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Quotation of the Day…

… is from page 264 of F.A. Hayek’s December 1961 speech in New York City titled “The Moral Element in Free Enterprise,” which appears as chapter twenty of Essays on Liberalism and the Economy (2022) – volume 18 (expertly edited by Paul Lewis) of The Collected Works of F.A. Hayek:

It is, on the one hand, an old discovery that morals and moral values will grow only in an environment of freedom, and that, in general, moral standards of people and classes are high only where they have long enjoyed freedom – and proportional to the amount of freedom they have possessed.

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