Quotation of the Day…

by Don Boudreaux on June 18, 2013

in Hayek, Other People's Money

… is from pages 181-182 of Hayek’s 1967 collection, Studies in Philosophy, Politics, and Economics; specifically, it’s from his Spring 1949 University of Chicago Law Review article, “The Intellectuals and Socialism”:

Professor Schumpeter, who has devoted an illuminating chapter of his Capitalism, Socialism and Democracy to some aspects of our problem, has not unfairly stressed that it is the absence of direct responsibility for practical affairs and the consequent absence of firsthand knowledge of them which distinguishes the typical intellectual from other people who also wield the power of the spoken and written word.

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