The power which a multiple millionaire, who may be my neighbor and perhaps my employer, has over me is very much less than that which the smallest "functionaire" possesses who wields the coercive power of the state, and on whose desecration it depends whether and how I am allowed to live or to work.
Interpretation
Wealth provides less power over individuals than the authority of the state.
Friedrich August Von Hayek emphasizes the significant influence that government authority has over individuals' lives compared to the influence of wealthy individuals. He argues that the coercive power of the state, which can dictate how individuals can live and work, is a more potent force than the financial power held by a millionaire neighbor or employer.
In practice
During a discussion on the reach of government regulations in a community meeting.
What our generation has forgotten is that the system of private property is the most important guarantee of freedom, not only for those who own property, but scarcely less for those who do not. It is only because the control of the means of production is divided among many people acting independently that nobody has complete power over us, that we as individuals can decide what to do with ourselves.
The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.
It is only because the majority opinion will always be opposed by some that our knowledge and understanding progress... it is always from a minority acting in ways different from what the majority would prescribe that the majority in the end learns to do better.
Fascism is the stage reached after communism has proved an illusion.
It is because freedom means the renunciation of direct control of individual efforts that a free society can make use of so much more knowledge than the mind of the wisest ruler could comprehend.
The importance of our being free to do a particular thing has nothing to do with the question of whether we or the majority are ever likely to make use of that particular possibility. To grant no more freedom than all can exercise would be to misconceive its function completely. The freedom that will be used by only one man in a million may be more important to society and more beneficial to the majority than any freedom that we all use.
We learn to think of history as something that has already happened, to other people. Our own moment, filled as it is with minutiae destined to be forgotten, always looks smaller in comparison.
I sat at the foot of a huge tree, a statue of the night, and tried to make an inventory of all I had seen, heard, smelled, and felt: dizziness, horror, stupor, astonishment, joy, enthusiasm, nausea, inescapable attraction. What had attracted me? It was difficult to say: Human kind cannot bear much reality.
Through some combination of culture and biology, our minds are intuitively receptive to religion.
And this, our life, exempt from public haunt, finds tongues in trees, books in the running brooks, sermons in stones, and good in everything.
No human thing is of serious importance.
I try to find the core values that are so fundamental that they transcend ethnic identity. That doesn't mean I run from it. I embrace African-American culture and I love it and embrace it, but it is a part of a human identity. So I'm always trying to make a larger human statement.
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