Friedrich August von Hayek

Friedrich Hayek born in Austria-Hungary as Friedrich August von Hayek and frequently referred to as F. A. Hayek, was an Austrian-British economist and philosopher best known for his defense 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”.

Date of birth:
8th May, 1899
Date of death:
23rd March, 1992
"It is rather a problem of how to secure the best use of resources known to any of the members of society, for ends whose relative importance only those individuals know."
― Friedrich August von Hayek
Topic(s): Society
"This means that to entrust to science – or to deliberate control according to scientific principles – more than scientific method can achieve may have deplorable effects."
― Friedrich August von Hayek
Topic(s): Science
"If we wish to preserve a free society, it is essential that we recognize that the desirability of a particular object is not sufficient justification for the use of coercion."
― Friedrich August von Hayek
Topic(s): Society
"It seems to me that socialists today can preserve their position in academic economics merely by the pretense that the differences are entirely moral questions about which science cannot decide."
― Friedrich August von Hayek
Topic(s): Science
"To act on the belief that we possess the knowledge and the power which enable us to shape the processes of society entirely to our liking, knowledge which in fact we do not possess, is likely to make us do much harm."
― Friedrich August von Hayek
Topic(s): Power
"I do not think it is an exaggeration to say history is largely a history of inflation, usually inflations engineered by governments for the gain of governments."
― Friedrich August von Hayek
Topic(s): History
"We must face the fact that the preservation of individual freedom is incompatible with a full satisfaction of our views of distributive justice."
― Friedrich August von Hayek
Topic(s): Freedom
"Freedom granted only when it is known beforehand that its effects will be beneficial is not freedom."
― Friedrich August von Hayek
Topic(s): Freedom
"Perhaps the fact that we have seen millions voting themselves into complete dependence on a tyrant has made our generation understand that to choose one’s government is not necessarily to secure freedom."
― Friedrich August von Hayek
Topic(s): Freedom
"Even the striving for equality by means of a directed economy can result only in an officially enforced inequality – an authoritarian determination of the status of each individual in the new hierarchical order."
― Friedrich August von Hayek
Topic(s): Equality

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