The Nobel Prize confers on an individual an authority which in economics no man ought to possess. This does not matter in the natural sciences. Here … - Friedrich Hayek

The knowledge of facts is widely dispersed. We want to make use of knowledge possessed by millions of individual people, which they can only use if they are fed signals about the general situation. You can't reverse it you can't possibly concentrate this knowledge. The whole order of international cooperation has been built on such a signalling system, where signals tell you about facts which nobody knows concrete in their totality, and I may add such signals you cannot correct - you can not correct signals which inform you about circumstances you don't know.

On the scale on which [tax cutting] is being tried, I'm a little apprehensive. I'm all for reduction of government expenditures but to anticipate it by reducing the rate of taxation before you have reduced expenditure is a very risky thing to do.

What all this amounts to, then, is that the Rule of Law requires that administrative discretion in coercive action (i.e., in interfering with the person and property of the private citizen) must always be subject to review by an independent court which is not an instrument of, or even privy to, the aims of current governmental policy; that its review must in all such instances extend to the substance of the administrative act and not merely to the question whether it was infra or ultra vires; and that, if such a court finds that the rights of private citizens have been infringed, it will assess damages just as if the right of this person had been violated by another private citizen. This, in addition to the familiar requirements of generality, equality, and certainty of the law is really the crux of the matter, the decisive point on which it depends whether the Rule of Law prevails or not.