Home / Quotes / Quote by Friedrich August von Hayek

Quote by Friedrich August von Hayek

“A general flat minimum-wage law for all industry is permissible, but I do not think that it is a particularly wise method of achieving the end. I know much better methods of providing a minimum for everybody. But once you turn from laying down a general minimum for all industry to decreeing particular and different minimum for different industries, then, of course, you make the price mechanism inoperative, because it is no longer the price mechanism which will guide people between industries and trades.”

Quote by Friedrich August von Hayek

Author

Friedrich August von Hayek

Friedrich August von Hayek, born on May 8, 1899, in Austria, and died on March 23, 1992, in the United Kingdom, was one of the most distinguished economists of the 20th century. He is renowned for his profound insights into the free market economy and his critical views on socialism. more

You May Also Like

“In short, what the living wage is really about is not living standards, or even economics, but morality. Its advocates are basically opposed to the idea that wages are a market price-determined by supply and demand, the same as the price of apples or coal. And it is for that reason, rather than the practical details, that the broader political movement of which the demand for a living wage is the leading edge is ultimately doomed to failure: For the amorality of the market economy is part of its essence, and cannot be legislated away.”

“Thank you, people who say 'Wow, you're really photogenic,' for not saying what you really mean: 'Wow, you're really ugly in person.'”

People Mean Persons Funny Ugly Comedian Wow Thank You Really Mean White Lie Photogenic Ugly Man

Book:Thank You Notes

Source: Thank You Notes

“I turned my home state of Florida into the Land of Xanth.”

States Home Land Florida Home State

Author:Piers Anthony

“Thank you, yard sales, for being the perfect way to say to your neighbors: We think we're important enough to charge money for our garbage.”

Thinking Way Important Enough Perfect Neighbor Yards Garbage Yard Sale

Author:Jimmy Fallon

“Thank you... fantasy football draft, for letting me know that even in my fantasies, I am bad at sports.”

Knows Sports Fantasy Football Fantasy Football

Author:Jimmy Fallon

“Thank you... fat dude with giant headphones on the subway, for looking like what would've happened if Jabba the Hutt mated with Princess Leia.”

Ifs Happened Fats Giants Princess Subway Headphones Leia

Author:Jimmy Fallon

“Thank you... motion sensor hand towel machine. You never work, so I just end up looking like I'm waving hello to a wall robot.”

Ends Hands Wall Machines Hello Robots Towels Sensors

Author:Jimmy Fallon

“Mistakes, scandals, and failures no longer signal catastrophe. The crucial thing is that they be made credible, and that the public be made aware of the efforts being expended in that direction. The marketing immunity of governments is similar to that of the major brands of washing powder.”

Made Government Effort Mistake Majors Marketing Brands Crucial Catastrophe Signals Scandal Washing Credible Powder Immunity

Book:America

Source: America

“Nor do they trust their tongue alone, but speak a language of their own; can read a nod, a shrug, a look, far better than a printed book; convey a libel in a frown, and wink a reputation down.”

Looks Book Speak Language Tongue Reputation Scandal Printed Libel Printed Books

Author:Jonathan Swift

“Certain it is that scandal is good brisk talk, whereas praise of one's neighbor is by no means lively hearing. An acquaintance grilled, scored, devilled, and served with mustard and cayenne pepper excites the appetite; whereas a slice of cold friend with currant jelly is but a sickly, unrelishing meat.”

Mean Certain Cold Praise Hearing Neighbor Meat Appetite Scandal Acquaintance Lively Old Friends Peppers Jelly Mustard

Book:The four Georges. The English humorists. Roundabout papers

Source: The four Georges. The English humorists. Roundabout papers