Friedrich A. Hayek

The Road to Serfdom.

" . . . [T]he Rule of Law . . . means that government in all its actions is bound by rules fixed and announced beforehand - rules which make it possible to foresee with fair certainty how the authority will use its coercive powers . . . "1b

" . . . [M]oney is one of the greatest instruments of freedom ever invented by man."1b OLD TESTAMENT NEW TESTAMENT SPENGLER

"Before 1914 all the true German ideals of a heroic life were in deadly danger before the continuous advance of English commercial ideals, English comfort, . . . "1c

The Mirage of Social Justice.

" . . . [F]reedom is inseparable from rewards which often have no connection with merit . . . "2* OLD TESTAMENT

Law, Legislation and Liberty. " . . . [S]ince the power of the monopolist to discriminate can be used to coerce particular individuals or firms, and is likely to be used to restrict competition . . . , it clearly ought to be curbed by appropriate rules of conduct."3

The Constitution of Liberty.

"Coercion is evil precisely because it . . . eliminates an individual as a thinking and valuing person and makes him a bare tool in the achievement of the ends of another."4a

"Liberty and responsibility are inseparable."4b

"[M]onetary policy and its effects should be as predictable as possible."4c

Choice in Currency: A Way to Stop Inflation.

The Weakness of Political Control of Money

" . . . I must confess that in the course of a long life my opinion of governments has steadily worsened . . . "5

"With the exception only of the 200-year period of the gold standard, practically all governments of history have used their exclusive power to issue money in order to defraud and plunder the people."5

Interesting Link
Friedrich August von Hayek, United Kingdom; and Gunnar Myrdal, Sweden. The Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel 1974, "for their pioneering work in the theory of money and economic fluctuations and for their penetrating analysis of the interdependence of economic, social and institutional phenomena."

* Italics in the original.

1 F.A. Hayek (1899-1992). The Road to Serfdom. Fiftieth Anniversary Edition. Introduction by Milton Friedman. Chicago, IL: The University of Chicago, 1944, 1972, 1994.
a Planning and the Rule of Law, at 80.
b Economic Control and Totalitarianism, at 98-99.
c The Socialist Roots of Naziism, at 186.

2 F.A. Hayek. Law, Legislation and Liberty. Volume 2: The Mirage of Social Justice. F.A. Hayek, 1976. Chicago, IL: The University of Chicago Press. The Game of Catallaxy, at 120.

3 F.A. Hayek. Law, Legislation and Liberty. Volume 3: The Political Order of a Free People. F.A. Hayek, 1979. Chicago, IL: The University of Chicago Press. When Monopoly Becomes Harmful, at 85.

4 F.A. Hayek. The Constitution of Liberty. Chicago, IL: The University of Chicago Press, 1960, 1978.
a Liberty and Liberties, at 21.
b Responsibility and Freedom, at 71.
c The Monetary Framework, at 334.

5 F.A. Hayek. Choice in Currency: A Way to Stop Inflation. Based on an Address entitled 'International Money' delivered to the Geneva Gold and Monetary Conference on 25 September, 1975, at Lausanne, Switzerland. IEA 1976; Mises institute/IEA 2009. Ludwig von Mises Institute,