It is rather a problem of how to secure the best use of resources known to any of the members of society, for ends whose relative importance only those individuals know.
Friedrich August von HayekWhen it becomes dominated by a collectivist creed, democracy will inevitably destroy itself.
Friedrich August von HayekThere exists no third principle for the organisation of the economics process which can be rationally chosen to achieve any desirable ends, in addition to either a functioning market in which nobody can conclusively determine how well-off particular groups or individuals will be, or a central direction where a group organised for power determines it.
Friedrich August von HayekHayek was making us think of the productive process as a process in time, inputs coming before outputs.
Friedrich August von HayekIt is only because the majority opinion will always be opposed by some that our knowledge and understanding progress. In the process by which opinion is formed, it is very probable that, by the time any view becomes a majority view, it is no longer the best view: somebody will already have advanced beyond the point which the majority have reached. It is because we do not yet know which of the many competing new opinions will prove itself the best that we wait until it has gained sufficient support.
Friedrich August von Hayek