We must shed the illusion that we can deliberately "create the future of mankind." This is the final conclusion of the forty years which I have now devoted to the study of these problems

The [classical] liberal, of course, does not deny that there are some superior people -- he is not an egalitarian -- but he denies that anyone has authority to decide who these superior people are.

The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.

[Socialistic] economic planning, regulation, and intervention pave the way to totalitarianism by building a power structure that will inevitably be seized by the most power-hungry and unscrupulous.

Liberty and responsibility are inseparable.

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.

Socialism can only be put into practice only by methods which most socialists disapprove.