The younger generation of today has grown up in a world in which in school and press the spirit of commercial enterprise has been represented as disreputable and the making of profit as immoral, where to employ a hundred people is represented as exploitation but to command the same number as honorable.
Interpretation
This quote critiques how society views profit-making and entrepreneurship, suggesting such views may skew perceptions of work ethics.
Friedrich August Von Hayek highlights a significant cultural shift in how the younger generation perceives commercial enterprise, suggesting that schools and media frame profit-making and entrepreneurship negatively. He argues that this viewpoint leads to a moral distinction that unfairly labels job creators as exploiters while presenting those in positions of power as honorable, thereby shaping the ethics and aspirations of young people in a way that could hinder their entrepreneurial spirit.
In practice
In a discussion with students about the importance of entrepreneurship in today's economy.
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.
A child is an eager observer and is particularly attracted by the actions of the adults and wants to imitate them. In this regard an adult can have a kind of mission. He can be an inspiration for the child's actions, a kind of open book wherein a child can learn how to direct his own movements. But an adult, if he is to afford proper guidance, must always be calm and act slowly so that the child who is watching him can clearly see his actions in all their particulars.
Reading is, at its best, not an escape; it is genuine experience. A novel is not a monologue, but a conversation, a collaboration between writer and reader, an invaluable exchange of human conditions.
What's done to children, they will do to society.
Stay curious, keep learning and keep growing. And always strive to be more interested than interesting.
You do not really understand something unless you can explain it to your grandmother.
Mathematics is being lazy. Mathematics is letting the principles do the work for you so that you do not have to do the work for yourself
Subscribe for the occasional hand-picked quote. No noise.