F. A. Hayek (1899-1992), recipient of the Medal of Freedom in 1991 and co-winner of the Nobel Memorial Prize in Economics in 1974, was a pioneer in monetary theory and a leading proponent of classical liberalism in the twentieth century. He taught at the University of London, the University of Chicago, and the University of Freiburg.
In "The Fatal Conceit" Hayek gives the main arguments for the free-market case and labels socialism as "fatal conceit"... the idea that "man is able to shape the world around him according to his wishes."
F.A.'s influence on the economic policies in capitalist countries has been profound, especially during the Reagan administration in the U.S. and the Thatcher government in the U.K.
What a simple observation of the truth, "...order generated without design can far outstrip plans men consciously contrive..." Capitalism, spontaneously generated through centuries of human interaction, has proven the best way to conduct the economics of mankind. But socialists try to "improve" upon something that no person invented, and, in so doing, ruin a healthy economy. Eventually the effects of "take and give" result in abuse, loss of freedom, motivation and ultimately topple foundations that once gave freely and generously to the less fortunate. It's only then that it becomes apparent EVERYONE loses.
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