The considerations upon which expectations of prospective yields are based are partly existing facts which we can assume to be known more or less for certain, and partly future events which can only be forecasted with more or less confidence.

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

When the final result is expected to be a compromise, it is often prudent to start from an extreme position.

It is better to be roughly right than precisely wrong.

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.

I wish I'd drunk more champagne.

Newton was not the first of the age of reason, he was the last of the magicians.