AUSTRIAN ECONOMICS ADDICT

The Frasier Institute has come up with a project called Essential Hayek (here). It consists of a book, a website, and videos, that explain F.A. Hayeks ideas on liberty and economics in simple understandable language.

I remember reading The Road To Serfdom by F. A. Hayek in September of 1994. I don’t think I comprehended a quarter of the book at the time, but what I did comprehend opened my eyes to the fact that the US was traveling down this road rapidly. I have reread this book several times and have also read The Constitution of Liberty, all three volumes of Law Legislation and Liberty, The Fatal Conceit, Prices and Production, A Tiger By The Tail, Individualism and Economic Order, and many of his articles and essays.

When you first read Hayek he is not easy to understand because he was writing about abstract concepts and his native tongue was German. As you start to know his writing style, which includes the lengthy sentences he constructs, he becames much easier to comprehend.

Here are two short videos from Essential Hayek.

Economic Booms And Busts

Everything Has Its Price (And That’s A Good Thing)

 

My Favorite Hayek Quote, is at the top right of my blog.

“The coordination of men’s activities through central planning or through voluntary cooperation are roads going in very different directions. The first to serfdom and poverty the second to freedom and plenty.”

Volumes have been written explaining this quote, or these two sentences explain volumes of writings.

Spontaneous Order

The spontaneous order of the market far exceeds coordination through central planning, in the use of knowledge, the use of scarce resources, the creation of a higher standard of living. If you don’t understand the concept of spontaneous order it will be difficult to understand how the world works.

F. A. Hayek—” The free market pricing mechanism has a double misfortune. It is not the product of human design, and the people guided by it usually do not know why they are made to do what they do.”

Here are some related articles about spontaneous order.

Related Article – Spontaneous Order More Complex Than Top Down Planning, at austrianaddict.com.

Related Article – Spontaneous Order Utilizes More Knowledge Than Central Planning Could Ever Hope To Utilize, at austrianaddict.com.

Related Article – Spontaneous Order = Free Market Economy, at austrianaddict.com.

Related Article – Spontaneous Order Demonstrated By Traffic With No Signals, at austrianaddict.com.

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This entry was posted on June 16, 2015 at 12:14 am and is filed under Econ. 201. You can subscribe via RSS 2.0 feed to this post's comments.

Tags: Central Planning, Economic Booms And Busts, Essential Hayek, Frasier Institute, Prices and Knowledge, Road to Serfdom, Spontaneous Order, Voluntary Cooperation

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