Hayek Quotes

Most people are oblivious to F.A. Hayek's insight that the critical information needed to run an economy - or even 15 percent of one - doesn't exist in any one place where it is accessible to central planners. Instead, it is scattered piecemeal among millions of people. All those people put together are far wiser and better informed than Congress could ever be. Only markets - private property, free exchange and the price system - can put this knowledge at the disposal of entrepreneurs and consumers, ensuring the system will serve the people and not just the political class.

I have learned more from Hayek than from any other living thinker, except perhaps Alfred Tarski - but not even excepting Russell.

No one has characterized market mechanisms better than Friedrich von Hayek

The investigation of this problem - How is spontaneous order possible? - is sometimes referred to as the 'Hayek programme'.

I thought it would be easy. I thought it'd take me one year to be Salma Hayek.

It is truly amazing that, with much less neuroscientific knowledge available, Hayek's model comes closer, in some respects, to being neurophysiologically verifiable than those models developed 50 to 60 years after his.

When I reviewed Hayek's book, The Pure Theory of Capital, it is my sincere conviction that this work contains some of the most penetrating thoughts on the subject that have ever been published.

Hayek was making us think of the productive process as a process in time, inputs coming before outputs.

Hayek is amongst the top 2-3 of the all the people who ever influenced me.

Friedrich Hayek is not an important figure in the history of macroeconomics.

There's just something extraordinary about that Selma Hayek.

One of the most original and most important ideas advanced by Hayek is the role of the 'division of knowledge' in economic society.

At the heart of capitalism is the unification of knowledge and power. As Friedrich Hayek, the leader of the Austrian school of economics, put it, "To assume all the knowledge to be given to a single mind... is to disregard everything that is important and significant in the real world." Because knowledge is dispersed, power must be as well.

where Nietzsche's response to the equation of socialism and morality was to question the value of morality, at least as it had been customarily understood, economists like Mises and Hayek pursued a different path, one Nietzsche would never have dared to take: they made the market the very expression of morality.

I was 25 years old and pursuing my doctorate in economics when I was allowed to spend six months of postgraduate studies in Naples, Italy. I read the Western economic textbooks and also the more general work of people like Hayek. By the time I returned to Czechoslovakia, I had an understanding of the principles of the market. In 1968, I was glad at the political liberalism of the Dubcek Prague Spring, but I was very critical of the Third Way they pursued in economics.

You won’t be able to take your eyes off the next four presenters: Salma Hayek and Penelope Cruz.

Even philosophies who have denounced pseudosciences like psychoanalysis, have condoned pseudoscientific economic theories like neoclassical microeconomics. It is far safer and easier to criticize Freud and Jung than to criticize Milton Friedman and Friedrich Hayek, because the latter are backed by political movements whereas the former are not.

In fact, a large part of what we think of as economic activity is designed to accomplish what high transaction costs would otherwise prevent or to reduce transaction costs so that individuals can negotiate freely and we can take advantage of that diffused knowledge of which Friedrich Hayek has told us.

Friedrich Hayek made the point that one of the keystones of socialism is the denial of individual responsibility. Thus, the crusade for socialism always included attacks on individual responsibility. For if individuals do not have free will, and are not responsible for their actions, then their lives must be controlled somehow - preferably by the state - according to the socialists. They must be regulated, regimented and controlled - for their own good.

[I]f one asks what substantive contributions [F. A. Hayek] made to our understanding of how the world works, one is left at something of a loss. Were it not for his politics, he would be virtually forgotten.

The government can always rescue the markets or interfere with contract law whenever it deems convenient with little or no apparent cost. (Investors believe this now and, worse still, the government believes it as well. We are probably doomed to a lasting legacy of government tampering with financial markets and the economy, which is likely to create the mother of all moral hazards. The government is blissfully unaware of the wisdom of Friedrich Hayek: "The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.")

What's the single most important thing to learn from an economics course today? What I tried to leave my students with is the view that the invisible hand is more powerful than the hidden hand. Things will happen in well-organized efforts without direction, controls, plans. That's the consensus among economists. That's the Hayek legacy.

...in the negative part of Professor's Hayek's thesis there is a great deal of truth. It cannot be said too often - at any rate, it is not being said nearly often enough - that collectivism is not inherently democratic, but, on the contrary, gives to a tyrannical minority such powers as the Spanish Inquisitors never dreamt of.

You know, Salma Hayek is a great cook, and she's a friend.. She's an amazing cook. If she opened up a restaurant, I would so get in on the coattails.

There is no figure who had more of an influence, no person had more of an influence on the intellectuals behind the Iron Curtain than Friedrich Hayek. His books were translated and published by the underground and black market editions, read widely, and undoubtedly influenced the climate of opinion that ultimately brought about the collapse of the Soviet Union.

Keynes vs Hayek? Friedman vs Krugman? Those are the wrong intellectual debates. Its you vs. Tony Hayward, BP CEO, You vs. Lloyd Blankfein, Goldman Sachs CEO. And you are losing...

My interest in political philosophy was rather casual until I met Hayek.

[What Hayek] does not see, or will not admit, [is] that a return to "free" competition means for the great mass of people a tyranny probably worse, because more irresponsible, than that of the State. The trouble with competitions is that somebody wins them. Professor Hayek denies that free capitalism necessarily leads to monopoly, but in practice that is where it has led, and since the vast majority of people would far rather have State regimentation than slumps and unemployment, the drift towards collectivism is bound to continue if popular opinion has any say in the matter.

.. the most intelligent defender of capitalism in the modern period is Friedrich Hayek.

F. A. Hayek is probably the most prominent advocate of capitalism in the present period.

If the central contest of the twentieth century has pitted capitalism against socialism, then F. A. Hayek has been its central figure. He helped us to understand why capitalism won by a knockout. It was Hayek who elaborated the basic argument demonstrating that central planning was nothing else but an impoverishing fantasy.

All the general propositions favouring freedom I had .. imbibed at my father's knee or acquired by candle-end reading of Burke and Hayek...

I had a dream that Britney Spears rubbed her breasts in my face and Jennifer Lopez gave me head while Salma Hayek sucked my toes and the Olsen twins videotaped everything. I would have kept dreaming it, too, if I hadn't set off the smoke detector.

The first proponent of cortical memory networks on a major scale was neither a neuroscientist nor a computer scientist but .. a Viennes economist: Friedrich von Hayek (1899-1992). A man of exceptionally broad knowledge and profound insight into the operation of complex systems, Hayek applied such insight with remarkable success to economics (Nobel Prize, 1974), sociology, political science, jurisprudence, evolutionary theory, psychology, and brain science (Hayek, 1952).

.. the publication of Friedrich A. von Hayek's The Road to Serfdom in 1944 is rightly seen as the first shot in the intellectual battle that was to turn the tide in favor of conservatism i.e. non-statist liberalism .

Hebb place the Law of Effect at the synaptic level by proposing a correlation model of synaptic modification similar to that of Hayek (1952). This work was seminal in providing a basis for many subsequent theoretical studies . .

Since the idea that modification of synaptic function can provide a basis for memory arose shortly after the first anatomical description of the synapse a number of models (Hebb 1949 . . Hayek 1952 . . Kendel 1981) have been proposed in which various cognitive activities are represented by combinations of the firing patterns of individual neurons.

The book, as it stands, seems to me to be one of the most frightful muddles I have ever read, with scarcely a sound proposition in it beginning with page 45 [Hayek provided historical background up to page 45; after that came his theoretical model], and yet it remains a book of some interest, which is likely to leave its mark on the mind of the reader. It is an extraordinary example of how, starting with a mistake, a remorseless logician can end up in bedlam.

For Dicey, writing in 1885, and for me reading him some seventy years later, the rule of law still had a very English, or at least Anglo-Saxon, feel to it. It was later, through Hayek's masterpieces "The Constitution of Liberty" and "Law, Legislation and Liberty" that I really came to think this principle as having wider application.

Half the time I read Hayek's The Sensory Order with amazement at the extent of his reading and comprehension. He is right most of the time.

It makes me laugh when she says she [Salma Hayek] got offered Selena, which was an outright lie. If that's what she does to get herself publicity than that's her thing.

Because I also write, I really admire Latinas who are creating content. That's the next step. We can talk about seeing more Latinas on TV all day long, but it's about what we can do to make that happen. Women like Eva Longoria, Sofía Vergara, Jennifer Lopez, and Salma Hayek are producing a lot of great shows that feature Latinas. Those are the women who inspire me because they're not just acting; they're creating for the future.

[Friedrich] Hayek is not protesting that things like child labor and stuff are good. He's just trying to show that when government undertakes to make everything good for everybody, this is what happens. And he addresses it to socialists of all parties.

. . I think the Adam Smith role was played in this cycle i.e. the late twentieth century collapse of socialism in which the idea of free-markets succeeded first, and then special events catalyzed a complete change of socio-political policy in countries around the world by Friedrich Hayek's The Road to Serfdom.

Among other grand achievements, F. A. Hayek had a remarkable career pointing out the flaws in collectivism. One of his keenest insights was that, paradoxically, any collectivist system necessarily depends on one individual (or small group) to make key social and economic decisions. In contrast, a system based on individualism takes advantage of the aggregate, or 'collective,' information of the whole society; through his actions each participant contributes his own particular, if incomplete, knowledge-information that could never be tapped by the individual at the head of a collectivist state.

Regarding social order, [Francis] Fukuyama writes, "The systematic study of how order, and thus social capital, can emerge in spontaneous and decentralized fashion is one of the most important intellectual developments of the late twentieth century." He correctly attributes the modern origins of this argument to F. A. Hayek, whose pioneering contributions to cognitive science, the study of cultural evolution, and the dynamics of social change put him in the forefront of the most creative scholars of the 20th century.

Hayek, in my view, is the leading economic thinker of the 20th century.

I can't resist telling you that when the Vienna Economics Institute celebrated its centennial, many years ago, they invited, as their keynote speaker, my father [John Kenneth Galbraith]. The leading economists of the Austrian school- including von Hayek and von Haberler - returned for the occasion. And so my father took a moment to reflect on the economic triumphs of the Austrian Republic since the war, which, he said, "would not have been possible without the contribution of these men." They nodded - briefly - until it dawned on them what he meant. They'd all left the country in the 1930s.

As a result of the efforts of Hayek .. and the many others who share his general outlook, the idea of a centrally planned and centrally administered economy, so popular in the 1930s and early 1940s, has been discredited.

Friedrich Hayek, who died on March 23, 1992 at age 92, was arguably the greatest social scientist of the twentieth century. By the time of his death, his fundamental way of thought had supplanted the system of John Maynard Keynes - his chief intellectual rival of the century - in the battle since the 1930s for the minds of economists and the policies of governments.