I have arrived at the conviction that the neglect by economists to discuss seriously what is really the crucial problem of our time is due to a certain timidity about soiling their hands by going from purely scientific questions into value questions.
More Quotes from Friedrich August von Hayek:
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.Friedrich August von Hayek
Freedom granted only when it is known beforehand that its effects will be beneficial is not freedom.
Friedrich August von Hayek
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.
Friedrich August von Hayek
We shall not grow wiser before we learn that much that we have done was very foolish.
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
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
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Based on Topics: Time QuotesBased on Keywords: economists, soiling, timidity
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