SAVING HAYEK

A reply to Karl Smith.

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I think that permanence and stability are the cardinal virtues of the legal rules that make private innovation and public progress possible. To my mind there is no doubt that a legal regime that embraced private property and freedom of contract is the only one that in practice can offer that permanence and stability .. In reaching this conclusion, I have been heavily influenced by the work of Friedrich Hayek. — Richard Epstein

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