Category: People

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”

Whoever Fights Monsters …

I was one of Narendra Modi’s biggest fans.

I supported his candidature as the prime minister of India years before he became the phenomenon during the 2014 general elections in India. I can honestly claim that to the extent that I could I even worked indirectly for the Modi campaign.

Sadly, I am no longer a supporter. My support was based on the promises that Modi had made about the policy changes he would make if he were to become the PM. Professionally as a development economist — right from the very inception of the discipline of economics my tribe seeks to understand the nature and causes of the wealth of nations — I am interested in India’s economic development. Not just professionally, personally I am moved by the pity I feel for the poor and impoverished of the world and naturally India, my native land. My support for Modi was contingent and instrumental. I believed Modi would do what was needed to transform India into a developed nation. I wrote a damn book on “Transforming India” in 2011.

The fact is that Modi had made many promises, most of which were pleasing to classical liberals like me. We believed those promises because they were consistent with our beliefs and ideologies — limited government, prohibiting the  government from running commercial enterprises, non-discrimination, secularism, etc. Continue reading “Whoever Fights Monsters …”

Sardar Patel, Power, Persuasion and Statue

The Sardar Patel statue, also called “The Statue of Unity” which is to be unveiled tomorrow Oct 31st, is the biggest statue in the world at 182 meters tall. Built at the cost of Rs 3000 crores, it must be impressive to behold because of its sheer size. It is supposed to represent unity of the nation and to be a tribute to a great man who united India.

Maybe that’s so. But to me, it represents the power that those in government use to force people to do their bidding. Certainly, it’s not the worst form of naked tyranny like marching people off to the gulags to be worked until they die but it is something that reasonable leaders of a free people should never do. It is a shameful display of a gigantic ego and the misuse of power. Continue reading “Sardar Patel, Power, Persuasion and Statue”

Shourie’s Address at Mumbai on 12th September

A number of Rotary Clubs of Mumbai had invited Shri Shourie to address them on the evening of Wednesday 12th Sept, 2018 at the Yacht Club in Colaba. The following is a report of what he said. I lay out the main points. I believe I have faithfully recorded the ideas. 

For the record, I admire Shri Shourie immensely. I respect him for his integrity, knowledge, wisdom, scholarship, work ethic, and his tireless dedication to the nation. A brilliant raconteur, his wit never fails to entertain even as he informs. Also for the record, the following should not be taken as endorsed by him. It’s my recounting and could differ (but not substantially) from what he actually meant. With that disclaimer, here goes. Continue reading “Shourie’s Address at Mumbai on 12th September”

The Catholic Church is Force for Good in the World

I love a good debate, and naturally so because I am the argumentative kind. Most of all, I like debates centered around religion.. The line dividing the opposing sides is sharp, and the positions irreconcilable. I delight in the skewering that monotheism takes in them.

A superb example of that is the intelligence2 debate in which the proposition before the house was “The Catholic church is a force for good in the world.” Opposing the motion were Steven Fry and Christopher Hitchens. For sure they are masters of their mother tongue, and more pertinently they are implacably opposed to the Catholic church.  Continue reading “The Catholic Church is Force for Good in the World”

S Gurumurthy is a True Gandhian

Kerala floods have washed up more than the debris and garbage you normally expect. It has revealed S Gurumurthy to be a true Gandhian.

Here’s a tweet of his that Gandhi would have approved of.

Continue reading “S Gurumurthy is a True Gandhian”

A Bit of Fry

I confess that I am a youtube glutton. If ever there was a reason for my lack of progress at work, it’s youtube. But as they say, wasting time doing what is fun is not a waste of time. There are hundreds of topics that interest me, and scores of amazing people whose videos I simply love. Too many musicians, thinkers, teachers, and on and on. One of those people is Stephen Fry. He’s funny, wise, interesting, a brilliant raconteur and an

amazing debater.

One of my favorites is where Stephen Fry opposes the motion “The Catholic Church is a Force for Good in the World.” in an Intelligence2 debate. It’s 20 minutes of sheer delight. The man’s eloquence is breathtaking. Watch.  Continue reading “A Bit of Fry”

Neam Chimpsky

OK, enough of Noam Chomsky. His brilliant theories of human language structure and generative grammar holds one’s attention only for so long before boredom descends. His opinions on politics is mildly amusing but his take on economics is totally wacko.

Let’s move on to the chimpanzee named after him, Neam Chimpsky (1973 – 2000). Nim, as he was called, was the subject of an extended study of animal language acquisition at Columbia University. To pay for his study, I suppose Nim had to do household chores, doing the dishes etc. I guess that Nim’s take on economics could not have been much worse than Noam’s.

My friend Akshar pointed me to a YouTube video in which Thomas Sowell talks about intellectuals in society. They briefly discuss Chomsky. As always, Sowell is insightful. Check it out, below the fold.  Continue reading “Neam Chimpsky”

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.”

One cannot compactly summarize Hayek’s contributions of 130 articles and 25 books. However, since one of his major contributions has been arguing persuasively for “that condition of men in which coercion of some by others is reduced as much as possible in society,” his understanding of liberty, now in retreat, is particularly worth noting.

      • “A society that does not recognize that each individual has values of his own which he is entitled to follow can have no respect for the dignity of the individual and cannot really know freedom.”
      • “If we wish to preserve a free society, it is essential that we recognize that the desirability of a particular object is not sufficient justification for the use of coercion.”
      • “Coercion is evil precisely because it…eliminates an individual as a thinking and valuing person and makes him a bare tool in the achievement of the ends of another.”
      • “The argument for liberty is…an argument…against the use of coercion to prevent others from doing better.”
      • “Individual liberty…demonstrate[s] that some manners of living are more successful than others.”
      • “It is always from a minority acting in ways different from what the majority would prescribe that the majority in the end learns to do better.”
      • “Liberty not only means that the individual has both the opportunity and the burden of choice; it also means that he must bear the consequences…Liberty and responsibility are inseparable.”
      • “Liberty is not merely one particular value…it is the source and condition of most moral values. What a free society offers to the individual is much more than what he would be able to do if only he were free.”
      • “All political theories assume…that most individuals are very ignorant. Those who plead for liberty differ…in that they include among the ignorant themselves as well as the wisest.”
      • “The individualist…recognizes the limitations of the powers of individual reason and consequently advocates freedom.”
      • “Once wide coercive powers are given to government agencies…such powers cannot be effectively controlled.”
      • “The chief evil is unlimited government…nobody is qualified to wield unlimited power.”
      • “Economic control…is the control of the means for all our ends. And whoever has control of the means must also determine which ends are to be served.”
      • “The case for individual freedom rests largely upon the recognition of the inevitable and universal ignorance of all of us concerning a great many of the factors on which the achievements of our ends and welfare depend.”
      • “The system of private property is the most important guarantee of freedom, not only for those who own property, but scarcely less for those who do not.”
      • “There is no justification for the belief that, so long as power is conferred by democratic procedure, it cannot be arbitrary…it is not the source but the limitation of power which prevents it from being arbitrary.”
      • “Equality of the general rules of law and conduct…is the only kind of equality conducive to liberty and the only equality which we can secure without destroying liberty.”
      • “Under the Rule of Law…the individual is free to pursue his personal ends and desires, certain that the powers of government will not be used deliberately to frustrate his efforts.”

Friedrich Hayek observed that “It used to be the boast of free men that, so long as they kept within the bounds of the known law, there was no need to ask anybody’s permission or to obey anybody’s orders. It is doubtful whether any of us can make this claim today.” He led the fight against declining belief in freedom, recognizing that “unless we can make the philosophic foundation of a free society once more a living intellectual issue, and its implementation a task which challenges the ingenuity and imagination of our liveliest minds, the prospects of freedom are indeed dark.” That is why his ideas need to be understood, and deeply considered, by more Americans, if our liberty is not to erode still further.

Gary M. Galles is a professor of economics at Pepperdine University. His recent books include Faulty Premises, Faulty Policies (2014) and Apostle of Peace (2013). He is a member of the FEE Faculty Network.

This article was originally published on FEE.org. Read the original article.

Capitalism is based on Selfishness and Greed

Bringing you lower quality and fewer choices since the 16th Century, reads the caption to the image of capitalism. The grim image of the evils of capitalism is captured in William Blake’s evocative phrase “the dark satanic mills.” Is it true that because capitalism rests on selfishness and greed that we don’t have a heaven on earth?

In human society in all ages the number of angels devoid of any greed and selfishness is astonishingly low. Most people are self-interested at least, if not outright selfish; and most people want more of the good stuff for themselves and their loved ones, if not outright greedy. That’s the truth about the human condition. That’s what we have to work with, and bemoaning that fact, or worse ignoring that fact, is not going to help at all. Continue reading “Capitalism is based on Selfishness and Greed”