IT’S THE GOVERNMENT FAILURE, STUPID

Mark Perry and Robert Dell identify six major government failures which gave us The Great Recession:

we identify a potent mix of six major government policies that together rewarded short-sighted collective risk-taking and penalized long-term business leadership:

1. Bank misregulation, in particular the international Basel capital rules, including a U.S. adaptation to them—the 2001 Recourse . . . → Read More: IT’S THE GOVERNMENT FAILURE, STUPID

HAYEK QUOTE OF THE DAY

From Mamadou Koulibaly, President of Audace Institute Afrique:

“The critical issue is not who governs but what government is entitled to do.”

BLOG POST OF THE YEAR

Arnold Kling explains the “rational expectations” revolution in macroeconomic science.

THE POLITICAL AGENDA THAT DARES NOT SPEAK ITS NAME

One of the strategies of “stealth socialism” is to black ball anyone who dares breach the topic. It’s pathetic that many “conservatives” are complicit in the effort.

DEMOCRACY & THE CAUCASUS — HAYEK “PARAPHRASED” IN THE WIKILEAKS STATE DEPT. CABLES

From a U. S. State Dept. document published in The Guardian:

The vertical of power, he said, is inapplicable to the Caucasus, a region that Moscow bureaucrats such as PolPred Kozak would never understand. The Caucasus needs to be given the scope to resolve its own problems. But this was not a plug for democracy. . . . → Read More: DEMOCRACY & THE CAUCASUS — HAYEK “PARAPHRASED” IN THE WIKILEAKS STATE DEPT. CABLES

REREADING

The Road to Serfdom and The Fatal Conceit.

Classic Hayek as the New Macroeconomics

On the front page of the Wall Street Journal.

And Hayek also turns up again on the WSJ Op-Ed page.

Follow FriedrichHayek on Twitter

Random Quote

Without a functioning labour market there can be no meaningful cost calculation and no efficient use of resources. — F. A. Hayek

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