“We are ready to accept almost any explanation of the present crisis of our civilization except one: that the present state of the world may be the result of genuine error on our own part and that the pursuit of
Read More
“What he denied was that they could maintain those values and still carry out their proclaimed program of extensive central planning. As he succinctly put it, “socialism can be put into practice only by methods which most socialists disapprove.”104 Even
Read More
“The fact that this book was originally written with only the British public in mind does not appear to have seriously affected its intelligibility for the American reader. But there is one point of phraseology which I ought to explain
Read More
“Be it enough to mention that in 1934 the newly established National Planning Board devoted a good deal of attention to the example of planning provided by these four countries: Germany, Italy, Russia, and Japan. Ten years later we had
Read More
Don Boudreaux posted in his excellent blog, Cafe Hayek this quote from von Hayek’s Constitution of Liberty: The whole attitude which regards large gains as unnecessary and socially undesirable springs from the state of mind of people who arc
Read More
Conrad Black writes Battle of the Cliches in The National Review excerpt: In economics, Keynes and Hayek have become simplistic labels, Keynes for spending out of recessions with deficit financing and Hayek for economic shrinkage of government. In fact, 75
Read More
“Mises argued that under central planning, economic calculation never actually happened because it became de facto impossible—information is dispersed throughout the marketplace, central planners have no way of gathering information about people’s real preferences, and in any event the sheer
Read More
A sampling from Explaining Conservative Economics in 25 Quotes by John Hawkins in Townhall 8/7/2012: “A claim for equality of material position can be met only by a government with totalitarian powers.” — F.A. Hayek “Either immediately or ultimately every
Read More
Hayek argues that the term “social justice” is “empty” and lacks “any meaning whatever”- at least within the context of a society affirming traditional liberal values. He compares a belief in social justice to a belief in witches or ghosts.
Read More
Tyler Durden quotes Hayek at Zerohedge, 1/28/12, F.A. Hayek On “The Great Utopia” To allay these suspicions and to harness to its cart the strongest of all political motives—the craving for freedom — socialists began increasingly to make use of
Read More
Friedrich Hayek wrote, “Equality of the general rules of law and conduct… is the only kind of equality conducive to liberty and the only equality which we can secure without destroying liberty. Not only has liberty nothing to do with
Read More
The Right frequently calls the President a socialist? The left protests that it just isn’t true. Is it? Socialism, fascism and communism all share belief in some large degree in government control of the means of production. They all stand
Read More
Mises and Hayek had developed a theory blaming depressions on excessive money creation and overly low interest rates in the preceding boom that led to massive misallocation of capital- or, as Robins put it, “inappropriate investments fostered by wrong expectations.”
Read More
Whether his interests center round his own physical needs, or whether his he takes a warm interest in the welfare of every human being he knows (altruism), the ends about which he can be concerned will always be only an
Read More
It is not difficult to see what must be the consequence when democracy embarks on a course of planning which in its execution requires more agreement than in fact exists. The people may have agreed on adopting a system of
Read More
a very clever way to explain modern economics- the second video is a follow up and an explanation of how the video developed.
Read More
Friedrich August von Hayek received one of the first Nobel Prizes in economics in 1974. His acceptance speech “ The Pretence of Knowledge” addressed the limits of economics and applying science to complex social problems. “Economists are a this moment
Read More
Recent Comments