Quotation of the Day…

by Don Boudreaux on November 10, 2012

in Civil Society, Complexity & Emergence, State of Macro

… is from page 58 of Hayek’s 1988 volume, The Fatal Conceit:

Although Keynes was, in spite of himself, to contribute greatly to the weakening of freedom, he shocked his Bloomsbury friends by not sharing their general socialism; yet most of his students were socialists of one sort or other.  Neither he nor these students recognized how the extended order must be based on long-run considerations.

And thus the great appeal of Keynesianism to politicians.

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