during war the market system is more or less abandoned, as many parts of the economy are placed under central control. Hayek's fear was that socialis… - F.A. Hayek

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during war the market system is more or less abandoned, as many parts of the economy are placed under central control. Hayek's fear was that socialists would want to continue such

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About F.A. Hayek

Friedrich August von Hayek CH (8 May 1899 – 23 March 1992) was an Austrian, later British, economist and philosopher best known for his defense of classical liberalism. In 1974, Hayek shared the 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". (Nobel Memorial Prize, 1974)

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Additional quotes by F.A. Hayek

The whole conception of man already endowed with a mind capable of conceiving civilization setting out to create it is fundamentally false. Man did not simply impose upon the world a pattern created by his mind. His mind is itself a system that constantly changes as a result of his endeavor to adapt himself to his surroundings. It would be an error to believe that, to achieve a higher civilization, we have merely to put into effect the ideas now guiding us. If we are to advance, we must leave room for a continuous revision of our present conceptions and ideals which will be necessitated by further experience. We are as little able to conceive what civilization will be, or can be, five hundred or even fifty years hence as our medieval forefathers or even our grandparents were able to foresee our manner of life today.

Quando o curso da civilização toma um rumo inesperado quando, ao invés do progresso contínuo que nos habituamos a esperar, vemonos ameaçados por males que associamos à barbárie do passado – naturalmente atribuímos a culpa a tudo, exceto a nós mesmos.

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.

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