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The Fatal Conceit
''The Fatal Conceit: The Errors of Socialism'' is a book written by the economist and political philosopher Friedrich Hayek and edited by the philosopher William Warren Bartley. The book was first published in 1988 by the University of Chicago Press. Questions have been raised about how far Bartley was the editor and how far the author. The title of the book derives from a passage in Adam Smiths The Theory of Moral Sentiments'' (1759), though the exact phrase does not occur in Smith's book. Summary In this book, Hayek aims to refute socialism by demonstrating that socialist theories are not only logically incorrect but that their premises are also incorrect. According to Hayek, civilizations grew because societal traditions placed importance on private property, leading to expansion, trade, and eventually the modern capitalist system, which he calls the extended order. Hayek says this demonstrates a key flaw within socialist thought, which holds only purposefully designed changes ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Friedrich Hayek
Friedrich August von Hayek ( , ; 8 May 189923 March 1992), often referred to by his initials F. A. Hayek, was an Austrian–British economist, legal theorist and philosopher who is best known for his defense of classical liberalism. Hayek shared the 1974 Nobel Memorial Prize in Economic Sciences with Gunnar Myrdal for their work on money and economic fluctuations, and the interdependence of economic, social and institutional phenomena. His account of how changing prices communicate information that helps individuals coordinate their plans is widely regarded as an important achievement in economics, leading to his prize. Hayek served in World War I during his teenage years and said that this experience in the war and his desire to help avoid the mistakes that had led to the war drew him into economics. At the University of Vienna, he studied economics, eventually receiving his doctoral degrees in law in 1921 and in political science in 1923. He subsequently lived and work ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Calculation Problem
The economic calculation problem (sometimes abbreviated ECP) is a criticism of using economic planning as a substitute for market-based allocation of the factors of production. It was first proposed by Ludwig von Mises in his 1920 article "Economic Calculation in the Socialist Commonwealth" and later expanded upon by Friedrich Hayek. In his first article, Mises described the nature of the price system under capitalism and described how individual subjective values (while criticizing other theories of value) are translated into the objective information necessary for rational allocation of resources in society. He argued that economy planning necessarily leads to an irrational and inefficient allocation of resources. In market exchanges, prices reflect the supply and demand of resources, labor and products. In the article, Mises focused his criticism on the deficiencies of the socialisation of capital goods, but he later went on to elaborate on various different forms of sociali ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Books By Friedrich Hayek
A book is a medium for recording information in the form of writing or images, typically composed of many pages (made of papyrus, parchment, vellum, or paper) bound together and protected by a cover. The technical term for this physical arrangement is '' codex'' (plural, ''codices''). In the history of hand-held physical supports for extended written compositions or records, the codex replaces its predecessor, the scroll. A single sheet in a codex is a leaf and each side of a leaf is a page. As an intellectual object, a book is prototypically a composition of such great length that it takes a considerable investment of time to compose and still considered as an investment of time to read. In a restricted sense, a book is a self-sufficient section or part of a longer composition, a usage reflecting that, in antiquity, long works had to be written on several scrolls and each scroll had to be identified by the book it contained. Each part of Aristotle's ''Physics'' is called a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Books About Socialism
A book is a medium for recording information in the form of writing or images, typically composed of many pages (made of papyrus, parchment, vellum, or paper) bound together and protected by a cover. The technical term for this physical arrangement is ''codex'' (plural, ''codices''). In the history of hand-held physical supports for extended written compositions or records, the codex replaces its predecessor, the scroll. A single sheet in a codex is a leaf and each side of a leaf is a page. As an intellectual object, a book is prototypically a composition of such great length that it takes a considerable investment of time to compose and still considered as an investment of time to read. In a restricted sense, a book is a self-sufficient section or part of a longer composition, a usage reflecting that, in antiquity, long works had to be written on several scrolls and each scroll had to be identified by the book it contained. Each part of Aristotle's ''Physics'' is called a b ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1988 Non-fiction Books
File:1988 Events Collage.png, From left, clockwise: The oil platform Piper Alpha explodes and collapses in the North Sea, killing 165 workers; The USS Vincennes (CG-49) mistakenly shoots down Iran Air Flight 655; Australia celebrates its Australian Bicentenary, Bicentennial on January 26; The 1988 Summer Olympics are held in Seoul, South Korea; Soviet Union, Soviet troops begin their Soviet-Afghan War, withdrawal from Afghanistan, which is completed the 1989, next year; The 1988 Armenian earthquake kills between 25,000-50,000 people; The 8888 Uprising in Myanmar, led by students, protests the Burma Socialist Programme Party; A bomb explodes on Pan Am Flight 103, causing the plane to crash down on the town of Lockerbie, Scotland- the event kills 270 people., 300x300px, thumb rect 0 0 200 200 Piper Alpha rect 200 0 400 200 Iran Air Flight 655 rect 400 0 600 200 Australian Bicentenary rect 0 200 300 400 Pan Am Flight 103 rect 300 200 600 400 1988 Summer Olympics rect 0 400 200 600 8888 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Use Of Knowledge In Society
"The Use of Knowledge in Society" is a scholarly article written by economist Friedrich Hayek, first published in the September 1945 issue of ''The American Economic Review''. Written (along with ''The Meaning of Competition'') as a rebuttal to fellow economist Oskar R. Lange and his endorsement of a planned economy, it was included among the twelve essays in Hayek's 1948 compendium '' Individualism and Economic Order''. The article is considered one of the most important in the field of modern economics. Argument Hayek's article argues against the establishment of a Central Pricing Board (advocated by Lange) by highlighting the dynamic and organic nature of market price-fluctuations, and the benefits of this phenomenon. He asserts that a centrally planned economy could never match the efficiency of the open market because what is known by a single agent is only a small fraction of the sum total of knowledge held by all members of society. A decentralized economy thus compleme ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tax Choice
In public choice theory, tax choice (sometimes called taxpayer sovereignty, earmarking, or fiscal subsidiarity) is the belief that individual taxpayers should have direct control over how their taxes are spent. Its proponents apply the theory of consumer choice to public finance. They claim taxpayers react positively when they are allowed to allocate portions of their taxes to specific spending. Tax relationship between the state and taxpayers The term tax sovereignty emphasizes the perceived equal status of state and taxpayer, instead of the traditional view of the dominant position of the state in taxation. Tracing back to the legitimacy of the state, Viktoria Raritska points out that “the legitimacy of the state as a formal institution is substantiated by the people’s refusal of their freedoms and an agreement to submit to government in exchange for the protection of their guaranteed rights”. Proponents of tax sovereignty believe that in a traditional system of taxatio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Opportunity Cost
In microeconomic theory, the opportunity cost of a particular activity is the value or benefit given up by engaging in that activity, relative to engaging in an alternative activity. More effective it means if you chose one activity (for example, an investment) you are giving up the opportunity to do a different option. The optimal activity is the one that, net of its opportunity cost, provides the greater return compared to any other activities, net of their opportunity costs. For example, if you buy a car and use it exclusively to transport yourself, you cannot rent it out, whereas if you rent it out you cannot use it to transport yourself. If your cost of transporting yourself without the car is more than what you get for renting out the car, the optimal choice is to use the car yourself. In basic equation form, opportunity cost can be defined as: "Opportunity Cost = (returns on best Forgone Option) - (returns on Chosen Option)." The opportunity cost of mowing one’s own la ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Invisible Hand
The invisible hand is a metaphor used by the British moral philosopher Adam Smith that describes the unintended greater social benefits and public good brought about by individuals acting in their own self-interests. Smith originally mentioned the term in his work ''Theory of Moral Sentiments'' in 1759, but it has actually become known from his main work ''The Wealth of Nations'', where the word itself is mentioned only once, in connection with import restrictions. Similar ideas had already been presented before Smith by other Enlightenment thinkers, such as Anders Chydenius in his work ''The National Gain'' (1765) and Bernard Mandeville. Liberal thinkers wanted to show that society functions without collapsing even without the old hierarchical order of the feudal era. The concept was first introduced by Adam Smith in ''The Theory of Moral Sentiments'', written in 1759. The exact phrase is used just three times in Smith's writings. Smith may have come up with the two mea ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fallibilism
Originally, fallibilism (from Medieval Latin: ''fallibilis'', "liable to err") is the philosophical principle that Proposition, propositions can be accepted even though they cannot be conclusively proven or Justification (epistemology), justified,Haack, Susan (1979)"Fallibilism and Necessity" ''Synthese'', Vol. 41, No. 1, pp. 37–63. or that neither knowledge nor belief is Certainty, certain.Hetherington, Stephen"Fallibilism" ''Internet Encyclopedia of Philosophy''. The term was coined in the late nineteenth century by the American philosopher Charles Sanders Peirce, as a response to foundationalism. Theorists, following Austrian-British philosopher Karl Popper, may also refer to fallibilism as the notion that knowledge might turn out to be false. Furthermore, fallibilism is said to imply corrigibilism, the principle that propositions are open to revision. Fallibilism is often juxtaposed with infallibilism. Infinite regress and infinite progress According to philosopher Scott ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Dispersed Knowledge
Dispersed knowledge in economics is the notion that no single agent has information as to all of the factors which influence prices and production throughout the system. The term has been both expanded upon and popularized by American economist Thomas Sowell. Overview Each agent in a market for assets, goods, or services possesses incomplete knowledge as to most of the factors which affect prices in that market. For example, no agent has full information as to other agents' budgets, preferences, resources or technologies, not to mention their plans for the future and numerous other factors which affect prices in those markets. Market prices are the result of price discovery, in which each agent participating in the market makes use of its current knowledge and plans to decide on the prices and quantities at which it chooses to transact. The resulting prices and quantities of transactions may be said to reflect the current state of knowledge of the agents currently in the market, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Liberty (1987)
''Liberty'' is a libertarian journal, founded in 1987 by R. W. Bradford (who was the magazine's publisher and editor until he died from cancer in 2005) in Port Townsend, Washington, and then edited from San Diego by Stephen Cox. Unlike ''Reason'', which is printed on glossy paper and has full-color photographs, ''Liberty'' was printed on uncoated paper stock and had line drawing cartoons by S. H. (Scott) Chambers and Rex F. "Baloo" May, no photographs except for advertisements, and only one extra color (blue), which was limited to the cover and occasionally a few ads. Beginning in November 2010, the magazine transitioned to an online-only format. History Bradford had planned the launch of ''Liberty'' for several years during the 1980s, waiting, in part, for the development of desktop publishing software to make the endeavor cost-effective for a short-run periodical. The magazine achieved Bradford's target circulation by the end of the first year of publication. Starting it as ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
