Have any of us mentioned here that Friedrich Hayek died exactly twenty years plus one week ago, i.e. on Friday March 23rd 1992? I believe not.
Sam Bowman, in a posting on March 23rd 2012, ensured that the ASI Blog was responsible for no such omission. He marked the occasion with a couple of Hayek quotes, from The Constitution of Liberty.
I particularly liked the second one:
It is because freedom means the renunciation of direct control of individual efforts that a free society can make use of so much more knowledge than the mind of the wisest ruler could comprehend.
One of the contrasts in the contemporary world that I keep banging on about here is how different the designing and making of high tech gadgetry (which still benefits – and almost miraculously so – from exactly the sort of dispersed knowledge and dispersed intelligence that Hayek was talking about) is from the management of the world’s financial system (the higher reaches of which are notorious for depending on the good judgement of a tiny few supposedly wise but actually all too fallible political appointees).
As Sam Bowman said, a week ago:
Hayek died twenty years ago today. His profound insights into economics and social philosophy might be more important than ever.
Indeed they might.