Each member of society can have only a small fraction of the knowledge possessed by all, and...each is therefore ignorant of most of the facts on which the working of society rests...civilization rests on the fact that we all benefit from knowledge which we do not possess. And one of the ways in which civilization helps us to overcome that limitation on the extent of individual knowledge is by conquering intelligence, not by the acquisition of more knowledge, but by the utilization of knowledge which is and which remains widely dispersed among individuals.

If socialists understood economics, they wouldn't be socialist.

What a free society offers to the individual is much more than what he would be able to do if only he were free.

Without a theory the facts are silent.

If we wish to preserve a free society, it is essential that we recognize that the desirability of a particular object is not sufficient justification for the use of coercion.

There is, in a competitive society, nobody who can exercise even a fraction of the power which a socialist planning board would possess.

Many who think themselves infinitely superior to the aberrations of Nazism, and sincerely hate all manifestations, work at the same time for ideals whose realization would lead straight to the abhorred tyranny.