Friedrich Hayek, who died on March 23, 1992 at age 92, was arguably the greatest social scientist of the twentieth century. By the time of his death, his fundamental way of thought had supplanted the system of John Maynard Keynes - his chief intellectual rival of the century - in the battle since the 1930s for the minds of economists and the policies of governments.

The world's problem is not too many people, but lack of political and economic freedom.

Not understanding the process of a spontaneously-ordered economy goes hand-in-hand with not understanding the creation of resources and wealth.

The main fuel to speed the world's progress is our stock of knowledge, and the brake is our lack of imagination.

Because we can expect future generations to be richer than we are, no matter what we do about resources, asking us to refrain from using resources now so that future generations can have them later is like asking the poor to make gifts to the rich.

People call me an optimist, but I'm really an appreciator ... years ago, I was cured of a badly infected finger with antibiotics when once my doctor could have recommended only a hot water soak or, eventually, surgery.... When I was six years old and had scarlet fever, the first of the miracle drugs, sulfanilamide, saved my life. I'm grateful for computers and photocopiers ... I appreciate where we've come from.

This is my long-run forecast in brief: The material conditions of life will continue to get better for most people, in most countries, most of the time, indefinitely. Within a century or two, all nations and most of humanity will be at or above today's Western living standards. I also speculate, however, that many people will continue to think and say that the conditions of life are getting worse.