"The curious task of economics is to demonstrate to men how little
they really know about what they imagine they can design."
Friedrich August von Hayek
(1899-1992), Nobel Laureate of Economic Sciences 1974
The Fatal Conceit
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Reader comments about this quote:
There is a natural law - a fiscal law. The closer man's accounting, designs and economics are to that law, the greater the prosperity. Keynesian economics, as well as other socialist economics - no matter the imagery, religious fervor or designs of men can not change one digit of the natural law.
 -- Mike, Norwalk     
  • 5
    A prime example would be government trying to set minimum wages, the utopian socialist engineers in their never-ending quest for outcome fairness turn a blind eye to equal opportunity which in the long run leads the industrious to personal prosperity.
    Simply put the socialist planners would rather give a fish every day and lead people into dependency on them and say that is fair then to have people learn to fish so they can have for themselves and sell to others to prosper.

    Raising minimum wages will cost jobs, you cannot outmaneuver natural law and economics it's like gravity and violating it has consequences.
     -- Mike, Pleasant Hill     
  • 4
    Mike and Mike, great comments on the minimum wage. This is nothing but a political football for liberals to seem to care.
     -- jim k, Austin     
  • 2
    Laisse Faire and free trade. Remove fiscal obstructions to private activity. The Free Republic. Finance system of Natural Liberty. Natural law observed. socialistic engineering always screws things up.
     -- Ronw13, Yachats Or     
  • 2
    A bit tongue-and-cheek, if you ask me. If the true "task of economics was to demonstrate how little they know" then why are we enshrining a money system that indentures the nations of the world to perpetual debt (at compounded interest)?

    It seems obvious to me that the curious task of economics is to keep this system in place. Economics is but politics in disguise.
     -- E Archer, NYC     
  • 2
     -- jim k, Austin      
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