Whenit becomes dominated by a collectivist creed, democracy will inevitably destroyitself.

A democratic assembly voting and amending a comprehensive economic plan clause by clause, as it deliberates on an ordinary bill,makes nonsense.

the basic fact that it is impos-sible for any man to survey more than a limited field, to be aware of the urgencyof more than a limited number of needs.

Eric Zencey wrote that the free market economy Hayek advocated is designed for an infinite planet, and when it runs into physical limits (as any growing system must), the result is a need for centralized planning to mediate the problematic interface of economy and nature. "Planning is planning, whether it's done to minimize poverty and injustice, as socialists were advocating then, or to preserve the minimum flow of ecosystem services that civilization requires, as we are finding increasingly necessary today."[70]

Since publication, Hayek has offered a number of clarifications on words that are frequently misinterpreted: "Socialism", as Hayek used it, refers to state socialism and is used to mean state control of the economy, not a welfare state[39] "Classical liberal ideals", means liberty, freedom and individual rights, as Hayek understood them[40]

It’s clear how relevant Hayek’s warnings remain today. Economic freedom—unlike in the 1980s and ’90s—is in retreat. Faith in “industrial policy” has come to dominate in China, the U.S. and Europe. At the same time, intellectual freedom is under threat as proponents of a woke ideology strive to politicize all of life. Mathematics is now considered “racist” by some, while freedom of speech is under threat. Opponents of economic freedom often oppose intellectual freedom as well.

In 1971, Hayek emphasized that the primary focus of his book was classical socialism, which aimed to nationalize the means of production.

Hayek’s book presents a second important thesis: The loss of economic freedom precedes the loss of intellectual and political freedom.

Instead, he lauds the figure of themarket as a knowing entity, envisioning it as a kind of processor of socialinformation that, through the mechanism of price, continuously calcu-lates and communicates current economic conditions to individuals inthe market.

This idealized vision would go on to rebrand economics asa form of information studies, eventually garnering Hayek a Nobel Prizein Economics in 1974.

FRIEDRICH HAYEK, FROM “THE USE OFKNOWLEDGE IN SOCIETY” (1945)