"The curious task of economics is to demonstrate to men how little they really know about what they i..." — Friedrich August von Hayek

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.

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.

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.

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.