Tyler Cowen on Hayek: Individualism and Economic Order

Individualism and Economic Order is one of the better introductions to Hayek’s thought. The other good introduction being The Constitution of Liberty. Tyler Cowen has done a series of clips that discusses each chapter – the appropriate phrase being, “self recommending”.

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4 Responses to Tyler Cowen on Hayek: Individualism and Economic Order

  1. stackja

    If Socialism was the solution why do we still have a problem?

    Difficulties arise only when a tariff is used to assist a particular industry to grow more rapidly than it would do without it or to protect it against adverse influence which would make it decline. In these cases, in order to subsidize one particular group of people, a sacrifice is inevitably imposed on all the other producers and consumers.

    In the national state current ideologies make it comparatively easy to persuade the rest of the community that it is in their interest to protect “their” iron industry or “their” wheat production or whatever it be. An element of national pride in “their” industry and considerations of national strength in case of war generally induce people to consent to the sacrifice.

    I did not know Hayek knew about Holden.

  2. Jim Rose

    Watched these clips. Short and very good summaries

  3. Yohan

    I have Individualism and Economic Order on the shelf here, thanks for reminding me to start reading it Sinclair!

  4. Brett_McS

    The independent philosopher, Anthony de Jasay, provides a very worthwhile criticism of Hayek when he notes that economic orders are not about anonymous transactions forming the market – as Hayek says – but that the reputation of individuals is a key factor. The market is not anonymous. (eBay is an obvious example)

    Why this is important is that the usual Prisoner’s Dilemma formulation of transactions – “proving” that an outside agent, The State, is necessary to achieve the best outcome (cooperation) – is solved by the introduction of reputation in repeated transactions. Making this particular argument for The State void.

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