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" "If craftsmen and blacksmiths were feared for transforming material substance, if traders were feared for transforming such intangible qualities as value, how much more will the banker be feared for the transformations he effects with the most abstract and immaterial of all economic institutions? Thus we reach the climax of the progressive replacement of the perceivable and concrete by abstract concepts shaping rules guiding activity: money and its institutions seem to be beyond the boundary of laudable and understandable physical efforts of creation, in a realm where the comprehension of the concrete ceases and incomprehensible abstractions rule.
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 (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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I believe that the main lesson which our generation has learnt is that we must find a new limit for the activities of government, a limit which leaves ample scope for sensible experimentation but which secures the freedom of the individual as the mainspring of all social and political activity. The whole purpose of these lectures has been to suggest that we can find such a limit if we are willing to revive and develop the ancient ideal of the Rule of Law.
Nobody who has lived through the rise of the violent anti-Semitism which led to Hitler can refuse Mrs. Thatcher admiration for her courageous and outspoken warning. When I grew up in Vienna the established Jewish families were a generally respected group and all decent people would frown upon the occasional anti-Jewish outbursts of a few popular politicians. It was the sudden influx of large numbers of Galician and Polish Jews [during World War I] … which in a short period changed the attitude. They were too visibly different to be readily absorbed.