The Road to Serfdom (1944) – F.A. Hayek, Chapter 5 – Planning & Democracy A common feature of collectivist systems is the deliberate organization of society’s labors for a common social goal. Socialists complain that our present society lacks “conscious direction” towards one goal & that our activities are guidedContinue Reading

The Road to Serfdom (1944) – F.A. Hayek, Chapter 4 – The “Inevitability” of Planning Few central planners even claim that planning is desirable. Most of them just say we’re forced to do it due to technological changes that can’t be reversed or prevented. The argument has little explanation behindContinue Reading

The Road to Serfdom (1944) – F.A. Hayek, Chapter 3 – Individualism & Collectivism Socialism is used to describe ideals of social justice, greater equality, & security. It also means the method socialists wish to achieve those. Their methods are the abolition of private enterprise, private ownership of the meansContinue Reading

The Road to Serfdom (1944) – F.A. Hayek, Chapter 2 – The Great Utopia Just because most progressives are for Socialism over Liberalism doesn’t mean people have forgotten what liberal thinkers have said about Collectivism. They just don’t agree with them. Socialism was recognized early on as a threat toContinue Reading

The Road to Serfdom (1944) – F.A. Hayek Chapter 1 – The Abandoned Road When things go wrong we look to blame others & not ourselves. We’re sure we did our best. We put our best people on the job. Our hearts were in the right place. So, if theContinue Reading

The Road to Serfdom (1944) – F.A. Hayek Introduction We can learn from the past to avoid a repetition of the same process. Accidental combination of experience & interest often reveals events to one man. Moving from one country to another, one may sometimes watch similar phrases of intellectual developmentContinue Reading

“Can Capitalism Survive?” Ch. 5 – Closed Season by Joseph Schumpeter (1942) Economics is a science of observation & interpretation Implies in our questions, room for difference of opinion can be narrowed but not reduced to zero Leads to new problems – doesn’t happen in experimental science We asked forContinue Reading

Spilling the beans…“Can Capitalism Survive?” Ch. 4 – Monopolistic Tendencies by Joseph Schumpeter (1942) Let’s be more specific about what’s been said: 1 – New technology is a threat to industries who try to conserve positions through restriction of output Creative destruction disrupts the slow, balanced or even stationary stateContinue Reading

“Can Capitalism Survive?” Ch. 3 – Process of Creative Destruction by Joseph Schumpeter (1942) Monopolistic & Oligarchic Competition can be used in 2 ways to be made to show Capitalism isn’t the way for maximum production performance Some might say it’s always been that way but we’re only just nowContinue Reading

“Can Capitalism Survive?” Ch. 2 – Plausible Capitalism by Joseph Schumpeter (1942) We’ve projected average increase of total available production forward from 1928 o show the significance of past development & that it wouldn’t be shocking to see But there’s no justification for that projection/extrapolation especially so far into theContinue Reading

“Can Capitalism Survive?” Ch. 1 – The Rate of Increase of Total Output by Joseph Schumpeter (1942) Capitalism already has 2 strikes against it with a lot of people with respect to economics & cultural results In fact, it’s a breach of etiquette not to condemn it You have toContinue Reading