Once you see that you lose all hope.”, “While an equality of rights under a limited government is possible and an essential condition of individual freedom, a claim for equality of material position can be met only by a government with totalitarian powers.”, “It is because every individual knows little and, in particular, because we rarely know which of us knows best that we trust the independent and competitive efforts of many to induce the emergence of what we shall want when we see it.”, “From the saintly and single-minded idealist to the fanatic is often but a step.”, “Emergencies” have always been the pretext on which the safeguards of individual liberty have eroded.”, “It is one of the saddest spectacles of our time to see a great democratic movement support a policy which must lead to the destruction of democracy and which meanwhile can benefit only a minority of the masses who support it. There is consequently no field where the systematic control of information will not be practiced and uniformity of views not enforced.”, “The chief difference [between totalitarian and free countries] is that only the totalitarians appear clearly to know how they want to achieve that result, while the free world has only its past achievements to show, being by its very nature unable to offer any detailed "plan" for further growth.”, “There is all the difference in the world between treating people equally and attempting to make them equal. And an authority directing the whole economic system of the country would be the most powerful monopolist conceivable…it would have complete power to decide what we are to be given and on what terms. And this did, in fact, happen in October 1929. Student of Friedrich von Wieser, protégé and colleague of He noticed, as Adam Smith had, that the price system—free markets—did a remarkable job of coordinating people’s actions, even though that coordination was not … F.A. individualism. Both made huge contributions to the field of economics and both stand in direct opposition to each other, which is one reason why they have presented such a fascinating juxtaposition over the last century. The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design. Hayek (1899–1992), who favoured market processes and was distrustful of state intervention, distinguished what he called “false” from “true” individualism. Friedrich A. Hayek F. A. Hayek (1899–1992) is undoubtedly the most eminent of the modern Austrian economists, and a founding board member of the Mises Institute. That wouldn't be until the American boom collapsed — which was likely to happen within the next few months. He died on March 23, 1992. It is, indeed, part of the liberal attitude to assume that, especially in the economic field, the self-regulating forces of the market will somehow bring about the required adjustments to new conditions, although no one can foretell how they will do this in a particular instance. I can appreciate how exhausting it must be for women who have to do everything themselves all the time. Hayek won a Nobel Prize in economic sciences in 1974. Welcome back. Ludwig von Mises Only very few men have the gift of thinking new and original ideas and of changing the traditional body of creeds and doctrines. Collectivism has nothing to put in their place, and in so far as it already has destroyed then it has left a void filled by nothing but the demand for obedience and the compulsion of the individual to what is collectively decided to be good.”, “Our freedom of choice in a competitive society rests on the fact that, if one person refuses to satisfy our wishes, we can turn to another. Hayek’s anti-Platonifying approach to economics also puts his thought at odds with contemporary mainstream economists’. The conflict between planning and freedom cannot but become more serious as the similarity of standards and values among those submitted to a unitary plan diminishes. I did say in print, in February, 1929 that there was no hope for economic recovery in Europe before American interest rates came down. 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