“We must face the fact that the preservation of individual freedom is incompatible with a full satisfaction of our views of distributive justice.”
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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.
It seems to me that socialists today can preserve their position in academic economics merely by the pretense that the differences are entirely moral questions about which science cannot decide.
This means that to entrust to science - or to deliberate control according to scientific principles - more than scientific method can achieve may have deplorable effects.
I do not think it is an exaggeration to say history is largely a history of inflation, usually inflations engineered by governments for the gain of governments.
