Friday , May 24 2019
Home / Coordination Problem / Art Carden reviews F. A. Hayek: Economics, Political Economy, and Social Philosophy (Palgrave/Macmillan, 2019)

Art Carden reviews F. A. Hayek: Economics, Political Economy, and Social Philosophy (Palgrave/Macmillan, 2019)

Summary:
Art Carden reviews my book on Hayek and the title of his review essay is "Read Hayek As If Your Children's Lives Depend On It."  I greatly appreciate Art's kind words and fully endorse the urgency of the task of reading and fully comprehending what Hayek is arguing in his various works, including The Road to Serfdom.  That book read rightly, not in the cartoon caricature of it depicted by its detractors, is extremely relevant for our times.  In fact, it presents a timeless message about the interrelationship between institutional context of social arrangements and realized outcomes from those social arrangements.  Democracy, for example, cannot function without certain institutions in operation.  Various economic policy ideas will cut against the operation of those institutions, so

Topics:
Peter Boettke considers the following as important:

This could be interesting, too:

Madsen Pirie writes The bottle shock that shook the world of wine

Tyler Durden writes Trump Plans Executive Order To Help Lower Health-Care Costs

Tyler Durden writes Theresa May Cries As She Announces Resignation On June 7

Tyler Durden writes A “European Empire” Is Not What Europe Needs

Art Carden reviews my book on Hayek and the title of his review essay is "Read Hayek As If Your Children's Lives Depend On It."  I greatly appreciate Art's kind words and fully endorse the urgency of the task of reading and fully comprehending what Hayek is arguing in his various works, including The Road to Serfdom.  That book read rightly, not in the cartoon caricature of it depicted by its detractors, is extremely relevant for our times.  In fact, it presents a timeless message about the interrelationship between institutional context of social arrangements and realized outcomes from those social arrangements.  Democracy, for example, cannot function without certain institutions in operation.  Various economic policy ideas will cut against the operation of those institutions, so it must be recognized that some economic ideas are incompatible with certain political ideals and aspirations no matter how sincerely and intensely the advocate wishes it to be so.

There is, in analyzing social systems, a requirement to examine carefully the logic of choice that individual decision makers face, the organizational logic that must be wrestled with internally if the "machinery" is to operate, and the situational logic that individuals and organizations confront in their interactions with one another and with their environment (e.g.,given state of natural resources).  Only by working through this analysis can one subject conceptions of the socially desirable to a thoroughgoing examination to determine the feasible set, and furthermore to scrutinize the feasible to discover the social systems that are viable in any given time and place.  That takes a lot of patience, hard thinking, and to be honest sober thinking about ideas and institutions that often invoke great passion.  

Hayek's work gives us the tools.  It would be tragic we didn't use those tools judiciously.

Peter Boettke
Peter Joseph Boettke (January 3, 1960) is an American economist of the Austrian School. He is currently a University Professor of Economics and Philosophy at George Mason University; the BB&T Professor for the Study of Capitalism, Vice President for Research, and Director of the F.A. Hayek Program for Advanced Study in Philosophy, Politics, and Economics at the Mercatus Center at GMU.

Leave a Reply

Your email address will not be published. Required fields are marked *