Socialist thought owes its appeal to the young largely to its visionary character; the very courage to indulge in Utopian thought is in this respect a source of strength for socialism which traditional liberalism sadly lacks. Speculation about general principles provides an opportunity for the play of the imagination of those who are unencumbered by much knowledge of the facts of present-day life. Their ideas suffer from inherent contradictions, and any attempt to put them into practice must produce something utterly different from what they expect.

No human mind can comprehend all the knowledge which guides the actions of society.

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

To create conditions in which competition will be as effective as possible, to prevent fraud and deception, to break up monopolies- these tasks provide a wide and unquestioned field for state activity.

It seems to be almost a law of human nature that it is easier for people to agree on a negative program - on the hatred of an enemy, on the envy of those better off - than on any positive task.

Our submission to general principles is necessary because we cannot be guided in our practical action by full knowledge and evaluation of the consequences. So long as men are not omniscient, the only way in which freedom can be given to the individual is by such general rules to delimit the sphere in which the decision is his. There can be no freedom if the government is not limited to particular kinds of action but can use its powers in any ways which serve particular ends.

The mind cannot foresee its own advance.