Hayek

As technology and AI grow more sophisticated, people commonly believe that they also are eliminating uncertainty. Nothing could be further from the truth.

As technology and AI grow more sophisticated, people commonly believe that they also are eliminating uncertainty. Nothing could be further from the truth.

As Hayek noted, civilizations do not arise from political decrees, nor are they the simple product of culture. The costs of transacting exchanges also play an important role.

There is a recurring temptation in political economy to reduce social order to a problem of conflict rather than recognizing the significance of voluntary cooperation.

If prices are instrumental in providing needed information to market participants, then inflation can be seen as introducing static into the system, creating more uncertainty and leading to bad choices.

Some economists are claiming that applying AI in energy markets helps to solve the Hayekian knowledge problem. They fail to take into consideration that many of the “cheaper” energy choices are heavily subsidized, thus hiding their real costs.

There is a reason why economic freedom also results in a better life for all, and Austrian economists know that better than anyone else.

Conservatives may protest at first, but ultimately, they bring up the progressive rear to defend, and indeed celebrate, the new status quo.

In criticizing the progressive notion of equity, or equality of results, critics of such views embrace an order of “meritocracy.” F.A. Hayek, however, understood that in a free society, inequality is inevitable, and it is something we must accept.

In criticizing the progressive notion of equity, or equality of results, critics of such views embrace an order of “meritocracy.” F.A. Hayek, however, understood that in a free society, inequality is inevitable, and it is something we must accept.