Hayek

While socialists complain about AI, at least some believe that it can engage in economic planning, thus bypassing the Hayekian knowledge problem.

Dr. David Gordon examines Hayek's reply to Galbraith, "The Non Sequitur of the 'Dependence Effect,'" showing why the claim that advertising-created wants are less "real" would, taken seriously, dismiss all of civilization.

Dr. Mark Thornton presents Hayek's "Choice in Currency," which diagnoses inflation as an ancient superstition revived by Keynes and proposes a radical remedy — letting people freely choose their money — now finding modern expression in cryptocurrency and the return to gold.

Dr. Jonathan Newman explains Hayek's "The Meaning of Competition," which dismantles the neoclassical "perfect competition" model and recasts competition as a dynamic discovery process.

Dr. Peter Klein walks through Hayek's landmark 1945 essay "The Use of Knowledge in Society," showing how the price system communicates dispersed knowledge and why that makes comprehensive central planning impossible.

Dr. Jonathan Newman presents Hayek's "Why the Worst Get on Top", a critique of socialism distinct from the calculation and knowledge problems — showing that collectivism structurally selects the most ruthless for power.

It's not the starving artist who resents capitalism—it's the millionaire columnist.

Hayek’s contribution lies not only in defending markets, but in explaining why centralized economic control is epistemologically constrained.

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.