Re: You Need to Read Hayek

On 9/5/2024 4:10 AM, Catrike Ryder wrote:

 "Instead of falling back on technical jargon, Hayek puts human
knowledge at the center of his studies. As he argues, many important
forms of knowledge aren’t scientific in nature. Instead, they’re tied
to the specifics of time and place."
https://intellectualtakeout.org/2024/09/you-need-to-read-hayek/
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 "Today it is almost heresy to suggest that scientific knowledge is not
the sum of all knowledge. But a little reflection will show that there
is beyond question a body of very important but unorganized knowledge
which cannot possibly be called scientific in the sense of knowledge
of general rules: the knowledge of the particular circumstances of
time and place. It is with respect to this that practically every
individual has some advantage over all others because he possesses
unique information of which beneficial use might be made, but of which
use can be made only if the decisions depending on it are left to him
or are made with his active coöperation."
 -The Use of Knowledge in Society
By Friedrich A. Hayek
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 "[Socialistic] economic planning, regulation, and intervention pave
the way to totalitarianism by building a power structure that will
inevitably be seized by the most power-hungry and unscrupulous."
~ Friedrich August von Hayek
 "In government, the scum rises to the top."
~ Friedrich August von Hayek

+1
Reading Hayek and von Mises changed my life.
in re science vs 'Science', look at the degradation of economists from social philosophers to dedicated and skilled number crunchers who now make beautiful complex models unrelated to human experience.
Compare the chart of the best economists' careful projections to actual data as experienced:
https://www.richmondfed.org/publications/research/econ_focus/2021/q4_federal_reserve
--
Andrew Muzi
am@yellowjersey.org
Open every day since 1 April, 1971