Wherever liberty as we understand it has been destroyed, this has almost always been done in the name of some new freedom promised to the people

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.

A society that does not recognise that each individual has values of his own which he is entitled to follow can have no respect for the dignity of the individual and cannot really know freedom.

To combat the depression by a forced credit expansion is to attempt to cure the evil by the very means which brought it about.

Without the rich - without those who accumulated capital - those poor who could exist at all would be very much poorer indeed, scratching a livelihood from marginal lands on which every drought would kill most of the children they would be trying to raise.

We must face the fact that the preservation of individual freedom is incompatible with a full satisfaction of our views of distributive justice.

...the case for individual freedom rests largely on the recognition of the inevitable and universal ignorance of all of us concerning a great many of the factors on which the achievements of our ends and welfare depend.