"Why should we, however, in economics, have to plead ignorance of the sort of facts on which, in the case of a physical theory, a scientist would certainly be expected to give precise information?"

Friedrich August von Hayek, Austrian Economist

Economy, Economics, Facts, Ignorance, Information

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"Why should we, however, in economics, have to plead ignorance of the sort of facts on which, in the case of a physical theory, a scientist would certainly be expected to give precise information?"

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Explore more quotes by Friedrich August von Hayek

"I do not think it is an exaggeration to say history is largely a history of inflation, usually inflations engineered by governments for the gain of governments."

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"Even the striving for equality by means of a directed economy can result only in an officially enforced inequality - an authoritarian determination of the status of each individual in the new hierarchical order."

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"If we wish to preserve a free society, it is essential that we recognize that the desirability of a particular object is not sufficient justification for the use of coercion."

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"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."

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"The mind cannot foresee its own advance."

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"To act on the belief that we possess the knowledge and the power which enable us to shape the processes of society entirely to our liking, knowledge which in fact we do not possess, is likely to make us do much harm."

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"We have indeed at the moment little cause for pride: as a profession we have made a mess of things."

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"This means that to entrust to science - or to deliberate control according to scientific principles - more than scientific method can achieve may have deplorable effects."

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

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"Why should we, however, in economics, have to plead ignorance of the sort of facts on which, in the case of a physical theory, a scientist would certainly be expected to give precise information?"

Economy, Economics, Facts, Ignorance, Information