Friedrich August von Hayek Quote - Liberty Quotes Blog

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

by:	Friedrich August von Hayek (1899-1992), Nobel Laureate of Economic Sciences 1974
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Categories:	Free Market, Justice
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Reader comments about this quote:

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. -- Anon
This is true in a market untainted by government. -- Justin, Elkland
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... -- aa, hb
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. -- Mike, Norwalk
Mike, I think that was Hayek's point -- Ben, Orem, UT
Yes, Mike, I believe that is what Hayek is saying. -- E Archer, NYC