Quotation of the Day…
Posted By Don Boudreaux On November 10, 2012 @ 7:33 am In Civil Society,Complexity & Emergence,State of Macro | Comments Disabled
… is from page 58 of Hayek’s 1988 volume, The Fatal Conceit [1]:
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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[1] The Fatal Conceit: http://www.amazon.com/The-Fatal-Conceit-Socialism-Collected/dp/0226320669/ref=sr_1_1?s=books&ie=UTF8&qid=1332499031&sr=1-1
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