June 23, 2009
F.A. Hayek Quote of the Day

From The Road to Serfdom, 50th Anniversary Edition:

"It may sound noble to say, 'Damn economics, let us build up a decent world'--but it is, in fact, merely irresponsible." p. 230

Posted by Art Carden at 02:50 PM in Economics

The statesman who should attempt to direct private people in what manner they ought to employ their capitals would not only load himself with a most unnecessary attention, but assume an authority which could safely be trusted, not only to no single person, but to no council or senate whatever, and which would nowhere be so dangerous as in the hands of a man who had folly and presumption enough to fancy himself fit to exercise it. -Adam Smith

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