"History is a wonderful thing, if only it was true"

Tuesday, April 12, 2011

e pluribus unum

Soros, Bretton Woods II And The Twilight Of The Gods - Ralph Benko - A Golden Age - Forbes:
"Rather than State-controlled or Big Business-controlled economies … why not look to the people?
On February 7, 2000, The New Yorker’s John Cassidy wrote in a piece both brilliantly insightful and rigorously honest, “The Price Prophet,” that “It is hardly an exaggeration to refer to the twentieth century as the Hayek century.”

Not Keynes. Hayek.

Cassidy encapsulates the core insight of Hayek as follows.“This view of capitalism as a spontaneous information-processing machine—a ‘telecommunications system’ was how Hayek referred to it—was one of the great insights of the century. It may have been implicit in the work of some previous economists, notably Adam Smith, but Hayek was the first to spell it out. Even left-wing economists, who regarded capitalism primarily as a system of social exploitation, were eventually forced to concede the acuity of Hayek’s analysis….”"

No comments: