Economist:Friedrich Hayek

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Friedrich Hayek

Biography

Austrian-British economist and philosopher, Nobel laureate (1974). Major figure in the Austrian School.

School of Thought

Austrian School

Notable Quotes

On AI Governance and Regulation

"The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design."[1]

On Network Effects and Platform Monopolies

"Competition is a discovery procedure, not merely a method for allocating given resources."[2]


References

  1. ↑ Friedrich Hayek, The Fatal Conceit (1988), p. 76, University of Chicago Press
  2. ↑ Friedrich Hayek, New Studies in Philosophy, Politics, Economics, and the History of Ideas (1978), p. 179, University of Chicago Press

Additional Notable Quotes

On Network Effects and Platform Monopolies

"Emergent properties of markets cannot be designed, only discovered."[1]

On AI Governance and Regulation

"The more the state plans, the more difficult planning becomes for the individual."[2]

On Wealth Inequality and Technology

"A claim for equality of material position can be met only by a government with totalitarian powers."[3]

  1. ↑ Friedrich Hayek, The Constitution of Liberty (1960), p. 160, University of Chicago Press
  2. ↑ Friedrich Hayek, The Road to Serfdom (1944), p. 213, University of Chicago Press
  3. ↑ Friedrich Hayek, The Constitution of Liberty (1960), p. 231, University of Chicago Press
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