We shall not grow wiser before we learn that much that we have done was very foolish.
If socialists understood economics they wouldn’t be socialists.
With the exception only of the period of the gold standard, practically all governments of history have used their exclusive power to issue money to defraud and plunder the people.
It is largely because civilization enables us constantly to profit from knowledge which we individually do not possess and because each individual’s use of his particular knowledge may serve to assist others unknown to him in achieving their ends that men as members of civilized society can pursue their individual ends so much more successfully than they could alone.
The rise of fascism and Nazism was not a reaction against the socialist trends of the preceding period but a necessary outcome of those tendencies.
The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.
Is there a greater tragedy imaginable than that, in our endeavour consciously to shape our future in accordance with high ideals, we should in fact unwittingly produce the very opposite of what we have been striving for?
I am certain that nothing has done so much to destroy the juridical safeguards of individual freedom as the striving after this mirage of social justice.
To be controlled in our economic pursuits means to be controlled in everything.
When it becomes dominated by a collectivist creed, democracy will inevitably destroy itself.