Friedrich August von HayekFriedrich August von Hayek, (1899-1992), Nobel Laureate of Economic Sciences 1974

Friedrich August von Hayek Quote

“[The] impersonal process of the market ... can be neither just nor unjust, because the results are not intended or foreseen.”

Friedrich August von HayekFriedrich August von Hayek
~ Friedrich August von Hayek

Ratings and Comments

  • Reply
Anon    5/7/10

This means the market is being minipulated by the unjust because they seem to know the results of the market and therefore get out before the financial crash comes.

Justin, Elkland

This is true in a market untainted by government.

aa, hb
  • Reply
    aa, hb    5/7/10

    Unless we audit the federal reserve, we will get what we deserve-poorer, while the bankers take what they want. We don't have a free market system at the moment...

    Mike, Norwalk

    The market, or its related process is neither personal or impersonal. All aspects of the market, including the process and the results are just if the market is based on the fiscal laws of nature. All aspects of the market, including the process and results are unjust and criminal when any part thereof is contrary to, or breaks any fiscal law of nature.

    Mike, Norwalk

    P.S. being intended or foreseen is usually a strong indicator but ultimately, has nothing to do with just or unjust. History is a great educator of processes and events. There is nothing new, unintended or unforeseen in the market. For the purpose of human processes in criminal proceedings, intent is paramount because it shows a foreknowledge of the result. The destruction of the world's economies and markets was planned, intended and foreseen.

    Ben, Orem, UT

    Mike, I think that was Hayek's point

    E Archer, NYC

    Yes, Mike, I believe that is what Hayek is saying.


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