Friedrich Hayek Quotes


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.


Citations

Hayek, Friedrich A. The Constitution of Liberty. University of Chicago Press, 1960, p. 2.

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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.