Archive for May, 2011

A Visit to Hayek’s Library

May 31, 2011
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Hapy 112th Birthday, F.A. Hayek

May 8, 2011

Praise or damn a free society, mutually beneficial exchange, and voluntary actions, one must read and contend with Hayek’s The Use of Knowledge in Society.

“What is the problem we wish to solve when we try to construct a rational economic order? On certain familiar assumptions the answer is simple enough. If we possess all the relevant information, if we can start out from a given system of preferences, and if we command complete knowledge of available means, the problem which remains is purely one of logic. That is, the answer to the question of what is the best use of the available means is implicit in our assumptions. [But, how now that we live in this unknowable world of scarce resources and yet happen to find ourselves living in the relative lap of luxury and civilization despite coercive governments best efforts?…]”

Now read Mises’s 1920 paper on economic calculation under socialism.