The credit which the apparent conformity with recognized scientific standards can gain for seemingly simple but false theories may, as the present instance shows, have grave consequences.
More Quotes from Friedrich August von Hayek:
We must face the fact that the preservation of individual freedom is incompatible with a full satisfaction of our views of distributive justice.Friedrich August von Hayek
It seems to me that socialists today can preserve their position in academic economics merely by the pretense that the differences are entirely moral questions about which science cannot decide.
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
I regard it in fact as the great advantage of the mathematical technique that it allows us to describe, by means of algebraic equations, the general character of a pattern even where we are ignorant of the numerical values which will determine its particular manifestation.
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
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