An 1980 interview with Hayek

This is a Friedrich Hayek interview by Bernard Levin at the University of Freiburg which was broadcast in May 1980. Hayek was, in my professional opinion, one of the greatest economists of all times. We are wonderfully privileged to be able to watch videos of his brilliant exposition on the web. I am also impressed by Mr Levin; he does his job as the interviewer magnificently. Continue reading “An 1980 interview with Hayek”

Margaret Thatcher’s Tribute to Friedrich von Hayek

To mark the 75th anniversary of the publication of Friedrich Hayek‘s The Road to Serfdom, several of Hayek’s personal items were auctioned at Sotheby’s in London on March 19th.

Hayek, together with Gunnar Myrdal (the economist from the opposing camp), was awarded the “Nobel Memorial Prize” (not really a Nobel prize) in 1974. At Sotheby’s auction, Hayek’s award citation and gold medal went for over $1.5 million.[1]

Although the Nobel prize[2] gave renewed vigor to the then 75-year old Hayek, he was absolutely clear that economists should not be honored with prestigious prizes. “Nobel Prize confers on an individual an authority which in economics no man ought to possess,” he said. Continue reading “Margaret Thatcher’s Tribute to Friedrich von Hayek”

Hayek on Liberty

18 Hayek Quotes That Show the Importance of Liberty

by Gary M. Galles

May 8th marked Friedrich Hayek’s birthday. Called “the most prodigious classical liberal scholar of the 20th century,” Milton Friedman explained his importance:

Over the years, I have again and again asked fellow believers in a free society how they managed to escape the contagion of their collectivist intellectual environment. No name has been mentioned more often as the source of enlightenment than Friedrich Hayek’s.” Continue reading “Hayek on Liberty”

In Celebration of Friedrich August von Hayek

Twenty-five years ago today, on March 23 1992, Friedrich August von Hayek died. Winner of the 1974 Nobel Memorial Prize in Economic Sciences, Hayek was an Austrian / British liberal. I consider him to be not just one of the greatest economists of all times but one of the world’s most enlightened social thinkers.

Reading Hayek makes me marvel at the heights that human intellect is capable of. Compared to him, some of the most renowned economists appear to be pygmies. I feel sorry that most people — even those who claim to be economists — have not even heard of him, let alone read him. Here are a few excerpts, from Hayek and about Hayek.
Continue reading “In Celebration of Friedrich August von Hayek”

Hayek on the Abstract Rules of Just Conduct

Hayek’s monumental work “Law, Legislation and Liberty” contains deep insights into what the proper functions of governments are, and how they should be understood and implemented. Every paragraph is worth quoting in full. But here are a few select bits extracted from the 3-volume work to give you a sense of Hayek’s ideas.
Continue reading “Hayek on the Abstract Rules of Just Conduct”

Hayek on the Decay of Democracy

Friedrich Hayek’s Law, Legislation and Liberty. Vol. 3 The Political Order of a Free People. 1979. Chapter 13, “The Division of Democratic Powers.” Pg 31-32.

A system which may place any small group in the position to hold a society to ransom if it happens to be the balance between opposing groups, and can extort special privileges for its support of a party, has little to do with democracy or ‘social justice’. But it is the unavoidable product of the unlimited power of a single elective assembly not precluded from discrimination by a restriction of its powers either to true legislation or to government under a law which it cannot alter.

Not only will such a system produce a government driven by blackmail and corruption, but it will also produce laws which are disapproved by the majority and in their long-run effects may lead to the decline of the society. . . .

A further peculiar sort of bias of government created by the necessity to gain votes by benefiting particular groups or activities operates indirectly through the need to gain the support of those second-hand dealers of ideas, mainly in what are now called the ‘media’ , who largely determine public opinion.

Worth pondering.

Hayek on Democracy

Here’s a quote from Friedrich Hayek’s Law, Legislation and Liberty. It appears in the 3rd volume, The Political Order of a Free People, in the chapter on MAJORITY OPINION AND CONTEMPORARY DEMOCRACY, page 4:

May it not be true, as has been well said, that ‘the belief in democracy presupposes belief in things higher than democracy’? And is there really no other way for people to maintain a democratic government than by handing over unlimited power to a group of elected representatives whose decisions must be guided by the exigencies of a bargaining process in which they bribe a sufficient number of voters to support an organized group of themselves numerous enough to outvote the rest?

What are things that are higher than democracy? A belief in the sovereignty of law, and obedience to the rules of just conduct.