@20:54, 8/15/12

http://en.wikipedia.org/wiki/The_General_Theory_of_Employment,_Interest_and_Money

Keynes and Heyek appear to be speaking of independent aspects of economy.
Neither favors unregulated capitalism. 

The Road to Serfdom

The subtle change in meaning to which the word ‘freedom’ was subjected in order that this argument sound plausible is important. To the great apostles of political freedom the word had meant freedom from coercion, freedom from the arbitrary power of other men, release from the ties which left the individual no choice but obedience to the orders of a superior to whom he was attached…The demand for the new freedom was [in contrast]…only a name for the old demand of an equal distribution of wealth.

The Road to Serfdom, “The Great Utopia.” p. 77^[7]

John Maynard Keynes said of it: "In my opinion it is a grand book...Morally and philosophically I find myself in agreement with virtually the whole of it: and not only in agreement with it, but in deeply moved agreement."^[32] Having said that, Keynes did not think Hayek's philosophy was of practical use; this was explained later in the same letter, through the following comment: "What we need therefore, in my opinion, is not a change in our economic programmes, which would only lead in practice to disillusion with the results of your philosophy; but perhaps even the contrary, namely, an enlargement of them. Your greatest danger is the probable practical failure of the application of your philosophy in the United States."^[33]
George Orwell responded with both praise and criticism, stating, "in the negative part of Professor Hayek's thesis there is a great deal of truth. It cannot be said too often — at any rate, it is not being said nearly often enough — that collectivism is not inherently democratic, but, on the contrary, gives to a tyrannical minority such powers as the Spanish Inquisitors never dreamt of." Yet he also warned, "[A] return to 'free' competition means for the great mass of people a tyranny probably worse, because more irresponsible, than that of the state."^[34]
Hayek's work was influential enough to warrant mention during the 1945 British general election, when according to Harold Macmillan, Winston Churchill was "fortified in his apprehensions [of a Labour government] by reading Professor Hayek's The Road to Serfdom"^[35] when he warned in an election broadcast in 1945 that a socialist system would "have to fall back on some form of Gestapo." The Labour leader Clement Attlee responded in his election broadcast by claiming that what Churchill had said was the "second-hand version of the academic views of an Austrian professor, Friedrich August von Hayek."^[36] The Conservative Central Office sacrificed 1.5 tons of their precious paper ration allocated for the 1945 election so that more copies of The Road to Serfdom could be printed, although to no avail, as Labour won a landslide victory.^[37]


There is no substitute for knowledge and understanding.

Mine is incomplete.  I know it.

"There is no such thing as a free lunch."
There are always people who would be paid twice.





















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