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Quotation of the Day…

Posted By Don Boudreaux On June 27, 2014 @ 3:37 pm In Hayek,Hubris and humility | Comments Disabled

… is from page 19 of Hayek’s 1948 collection, Individualism and Economic Order [1]; in particular, it’s from one of Hayek’s most profound and important essays, namely, his December 1945 Finlay Lecture in Dublin, “Individualism: True and False”:

Our submission to general principles is necessary because we cannot be guided in our practical action by full knowledge and evaluation of all the consequences.  So long as men are not omniscient, the only way in which freedom can be given to the individual is by such general rules to delimit the sphere in which the decision is his.  There can be no freedom if the government is not limited to particular kinds of action but can use its powers in any ways which serve particular ends.

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[1] page 19 of Hayek’s 1948 collection, Individualism and Economic Order: http://books.google.com/books?id=ZLFEIdaZZD0C&pg=PA16&lpg=PA16&dq=hayek+tocqueville+%22a+new+form+of+servitude%22&source=bl&ots=vTZ73qZuTZ&sig=4iJygxPnJndC-JUiua1tKLcUy2E&hl=en&ei=JQ7ETsKmNcWDsgKQ5tHqCg&sa=X&oi=book_result&ct=result&resnum=4&ved=0CC0Q6AEwAw#v=onepage&q&f=false

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