The Road to Serfdom

Hayek, Friedrich A. von; Caldwell, Bruce

doi:10.7208/chicago/9780226320533.001.0001

Cited by 479 publications

(124 citation statements)

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“…A second Hayekian-styled (Hayek, 1944) argument for capital mobility is that the freedom to move capital and property is an intrinsic element of personal freedom. Freedom of movement is an essential element of choice, and choice is the essence of freedom.…”

Section: The Neo-liberal Political Economy Case For Capital Mobilitymentioning

confidence: 99%

Rethinking the economics of capital mobility and capital controls

Palley¹

2009

Rev. Econ. Polit.

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This paper reexamines the issue of international financial capital mobility, which is today's economic orthodoxy. Discussion is often framed in terms of the impossible trinity. That framing distorts discussion by representing capital mobility as having equal significance with sovereign monetary policy and control over exchange rates. It also distorts discussion by ignoring possibilities for coordinated monetary policy and exchange rates, and for managed capital flows. The case for capital mobility rests on neo-classical economic efficiency arguments and neo-liberal political arguments. The case against capital mobility is based on Keynesian macroeconomic inefficiency arguments, neo-Walrasian market failure arguments, and neo-Marxian arguments regarding distortion of the social structure of accumulation. Close examination shows the case for capital mobility to be extremely flimsy, pointing to the ideological dimension behind today's policy orthodoxy.

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Section: The Neo-liberal Political Economy Case For Capital Mobilitymentioning

confidence: 99%

Rethinking the economics of capital mobility and capital controls

Palley¹

2009

Rev. Econ. Polit.

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“…The humanity governing problem is so difficult that the problem remains largely unsolved after works over thousands of years by some greatest thinkers [19][20][21][22][23][24][29][30][31][32][33][34][35][36][37][38][39][40][41][42][43][44][45][46] in the history of humanity: Confucius, Plato, Aristotle, Machiavelli, Locke, Washington, Jefferson, Madison, Kant, Marx, Einstein, Hayek, and many others. While there are great progresses made through experimentations by pioneer politicians and reasoning of political philosophies through ages, there are also epic mistakes made like communism, fascism, Islamism, many wars, and other political movements.…”

Section: The Question: How Should Humanity Govern Itselfmentioning

confidence: 99%

A Physics Solution to the Hardest Problem in Social Science: Physics Foundation of Permanent World Peace

Wayne

2014

SSRN Journal

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One problem is standing out above all others in social science: how should humanity govern itself? The problem is so important that all wars of humanity in the past, present, and future, are directly related to this problem. Despite the fact that this problem has attracted interests of some greatest thinkers for thousands of years: Confucius, Plato, Aristotle, Machiavelli, Locke, Washington, Jefferson, Madison, Kant, Marx, Einstein, Hayek, and many others, yet the problem remains unsolved. The latest thinking on this humanity governing problem by mainstream social scientists is represented by views of Friedrich Hayek. In his writings, Hayek repeatedly warned that we must shed the illusion that we can deliberately create the future of mankind. This paper disagrees with Hayek and proves for the first time that this problem is solvable scientifically applying recentlycreated physics laws of social science, if the problem is formulated in a correct way: what kind of governing political structure of humanity is most stable? Most-stable structure problems appear routinely in the theoretical and experimental condensed matter physics. We show that the humanity governing problem is equivalent to find an equilibrium political structure of a human society, which is a many-body physics problem 100% solvable using the maximum entropy approach widely-used in the condensed matter physics. This paper establishes the framework and methodology of quantum politics and replaces traditional political philosophy with quantum physics as the solid foundation of political science, and analyzes the equilibrium political structure of a human society. The main results are quite surprising: (1) Quantum physics does provide a firm scientific foundation for social science. For the first time, political science, economics, and other social science become branches of quantum physics just like optics and chemistry. (2) Quantum physics says that we can create free, fair, just, peaceful, and prosperous human societies. We prove that there is certainly no better alternative than the equilibrium political structure, which is defined by a set of 16 democratic principles. (3) The existing democratic governments in the world can be improved in significant ways. For example, there are many fundamental design flaws in the US constitution. American civil wars, slavery, epidemic gun violence, and run away government debts are some direct results of design flaws of the US constitution. (4) Quantum physics clearly says that there is a global political equilibrium state, which corresponds to the permanent world peace. This paper provides a theoretically-sound and practical solution to eliminate the nuclear, biological, chemical, robotic, and other forms of weapons of massive destruction. In the long run, humanity can grow up and will put an end to deaths, miseries, and economic destruction caused by wars, which have been plagued us since the dawn of humanity.

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“…Th e concept of economic freedom is not same as a political freedom concept or as a civil freedom concept. As Friedrich Hayek observed: "To be controlled in our economic pursuits means to be controlled in everything" (Hayek, 1994). Th e economically free society means that each person controls the fruits of his or her own labor and initiative.…”

Section: Measurement and Concept Of Economic Freedommentioning

confidence: 99%