Education: the inculcation of the incomprehensible into the indifferent by the incompetent.

If farming were to be organised like the stock market, a farmer would sell his farm in the morning when it was raining, only to buy it back in the afternoon when the sun came out.

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.

Speculators may do no harm as bubbles on a steady stream of enterprise. But the position is serious when enterprise becomes a bubble on a whirlpool of speculation. When the capital development of a country becomes a by-product of the activities of a casino, the job is likely to be ill done.

The key to selecting the winner isn't choosing the face you think is the most beautiful but rather the face other people will pick

Gold is a relic from a time when government's were less trustworthy in these matters (currency debasement) than they are now.

When the accumulation of wealth is no longer of high social importance, there will be great changes in the code of morals.