Quote Of The Day

“One’s initial surprise at finding that intelligent people tend to be socialists diminishes when one realises that, of course, intelligent people will tend to overvalue intelligence, and to suppose that we must owe all the advantages and opportunities that our civilisation offers to deliberate design rather than to traditional rules, and likewise to suppose that we can, by exercising our reason, eliminate any remaining undesired features by still more intelligent reflection, and still more appropriate design and ‘rational coordination’ of our undertakings. This leads one to be favorably disposed to the central economic planning and control that lie at the heart of socialism”. –F. A. Hayek, in The Fatal Conceit

4 Responses to “Quote Of The Day”


  • Generally, when I make an argument I try not to begin by insulting my readership. But that’s just me.

    In any case, I suppose we all owe a debt of gratitude to Hayek. We may be dumber than socialists, but at least now we understand why. Well done Mr. Hayek!

    ;)

  • LOL. True. I guess I should have provided more context, after all, Hayek did write that when it was considered intellectually acceptable to be a socialist.

    How times have changed – decades later, even intelligent people have given up on socialism ever working (atleast the hard USSR communist type socialism). :-)

  • The only bad thing is that many “intelligent people” _wish_ socialism could be made to work, since it would be “so much nicer” than nasty, free-range capitalism; to paraphrase an old song: everyone would their money for nothing and their chicks for free.

    But the fact that it doesn’t work is a feature, not a bug!

  • Dr. Williams addressed this very topic early this month:
    http://www.gmu.edu/departments/economics/wew/articles/07/personalities.html

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