Friedrich Hayek Quotes


It is when it is contended that in a democracy right is what the majority makes it to be that democracy degenerates into demagoguery.


Context

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Citations

Friedrich A. Hayek, 1899-1992, Austrian Economist and Political Philosopher, Nobel Laureate in Economics, The Constitution of Liberty, 1960

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Friedrich Hayek
Friedrich Hayek
  • Born: May 8, 1899
  • Died: March 23, 1992
  • Nationality: Austrian
  • Profession: Economist

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.