To be controlled in our economic pursuits means to be controlled in everything.

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.

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

Perhaps the fact that we have seen millions voting themselves into complete dependence on a tyrant has made our generation understand that to choose one's government is not necessarily to secure freedom.

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.

I regard it in fact as the great advantage of the mathematical technique that it allows us to describe, by means of algebraic equations, the general character of a pattern even where we are ignorant of the numerical values which will determine its particular manifestation.

The central problem of management is how spontaneous interaction of people within a firm, each possessing only bits of knowledge, can bring about the competitive success that could only be achieved by the deliberate direction of a senior management that possesses the combined knowledge of all employees and contractors