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Quote by Friedrich August von Hayek

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Friedrich August von Hayek
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

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“In contrast, markets - oft mythologized as "natural" are the most unnatural things going. Libertarians will tell you "market laws are laws of nature", what baloney. Markets - and the other great modernist cornucopian tools - are magnificent wealth generating machines, built ad-hoc, through trial and error, constantly fine-tuned and refined, tinkered, adjusted.”

LawNaturalWealthFineBuiltToolsMachinesErrorsLibertarianTrialsAdsContrastMagnificentLaws Of NatureUnnaturalRefinedTrial And ErrorBaloney
Author:David Brin
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“The term "rational" and its variants (rationality, rationalism) are used in a lot of contexts in economic debate, both positively and negatively, but nearly always sloppily or dishonestly. A specimen I've seen on more occasions than I can count is the line (usually presented with a sense of witty originality) "if you are opposed to economic rationalism, you must be in favor of economic irrationalism"... I've come to the conclusion that the word "rational" has no meaning that cannot better be conveyed by some alternative term and that the best advice is probably to avoid it altogether.”

IfsI CanUsedTermLinesEconomicAdviceWittyLibertarianFavorsDebateRationalConclusionOccasionsAlternativesOriginalityRationalityPositivelyBest AdviceRationalismOf Context
Author:John Quiggin
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“At George Mason University I saw Hoppe present a lecture in which he claimed that Ludwig von Mises had set the intellectual foundation for not only economics, but for ethics, geometry, and optics, as well. This bizarre claim turned a serious scholar and profound thinker into a comical cult figure, a sort of Euro Kim Il Sung.”

WellsSawsFiguresSeriousIntellectualEthicsEconomicsClaimsFoundationProfoundUniversityLibertarianThinkerScholarCultBizarreLecturesGeometryEuroKimMasonsComicalOpticsKim Il SungVon Mises
Author:Tom G. Palmer
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“But Friedman seemed to share Friedrich Hayek's extreme and inaccurate view that socialism of the sort that Britain embraced under the old Labour Party was incompatible with democracy, and I don't think that there is a good theoretical or empirical basis for that view. The Road to Serfdom flunks the test of accuracy of prediction!”

ThinkingViewsPartyDemocracyShareTestsBasesExtremesLibertarianSocialismBritainLabourPredictionsTheoreticalAccuracyLabour PartyHayekRoad To SerfdomFriedrich Hayek
Author:Richard Posner
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“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.”

MenYearsHas BeensSaidI CanWarCountryMomentsSchoolFatherLeftEconomicYears AgoEconomicsIncludingLibertarianOccasionsTriumphContributionRepublicSpeakersEconomistInvitedInstitute1930sViennaHayekKennethCentennialVon Hayek
Author:James K. Galbraith
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