arbitrarily limits the facts which are to be admitted as possible causes of the events which occur in the real world. Friedrich August von Hayek Read Quote
It is rather a problem of how to secure the best use of resources known to any of the members of society, for ends whose relative importance only those individuals know. Friedrich August von Hayek Read Quote
Our moral traditions developed concurrently with our reason, not as its product. Friedrich August von Hayek Read Quote
If most people are not willing to see the difficulty, this is mainly because, consciously or unconsciously, they assume that it will be they who will settle these questions for the others, and because they are convinced of their own capacity to do this. Friedrich August von Hayek Read Quote
We know, in other words, the general conditions in which what we call, somewhat misleadingly, an equilibrium will establish itself: but we never know what the particular prices or wages are which would exist if the market were to bring about such an equilibrium. Friedrich August von Hayek Read Quote
The credit which the apparent conformity with recognized scientific standards can gain for seemingly simple but false theories may, as the present instance shows, have grave consequences. Friedrich August von Hayek Read Quote
