Nothing is more securely lodged than the ignorance of the experts.

To act on the belief that we possess the knowledge and the power which enable us to shape the processes of society entirely to our liking, knowledge which in fact we do not possess, is likely to make us do much harm.

Hayek was making us think of the productive process as a process in time, inputs coming before outputs.

Socialism has never and nowhere been at first a working-class movement. It is by no means an obvious remedy for the obvious evil which the interests of that class will necessarily demand. It is a construction of theorists.

In government, the scum rises to the top.

Inflation is probably the most important single factor in that vicious circle wherein one kind of government action makes more and more government control necessary. For this reason all those who wish to stop the drift toward increasing government control should concentrate their effort on monetary policy.

As is true with respect to other great evils, the measures by which war might be made altogether impossible for the future may well be worse than even war itself.