Arguments for liberty 4

This video of Friedrich Hayek talking to students gets to be most interesting – we think – round about the 16 minute mark, when he explains why the monopoly power of government to issue money should be taken away from it.  He goes on to argue against the idea of “social justice”. Justice applies to individuals, not “a state of affairs”. Most interesting of all, perhaps, is the case he makes against the idea that individuals who “do good” directly to other individuals are the great benefactors of society. On the contrary, the “selfish” people who produce goods for profit do far more good to far more people, indirectly.  Towards the end he makes the point that the more complex a society is, the less able government is to understand its needs and plan for them.

  • rogerinflorida

    An interesting video, although the audio quality is low.
    Of course like all the economic/social/political sages he is right about some things and wrong about others. There has always been a need for these Elmer Gantry type figures, they provide certainty and simplicity in what is a very uncertain and complex world: ‘Free markets will solve the problems”, “Government is the enemy”, “Public ownership of the means of production”, “Give your soul to Christ”, etc.
    Professor Hayek’s views are, like all of our views, products of his time, you have to understand the context in which he grew up.
    A very useful point of view though, but he is no messiah.


    Thank you, so much for this breath of fresh air!!! Finally, real thoughts from an individual who can see beneath the cheap veneer of ordinary, mainstream, artificial “thinking” that has been compelling the deep thinkers among us to gag!

    • liz

      Wouldn’t it be awesome if this were a sane world and sages like Hayek were actually paid attention to by those in power?
      But no, it would be too much to ask for – common sense, business sense, economics 101, “for dummies”…
      No, that would just be beneath these geniuses, who have it all so well figured out that I’m sure they just can’t imagine why the rest of the modern world is abandoning socialism in droves and reviving capitalism, right when we finally made it into that elite and sophisticated socialist club!


        True! Unfortunately, there may always be a struggle between the “Idealistics” and the “Realistics.”

        Fortunately, like Margaret Thatcher’s line about Socialists running out of other people’s money, and the fact that more and more Socialist programs are being paid for with “ghost funds,” these shallow Idealists will start to realize that it is their money’s sweat value, and not it’s real value, that is providing the welfare for the non-supporters, looters, and deadbeats existing among us. It certainly is not the monetary value of the American dollar!

        As I recently explained to one of my Socialist nephews, the American dream is provided to every American, but it is not free.

        Yes, it is guaranteed by our Constitution to every American, but it must be won by the honest work of each and every capable individual….not “supplied” by the working few to the something-for-nothing, Idealistic majority.