Activity Quote by Friedrich August von Hayek
“The economic freedom which is the prerequisite of any other freedom cannot be the freedom from economic care which the socialist promise us, and which can be obtained only by relieving the individual at the same time of the necessity and of the power of choice: it must be the freedom of economic activity which, with the right of choice, inevitably also carries the risk and the responsibility of that right”
About This Quote
Source Book: The Constitution of Liberty, 1960
Economic freedom must include the ability to choose and bear the risks of those choices, not just relief from economic worries.
In simple terms: Freedom includes responsibility and risk.
Key Takeaway
Embrace choice with its risks.
Themes
freedom
responsibility
economics
politics
Mood
thoughtful
analytical
Type
philosophical
political
When to use this quote
- starting a business
- investing
- career decisions
- policy making
Key Concepts
liberalism
risk
choice
individualism
Questions to Reflect On
- How do you balance risk and liberty?
- What responsibilities come with economic choices?
A Different Perspective
Freedom without responsibility can lead to neglect of consequences.
![“[Socialistic] economic planning, regulation, and intervention pave the way to totalitarianism by building a power structure that will inevitably be seized by the most power-hungry and unscrupulous.” quote by Friedrich August von Hayek](https://sms4smile.com/quotes/img-quotes/e34/friedrich-august-von-hayek-141_building_socialistic-economic-planning-regulation_162331.jpg)
