Friedrich Hayek Quotes
It is not the source but the limitation of power which prevents it from being
arbitrary.
Hayek, Friedrich A. The Road to Serfdom. University of Chicago Press, 1944, p. 62.
This quotation is from Jefferson’s draft, but was not in the final.
Friedrich August von Hayek CH FBA, often referred to by his initials F. A. Hayek, was an Austrian-British economist and philosopher who is best known for his defence of classical liberalism. Hayek shared the 1974 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". His account of how changing prices communicate information that helps individuals co-ordinate their plans is widely regarded as an important achievement in economics, leading to his Nobel Prize.