We have indeed at the moment little cause for pride: as a profession we have made a mess of things.

Liberty is an opportunity for doing good, but this is only so when it is also an opportunity for doing wrong.

The advantage of a free market is that it allows millions of decision-makers to respond individually to freely determined prices, allocating resources - labor, capital and human ingenuity - in a manner that can't be mimicked by a central plan, however brilliant the central planner.

We know: of course, with regard to the market and similar social structures, a great many facts which we cannot measure and on which indeed we have only some very imprecise and general information.

There may be few instances in which the superstition that only measurable magnitudes can be important has done positive harm in the economic field: but the present inflation and employment problems are a very serious one.

The progress of the natural sciences in modern times has of course so much exceeded all expectations that any suggestion that there may be some limits to it is bound to arouse suspicion.

As is true with respect to other great evils, the measures by which war might be made altogether impossible for the future may well be worse than even war itself.