The biggest problem is not to let people accept new ideas, but to let them forget the old ones.

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 feel no shame at being found still owning a share when the bottom of the market comes…I would go much further than that. I should say that it is from time to time the duty of a serious investor to accept the depreciation of his holdings with equanimity and without reproaching himself. … An investor…should be aiming primarily at long-period results, and should be solely judged by these.

It is generally agreed that casinos should, in the public interest, be inaccessible and expensive. And perhaps the same is true of Stock Exchanges.

This siren, this goat-footed bard, this half human visitor to our age the hag-ridden and enchanted woods of Celtic antiquity. One catches in his company that flavour of final purposelessness, inner responsibility, existence outside or away from our Saxon good and evil, mixed with cunning, remorselessness, love of power.

Economics is a very dangerous science.