Quotation of the Day…

by Don Boudreaux on October 22, 2011

in Economics, Hayek, Myths and Fallacies, State of Macro

… is from page 349 of Hayek’s The Trend of Economic Thinking, which is Vol. 3 in The Collected Works of F.A. Hayek; specifically, this quotation appears in a short essay that Hayek wrote on Bastiat in 1964:

It is characteristic of much of recent economics that by ever new arguments it has tried to vindicate those very prejudices which are so attractive because the maxims that follow from them are so pleasant or convenient: spending is a good thing, and saving is bad; waste benefits and economy harms the mass of the people; money will do more good in the hands of the government than in those of the people; it is the duty of government to see that everybody gets what he deserves; and so on.


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