Sunday, May 8, 2016

Happy Birthday Freddy Hayek

In high school and during my undergraduate, I was only taught one approach to economics: the Keynesian model.  A model which focuses the powers and importance of government intervention in the markets.  A model which only retains its strangle hold on the American imagination, I would assert, due to favorable treatment by the press and many academics.

We all want their to be something that can be done to relieve our problems.  Why do we over-prescribe anti-biotics even after we know it is causing bacteria to become resistant faster and leading to the day when antibiotics do not work?  People want to feel they can influence events.  Why do people think driving is safer than flying in an airplane?  We feel safer when we believe we are in control, regardless if that is the case or not.

Why do we implement market perverting economic policies despite evidence that they do not work?  The same reason, if feels better to think that we can do something.

In an age of Trump, Sanders, and Clinton, Freddy Hayek's voice is needed more than ever.


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