Friedrich Hayek quotes - page 6
Friedrich Hayek was an Austrian-British economist and philosopher, renowned for his defense of classical liberalism and free-market capitalism. His influential works, such as "The Road to Serfdom," shaped debates on economic policy and individual freedom. He remains celebrated as a leading figure in the field of economics and as a Nobel Prize laureate. Here are 147 of his quotes:
![It is in good part because of Professor Hayek's work [on the topic of social engineering], and also because of his profound insights - most notably in The Constitution of Liberty - into the connection between a free market, the rule of law, and individual liberty, that you don't hear professors saying today, as they used so glibly to say, that 'we are all socialists now. (Friedrich Hayek)](https://cdn.quotesdtb.com/img/quotes_images_webp/77/friedrich-hayek-connection-constitution-1007577.webp)
The central dilemma of Hayek's political philosophy is, given his view of the limited role reason can play in social life, how is it possible to mount a systematic defence of liberalism without falling victim to the very kinds of rationalism he criticises? This difficulty stays unresolved in Hayek's political thought because it is informed by two incompatible assumptions about what reason can achieve.
Friedrich Hayek
Hayek should be taken seriously because he has correctly identified as the most serious problems confronting civilization in the twentieth century the problems of nationalism and totalitarianism. Even with the dereliction of European communism at the end of the twentieth century, the problems which remain or are reemerging in the shape of ethnic conflict, separatist national movements, and regional trading blocs stem from practices and ideas which the liberal tradition has consistently criticized: ideas hostile to individualist, universalist, and egalitarian moral principles. While thinkers like Hannah Arendt have also recognized the threat and moral danger posed by totalitarianism, it is in Hayek's work that we have the most thorough attempt to understand the logic of its institutional alternative.
Friedrich Hayek
Although he is very probably unaware of this book and of my work in general, I want to express a very belated thanks to Friedrich A. Hayek. His work had much more of an influence on me than I realized during the writing of the First Edition [of The End of Liberalism] I neither began nor ended as a Hayekist but instead found myself confirming, by process of elimination and discovery, many of his fears about the modern liberal state.
Friedrich Hayek
Information costs are reduced by the existence of large numbers of buyers and sellers. Under these conditions, prices embody the same information that would require large search costs by individual buyers and sellers in the absence of an organized market. (footnote 4: The original contributions were those of Hayek (1937 and 1945)).
Friedrich Hayek
I can testify from personal experience to the immense stimulus and direction which Hayek's migration to this country [Great Britain] gave to economic research in the 1930s, not only in London and economics faculties throughout the United Kingdom, but also in the international world of scholarship.
Friedrich Hayek
You will never know how much you have done for me. When I was in New Zealand, out of the world and buried by all my philosophical colleagues, you remembered me. It was through you that I came back into the world. It was through you (and Ernst Gombrich) that The Open Society was published, after a period (before you interfered) which led...me almost to despair. And when I came to the LSE [London School of Economics], through you, you gave me so much encouragement and help....There cannot be, ever, equality or reciprocity between you and me. I never could do anything for you, and it is extremely unlikely that I ever shall.
Friedrich Hayek
Hayek doesn't seem to grasp that human beings can exist both as individuals and as members of a society, without necessarily subordinating them to the needs of an imposed social plan (although he acknowledges that the state can legitimately serve social needs, he contradictorily views collective benefits as incompatible with individual freedom). He rejects the very concept of social justice, for much the same reasons that he rejects the arbitrary valuation of labor: in Hayek's view there is no way to put an objective value on a grievance or to weigh it against other claims. And because he locates all responsibility and agency only at the level of the individual, he sees no way in which any claim can be generalized to society. Hayek's political philosophy recognizes only negative rights. Positive fulfillment beyond the most basic needs is a matter of individual striving.
Friedrich Hayek
Well I mentioned Hayek. There are two ways. One is because of my interest in political economy. The other way is that Hayek was a pioneer in the use of information in economics. One of the papers that Karl and I wrote together that I continue to like was a paper called "The Uses of Money". In that paper we tried to incorporate information and the cost of information to explain why people use money. One of Hayek's most basic ideas is that institutions are a way of reducing uncertainty. Man struggles to find institutional arrangements which on average make life a bit more predictable. Our "Uses of Money" is not so much about money as we conventionally think about it, it's about the idea of a medium of exchange, the function of an institution called the medium of exchange and how the medium of exchange as an institution resolves a part of peoples uncertainty about the future.
Friedrich Hayek
I very well remember Hayek's visit to Cambridge on his way to the London School. He expounded his theory and covered a black-board with his triangles. The whole argument, as we could see later, consisted in confusing the current rate of investment with the total stock of capital goods, but we could not make it out at the time.
Friedrich Hayek
Since Hayek was radically scornful of human reason, he could not, like John Locke or the Scholastics, elaborate a libertarian system of personal and property rights based on the insights of human reason into natural law. Nor could he, like Mises, emphasize man's rational insight into the vital importance of laissez-faire for the flourishing and even survival of the human race, or of foregoing any coercive intervention into the vast and interdependent network of the free market economy.
Instead, Hayek had to fall back on the importance of blindly obeying whatever social rules happened to have "evolved," and his only feeble argument against intervention was that the government was even more irrational and was even more ignorant, than individuals in the market economy.
Friedrich Hayek
Hayek [...] seemingly would severely limit mankind's ability to design the future through the process of working things out. But Hayek rejects neither reason nor deliberative critique nor constructivism. The exercise of reason in deliberative critique in the service of reconstruction of economy, polity, and society is not only called for but is part and parcel of the Mengerian argument. Constructivism is inherent in the body of social theory developed by Hayek. Constructivism is practiced by Hayek. It is the fundamental logic of his life's work. In a sense, his own practice constitutes the negation of his own argument.
Friedrich Hayek
Hayek sees that the zero-sum vision is fired by an implacable negative energy. It is not the concrete vision of some real alternative that animates the socialist critic of the capitalist order. It is hostility toward the actual, and in particular toward those who enjoy advantages within it. Hence the belief in equality remains vague and undefined, except negatively. For it is essentially a weapon against the existing order – a way of undermining its claims to legitimacy, by discovering a victim for every form of success. The striving for equality is, in other words, based in ressentiment in Nietzsche's sense, the state of mind that Max Scheler identified as the principal motive behind the socialist orthodoxy of his day. It is one of the major problems of modern politics, which no classical liberal could possibly solve, how to govern a society in which resentment has acquired the kind of privileged social, intellectual, and political position that we witness today.
Friedrich Hayek
I first had to discover certain things for myself, and essentially it was the behavior I observed in human subjects in my laboratory study of markets that motivated me eventually to study Hayek seriously. Reading with the eyes of a new mind, I was able to appreciate an enormous depth of understanding in the work of Hayek that would have escaped me if I had not had this personal experience in the laboratory.
Friedrich Hayek
During the following decade [of the 1950s] modern economic history took a dramatic swing away from the liberal-left consensus established by the Hammonds, Tawney and the Webbs. The seminal text for this change of direction was the 1954 collection of essays compiled by F. A. Hayek, "Capitalism and the Historians".
Friedrich Hayek
Hayek himself gradually identified with classical liberalism in a more specific sense. But it seems to me an open question just where his arguments should lead us. Hayek himself started with socialist concerns and sentiments. He also clearly favored extra-market welfare provision, at least within rich countries, and his Road to Serfdom allows for government to play quite a considerable role. I would have thought that his arguments point us in the direction of ideas that everyone should pay attention to, rather than just offering a positive program for one specific view of politics. At the same time we may find that the kind of structural characteristics that he discerns in our society, and the kind of freedom we need in order to learn, may make certain kinds of otherwise attractive ideals difficult to pursue. They may also, however, make it difficult for us to solve certain other kinds of problem – such as some issues concerned with the environment.
Friedrich Hayek
Friedrich Hayek
Occupation: Austrian Economist
Born: May 8, 1899
Died: March 23, 1992
Quotes count: 147
Wikipedia: Friedrich Hayek
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