Day By Day

Tuesday, December 24, 2013

On Hayek

Reposted in its entirety from Steven Hayward at Powerline:

It’s been a while since we checked in Friedrich Hayek (though I did write about him in connection with Obamacare in one of my first columns), but it is worth drawing your attention to a short series of video lectures about Hayek from Tyler Cowen of George Mason University.

In addition to writing an occasional column for the business pages of the New York Times, Cowen and his colleague Alex Tabarrok operate one of the more successful online education platforms, Marginal Revolution University.  This series walks through each chapter of Hayek’s essay collection Individualism and the Economic Order.  They’re all fairly short—about 5 minutes in length—but if you only have time for one, make it this one, about Hayek’s seminal essay, “The Use of Knowledge in Society.”  If there’s a single writing by Hayek that everyone should read and know, it’s this one.

Unfortunately, the state of economic knowledge in America is horrific.  If America is to once again return to its place as the world's economic powerhouse, the American people will have to up their own games in terms of knowledge of markets.  And knowledge of how government can destroy those markets.  Such as the insurance market.  But that's for another posting.

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