The chief point we must remember is that the great and rapid advance of the physical sciences took place in fields where it proved that explanation and prediction could be based on laws which accounted for the observed phenomena as functions of comparatively few variables - either particular facts or relative frequencies of events.

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

All political theories assume, of course, that most individuals are very ignorant. Those who plead for liberty differ from the rest in that they include among the ignorant themselves as well as the wisest.

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.

In any society freedom of thought will probably be of direct significance for a small minority. But this does not mean that anyone is competent, or ought to have power, to select those to whom this freedom is to be reserved.

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

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