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.

Businessmen have a different set of delusions from politicians; and need, therefore, different handling. They are, however, much milder than politicians, at the same time allured and terrified by the glare of publicity....You could do anything you like with them, if you would treat them (even the big ones) not as wolves and tigers, but as domestic animals by nature, even though they have been badly brought up and not trained as you would wish.

Newton was a judaic monotheist of the school of Maimonides

Well, when I get new information, I rethink my position. What, sir, do you do with new information?

The avoidance of taxes is the only intellectual pursuit that still carries any reward.

There is no intrinsic reason for the scarcity of capital.

It would not be foolish to contemplate the possibility of a far greater progress still.