(ˈfʁiːdʁɪç ˈaʊ̯gʊst ˈhaɪ̯ɛk) (8 May 189923 March 1992), born in Austria-Hungary
as Friedrich August von Hayek, was an economist
and philosopher best known for his defense of classical liberalism
and free-market
capitalism
against socialist
and collectivist
thought. He is considered to be one of the most important economists and political philosophers of the twentieth century, winning the Nobel Memorial Prize
in Economic Sciences in 1974.
If the human intellect is allowed to impose a preconceived pattern on society, if our powers of reasoning are allowed to lay claim to a monopoly of creative effort… then we must not be surprised if society, as such, ceases to function as a creative force.
I am certain that nothing has done so much to destroy the juridical safeguards of individual freedom as the striving after this mirage of social justice.
To discover the meaning of what is called 'social justice' has been one of my chief preoccupations for more than 10 years. I have failed in this endeavour — or rather, have reached the conclusion that, with reference to society of free men, the phrase has no meaning whatever.
Is it really likely that a National Planning Officer would have a better judgement of 'the number of cars, the number of generators, and the quantities of frozen foods we are likely to require in, say, five years,' than Ford or General Motors etc., and, even more important, would it even be desirable that various companies in an industry all act on the same guess?