Here are some interesting quotes I dug up from Friedrich A. Hayek:
On the inherent conceit of top-down approaches:
“The curious task of economics is to demonstrate to men how little they know about what they can imagine they can design.”
It’s amazing how the simple yet powerful price mechanism coordinates and optimizes the structure of production in the economy, and how plans by the many and not plans by the few allow this mechanism to operate well.
On redistributory mechanisms:
“There is all the difference in the world between treating people equally and attempting to make them equal.”
Only what one deserves.
On the Power of Prices
: Informative, Summative, and Coordinating
It is only through the voluntary coordination of the efforts of various economic agents that we can make the products we use today.
On Video: Trial & Error and the God Complex
It seems so obvious when you listen to him, but it’s when you look around and see everyone trying to fix the world’s problems with their own preconceived master plans that you see how few people grasp the beautiful heuristic process of variation and selection.
On the Opinion Entitlement Fallacy
The process of argumentation has, for me, always been a journey towards the discovery of truth. However, seldom does this process go well. People usually end up with more questions than answers and the matter is almost never resolved. One of the reasons is because of certain fallacies that just won’t die.