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Quotation of the Day…

Posted By Don Boudreaux On August 21, 2013 @ 8:02 am In Competition,Hayek | Comments Disabled

… is from page 153 of the 2007 Definitive Edition (Bruce Caldwell, ed.) of F.A. Hayek’s classic 1944 volume, The Road to Serfdom [1]:

But the policies which are now followed everywhere, which hand out the privilege of [income] security, now to this group and now to that, are nevertheless rapidly creating conditions in which the striving for security tends to become stronger than the love of freedom.  The reason for this is that with every grant of security to one group the insecurity of the rest necessarily increases.  If you guarantee to some a fixed part of a variable cake, the share left to the rest is bound to fluctuate proportionally more than the size of the whole.  And the essential element of security which the competitive system offers, the great variety of opportunities, is more and more reduced.

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