Following the collapse of the USSR, many socialists pinned their hopes upon the development of a "market socialism" that would be economically efficient and create equality. Marxist philosopher G.A. Cohen wisely dissented.
In 1944, F.A. Hayek's best-selling book, The Road to Serfdom, warned the West that the "free" nations would lose their freedom as government expanded. He was right.
More than two thousand years ago, the ancient Chinese Tao presented ideas that are reflected in F.A. Hayek's concept of spontaneous order.
While F.A. Hayek's famous 1945 essay effectively critiques the "perfect information" hypothesis, it is an inadequate explanation of the issue of economic calculation.
While F.A. Hayek's famous 1945 essay effectively critiques the "perfect information" hypothesis, it is an inadequate explanation of the issue of economic calculation.
Shoddy service, regular breakdowns, and overbudget to boot. There is a reason why government-funded projects always waste resources.
Should political reform be the result of a much-discussed comprehensive plan? Or should it come about through decentralized decision-making that deals with the situations at hand?
Shoddy service, regular breakdowns, and overbudget to boot. There is a reason why government-funded projects always waste resources.
Should political reform be the result of a much-discussed comprehensive plan? Or should it come about through decentralized decision-making that deals with the situations at hand?
Perhaps the most pernicious Keynesian myth is that a market economy needs wars in order to keep full employment. Wars don't stimulate the economy; they depress it.
