Competition means decentralized planning by many separate persons.

It is, indeed, part of the liberal attitude to assume that, especially in the economic field, the self-regulating forces of the market will somehow bring about the required adjustments to new conditions, although no one can foretell how they will do this in a particular instance. There is perhaps no single factor contributing so much to people

I must confess that if I had been consulted whether to establish a Nobel Prize in economics, I should have decidedly advised against it.

The chief difference [between totalitarian and free countries] is that only the totalitarians appear clearly to know how they want to achieve that result, while the free world has only its past achievements to show, being by its very nature unable to offer any detailed "plan" for further growth.

Liberty and responsibility are inseparable.

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.

The Germans would appear as the disturbers of peace, as they already do to some people, merely because they were the first to take the path along which all the others were ultimately to follow.