Source: Isonomia Quarterly
by Peter Boettke
“F. A. Hayek is perhaps best known as the author of The Road to Serfdom (1944), a prophetic work issuing a warning about the totalitarian tendencies of socialist economic planning. Socialism, Hayek argued, was both incompatible with liberal democracy and material progress and well-being. A critical step in his argument was that socialism could not replace the market economy not only in its efficient use of resources, but in stimulating creative innovation and technological change that enhanced the human condition. To economists, however, Hayek is most appreciated for his article further explaining the argument in the critical step published a year later – ‘The Use of Knowledge in Society.'” (01/21/26)