..where effective competition can be created, it is a better way of guiding individual efforts than any other... regards competition as superior not only because it is in most circumstances the most efficient method known but even more because it is the only method by which our activities can be adjusted to each other without coercive or arbitrary intervention of authority.
Friedrich August von HayekAs 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.
Friedrich August von HayekI was quite depressed two weeks ago when I spent an afternoon at Brentano's Bookshop in New York and was looking at the kind of books most people read. That seems to be hopeless; once you see that you lose all hope.
Friedrich August von HayekThe curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.
Friedrich August von HayekOne need not be a prophet to be aware of impending dangers. An accidental combination of experience and interest will often reveal events to one man under aspects which few yet see.
Friedrich August von HayekThe 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
Friedrich August von Hayek