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

We know: of course, with regard to the market and similar social structures, a great many facts which we cannot measure and on which indeed we have only some very imprecise and general information.

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.

Liberty is an opportunity for doing good, but this is only so when it is also an opportunity for doing wrong.

Socialism is simply a re-assertion of that tribal ethics whose gradual weakening had made an approach to the Great Society possible.

The ultimate decision about what is accepted as right and wrong will be made not by individual human wisdom but by the disappearance of the groups that have adhered to the "wrong" beliefs.

The advantage of a free market is that it allows millions of decision-makers to respond individually to freely determined prices, allocating resources - labor, capital and human ingenuity - in a manner that can't be mimicked by a central plan, however brilliant the central planner.