Economics Is A Very Dangerous Science.

I Am Sure That The Power Of Vested Interests Is Vastly Exaggerated Compared With The Gradual Encroachment Of Ideas.

Investing Is An Activity Of Forecasting The Yield Over The Life Of The Asset; Speculation Is The Activity Of Forecasting The Psychology Of The Market.

It Is Not The Ownership Of The Instruments Of Production Which It Is Important For The State To Assume. If The State Is Able To Determine The Aggregate Amount Of Resources Devoted To Augmenting The Instruments And The Basic Rate Of Reward To Those Who Own Them, It Will Have Accomplished All That Is Necessary. Moreover, The Necessary Measures Of Socialization Can Be Introduced Gradually And Without A Break In The General Traditions Of Society.

Perhaps A Day Might Come When There Would Be At Last Be Enough To Go Round, And When Posterity Could Enter Into The Enjoyment Of Our Labors.

The Book, As It Stands, Seems To Me To Be One Of The Most Frightful Muddles I Have Ever Read, With Scarcely A Sound Proposition In It Beginning With Page 45 [hayek Provided Historical Background Up To Page 45; After That Came His Theoretical Model], And Yet It Remains A Book Of Some Interest, Which Is Likely To Leave Its Mark On The Mind Of The Reader. It Is An Extraordinary Example Of How, Starting With A Mistake, A Remorseless Logician Can End Up In Bedlam.