Everything is always decided for reasons other than the real merits of the case

The importance of money flows from it being a link between the present and the future.

In truth, the gold standard is already a barbarous relic.

The book, as it stands, seems to me to be one of the most frightful muddles I have ever read, with scarcely a sound proposition in it beginning with page 45 [Hayek provided historical background up to page 45; after that came his theoretical model], and yet it remains a book of some interest, which is likely to leave its mark on the mind of the reader. It is an extraordinary example of how, starting with a mistake, a remorseless logician can end up in bedlam.

For my own part, I believe that there is social and psychological justification for significant inequalities of incomes and wealth.

Worldly wisdom teaches that it is better for reputation to fail conventionally than to succeed unconventionally.

The decadent international but individualistic capitalism in the hands of which we found ourselves after the war is not a success. It is not intelligent. It is not beautiful. It is not just. It is not virtuous. And it doesn't deliver the goods.