rule of law: George Will Makes a Hayekian Point about Law, Legislation and Liberty

Legislation which confers massive arbitrary power upon the executive branch is not rule by law, it’s a form of rule which the Founders called tyranny. Hayekian journalist George Will drills down on the significance to a free society of the difference between arbitrary power conferred by legislation and the rule of law under Constitutional government, . . . → Read More: rule of law: George Will Makes a Hayekian Point about Law, Legislation and Liberty

bust: The “Great Recession” Brought to You By the Great Depression

Hayekian economist Steve Horwitz explains how the institutions and ideology of the New Deal have given us the current economic catastrophe.  The upshot:

What we are living through today is a recession whose causes are significantly the unintended result of institutional changes made during the Great Depression and whose proposed solutions reflect the same failed . . . → Read More: bust: The “Great Recession” Brought to You By the Great Depression

bs: Kevin Rudd Sends His Hit Piece on Friedrich Hayek to the G20 World Leaders

Janet Albrechtsen makes the case for believing that Kevin Rudd’s hard left veer into wing nut lefty polemics against a fraudulent strawman “Hayek” has everything to do with party politics and almost nothing to do with Rudd’s understanding of the world or the work of Friedrich Hayek.  Her article is titled “Hayek Hatred A Handy . . . → Read More: bs: Kevin Rudd Sends His Hit Piece on Friedrich Hayek to the G20 World Leaders

schooled: A WSJ Reader Explains Bottom-Up Economics to a Short Statured Former Labor Secretary

A letter in Monday’s Wall Street Journal:

Mr. Reich mischaracterizes the agendas of Ronald Reagan and Barack Obama. Mr. Reich also demonstrates what Friedrich Hayek once called the “fatal conceit.”

Mr. Reich argues that the primary philosophical difference between Messrs. Reagan and Obama is that Reagan tried to advance economic growth with “top-down” policies, while . . . → Read More: schooled: A WSJ Reader Explains Bottom-Up Economics to a Short Statured Former Labor Secretary

pdf: “The Road to Serfdom” – The Reader’s Digest Condensed Version

UPDATE:  The new paperback edition of The Road to Serfdom is on sale at Amazon for $9.35.

Max Eastman and the editors of Reader’s Digest wrote the condensed version of Friedrich Hayek’s “The Road to Serfdom” (pdf), which was read by millions of Americans at home and by servicemen all of the world when it . . . → Read More: pdf: “The Road to Serfdom” – The Reader’s Digest Condensed Version

book: Frank Knight’s “Risk, Uncertainty and Profit” available on Google

The L.S.E.’s 1933 reprint edition of Frank Knight’s Risk, Uncertainty and Profit is available in full view format and in pdf at Google books.  Knight’s text was used as the standard microeconomics textbook by Lionel Robbins and Friedrich Hayek at the London School of Economic in the 1930s and 1940s.  The editorial note of the . . . → Read More: book: Frank Knight’s “Risk, Uncertainty and Profit” available on Google

pdf: Carl Menger’s Classic on How Social Science Is Done

The most important book ever written on the explanatory strategy of  the social sciences — and the book which most influenced Hayek’s own explanatory strategy in economics — is now available free on the internet in pdf format:  Carl Menger, Investigations into the Method of the Social Sciences with Special Reference to Economics.  To call . . . → Read More: pdf: Carl Menger’s Classic on How Social Science Is Done

video: Kurt Luebe on Friedrich Hayek

Kurt Luebe, a former Hayek research assistant, knows the life and work of Friedrich Hayek well.  Watch Leube speak on Hayek and his ideas in a video from 2004.  You can also listen to Leube speak on “Hayek’s Legacy” (mp3), part a series of lectures given in 1999 at the U. of Chicago to mark . . . → Read More: video: Kurt Luebe on Friedrich Hayek

money: Eamonn Butler on Hayek & Inflation

Eamonn Butler of the Adam Smith Institute explains how inflation — the manufacturing of money and credit — changes the shape of the economy into a form that will collapse when the surge of new money and credit comes to an end:

Inflation brings many evils, of course. As the Nobel economist F A Hayek . . . → Read More: money: Eamonn Butler on Hayek & Inflation

bs: Kevin Rudd — Pompous Idiot or Villianous Liar?

Well, judging by the reaction to the Australian Prime Minister’s nasty, out-of-the-ballpark false, and — let’s just say it — delusional attacks on Friedrich Hayek, the consensus seems to be pompous idiot.  Other take-downs of the Prime Minister and his bogus accounts of “the ideas of Friedrich Hayek” can be found here, here, here, here, . . . → Read More: bs: Kevin Rudd — Pompous Idiot or Villianous Liar?

housing bubble: The Case Against the Fed

Former Fed official, Citibank vice president and Hayekian macroeconomics Gerald O’Driscoll, Jr.:

Alan Greenspan responded to his critics on these pages on March 11. He singled out an op-ed by John Taylor a month earlier, “How Government Created the Financial Crisis” (Feb. 9), for special criticism. Mr. Greenspan’s argument defending his policy is two-fold: (1) . . . → Read More: housing bubble: The Case Against the Fed

bs: Hayek on John Kenneth Galbraith, Journalism & B*llsh*t

Hayek spent some time thinking about the role of intellectuals and other “second hand dealers in ideas” (see, for example, Hayek’s essay “The Intellectuals and Socialism” (pdf)).  Here from the 1978 UCLA oral history, Hayek discusses the problem of b*llsh*t in the context of journalism and the work of economic popularizers like John Kenneth Galbraith.  . . . → Read More: bs: Hayek on John Kenneth Galbraith, Journalism & B*llsh*t

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Random Quote

I discredited myself with most of my fellow economists by writing The Road to Serfdom, which is disliked so much .. most of the [economics] departments came to dislike me, so much so that I can feel it to the present day. — F. A. Hayek

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