Happy Birthday, Hayek!

Just to let all my readers know, the Mises Institute has electronic copies (PDF/e-book) versions of several of his major works: http://mises.org/literature/author/126. You might also like to check out the Hayek page on the Online Library of Liberty: http://oll.libertyfund.org/people/friedrich-august-von-hayek.

Here are some notable Hayek quotes:

No human mind can comprehend all the knowledge which guides the actions of society.” – The Constitution of Liberty, p. 4

“The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.” – The Fatal Conceit: The Errors of Socialism, p. 18

“The peculiar character of the problem of a rational economic order is determined precisely by the fact that the knowledge of the circumstances of which we must make use never exists in concentrated or integrated form but solely as the dispersed bits of incomplete and frequently contradictory knowledge which all the separate individuals possess. The economic problem of society is thus not merely a problem of how to allocate “given” resources — if “given” is taken to mean given to a single mind which deliberately solves the problem set by these “data.” 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 these individuals know. Or, to put it briefly, it is a problem of the utilization of knowledge which is not given to anyone in its totality.” – The Use of Knowledge in Society


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