Hayek was forced to conclude that that the term "social justice" was "entirely empty and meaningless” and is generally used to assert a claim without giving a reason for it.
When I left Soviet Russia in 1991, I thought I would never see a command-and-control economy again. I was wrong. Over the past decade the global economy has started to resemble one.
If a large group of people express an opinion regarding future economic conditions, it does not make it more accurate than the view expressed by any particular individual.
When robots may be more effective workers and possibly better engineers, they cannot figure out what is valued. That’s the task of entrepreneurs, who bet on what consumers will want.
