It is because every individual knows little and, in particular, because we rarely know which of us knows best best that we trust the independent and competitive efforts of many to induce the emergence of what we shall want when we see it.
Friedrich August von HayekI must confess that if I had been consulted whether to establish a Nobel Prize in economics, I should have decidedly advised against it.
Friedrich August von HayekThe freedom that will be used by only one man in a million may be more important to society and more beneficial to the majority than any freedom that we all use.
Friedrich August von HayekThe social sciences, like much of biology but unlike most fields of the physical sciences, have to deal with structures of essential complexity, i.e. with structures whose characteristic properties can be exhibited only by models made up of relatively large numbers of variables.
Friedrich August von Hayek