Yesterday, May 8, marked the 117th birthday of the great economist and philosopher Friedrich Hayek, who died in 1992. That’s as good a reason as any to offer up some of his wisdom:

1) “The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.” – The Fatal Conceit

2) “To act on the belief that we possess the knowledge and the power which enable us to shape the processes of society entirely to our liking, knowledge which in fact we do not possess, is likely to make us do much harm.” – The Pretence of Knowledge