We know, in other words, the general conditions in which what we call, somewhat misleadingly, an equilibrium will establish itself: but we never know what the particular prices or wages are which would exist if the market were to bring about such an equilibrium.

The history of government management of money has, except for a few short happy periods, been one of incessant fraud and deception.

It is not difficult to deprive the great majority of independent thought. But the minority who will retain an inclination to criticize must also be silenced....Public criticism or even expressions of doubt must be suppressed because they tend to weaken pubic support....When the doubt or fear expressed concerns not the success of a particular enterprise but of the whole social plan, it must be treated even more as sabotage.

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

Never will man penetrate deeper into error than when he is continuing on a road which has led him to great success

The idea that human kind can shape the world according to wish is what I call the fatal conceit

Many who think themselves infinitely superior to the aberrations of Nazism, and sincerely hate all manifestations, work at the same time for ideals whose realization would lead straight to the abhorred tyranny.