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 those individuals know.

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 Nobel Prize confers on an individual an authority which in economics no man ought to possess.

There is only one '' principle that can preserve a free society: namely, the strict prevention of all coercion except in the enforcement of general abstract rules equally applicable to all.

This means that to entrust to science - or to deliberate control according to scientific principles - more than scientific method can achieve may have deplorable effects.

I am still puzzled why those in the United States who truly believe in liberty should not only have allowed the left to appropriate this almost indispensable term but should even have assisted by beginning to use it themselves as a term of opprobrium. This seems to be particularly regrettable because of the consequent tendency of many true liberals to describe themselves as conservatives.

By the age of fifteen, I had convinced myself that nobody could give a reasonable explanation of what he meant by the word 'God' and that it was therefore as meaningless to assert a belief as to assert a disbelief in God. Though this, in a general way, has remained my position ever since, I have always avoided unnecessarily to offend other people holding religious belief by displaying my lack of such belief, or even stating my lack of belief, if I was not challenged.