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.
More Quotes from Friedrich August von Hayek:
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.Friedrich August von Hayek
A claim for equality of material position can be met only by a government with totalitarian powers.
Friedrich August von Hayek
He will therefore have to use what knowledge he can achieve, not to shape the results as the craftsman shapes his handiwork, but rather to cultivate a growth by providing the appropriate environment, in the manner in which the gardener does this for his plants.
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
We shall not grow wiser before we learn that much that we have done was very foolish.
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
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Based on Topics: Facts QuotesBased on Keywords: algebraic, equations, manifestation, numerical
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