Thought for the day

From The Road To Serfdom, by F. A. Hayek, 1944, Fiftieth Anniversary Edition, 1994, The University of Chicago Press.

In a directed economy, where the authority watches over the ends pursued, it is certain that it would use its powers to assist some ends and to prevent the realization of others. Not our own view, but somebody else’s, of what we ought to like or dislike would determine what we should get. And since the authority would have the power to thwart any efforts to elude its guidance, it would control what we consume almost as effectively as if it directly told us how to spend our income.

Excerpted under Fair Use for purposes of non-commercial education, discussion and comment. Any transcription or typographical errors are mine.