It is rather a problem of how to secure the best use of resources known to any of the members of society, for ends whose relative importance only those individuals know.
More Quotes from Friedrich August von Hayek:
Intellects whose desires have outstripped their understanding.Friedrich August von Hayek
It can hardly be denied that such a demand quite arbitrarily limits the facts which are to be admitted as possible causes of the events which occur in the real world.
Friedrich August von Hayek
We know, in other words, the general conditions in which what we call, somewhat misleadingly, an equilibrium will establish itself: but we never know what the particular prices or wages are which would exist if the market were to bring about such an equilibrium.
Friedrich August von Hayek
'Emergencies' have always been the pretext on which the safeguards of individual liberty have been eroded.
Friedrich August von Hayek
We have indeed at the moment little cause for pride: as a profession we have made a mess of things.
Friedrich August von Hayek
The progress of the natural sciences in modern times has of course so much exceeded all expectations that any suggestion that there may be some limits to it is bound to arouse suspicion.
Friedrich August von Hayek
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