Friedrich August von Hayek Economics Quotations

If socialists understood economics, they wouldn't be socialist.

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

The Nobel Prize confers on an individual an authority which in economics no man ought to possess.

Any man who is only an economist is unlikely to be a good one.

There exists no third principle for the organisation of the economics process which can be rationally chosen to achieve any desirable ends, in addition to either a functioning market in which nobody can conclusively determine how well-off particular groups or individuals will be, or a central direction where a group organised for power determines it.