#al

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. ↗

— Friedrich August von Hayek

#allows #character #describe #determine #equations

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

#best #ends #how #importance #individuals

Our moral traditions developed concurrently with our reason, not as its product. ↗

— Friedrich August von Hayek

#developed #moral #our #product #reason

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

#arrived #certain #conviction #crucial #discuss

It can hardly be denied that such a demand quite arbitrarily limits the facts which are to be admitted as possible causes of the events which occur in the real world. ↗

— Friedrich August von Hayek

#arbitrarily #causes #demand #denied #events

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

#conformity #consequences #credit #false #gain

We shall not grow wiser before we learn that much that we have done was very foolish. ↗

— Friedrich August von Hayek

#done #foolish #grow #learn #much

The progress of the natural sciences in modern times has of course so much exceeded all expectations that any suggestion that there may be some limits to it is bound to arouse suspicion. ↗

— Friedrich August von Hayek

#arouse #bound #course #exceeded #expectations

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

#bring #call #conditions #equilibrium #establish

We know: of course, with regard to the market and similar social structures, a great many facts which we cannot measure and on which indeed we have only some very imprecise and general information. ↗

— Friedrich August von Hayek

#course #facts #general #great #indeed