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Economics and the Pursuit of Happiness

5 Parts, 15 Lessons, 51 Videos   3H 30M
Parts
  • Introduction
  • Political Economy and Public Choice
    • Lesson 1: Political Implications of Economic Systems
    • Lesson 2: The Public Choice Perspective
    • Lesson 3: Bureaucracy and the Commercial Order
  • Moral Dimensions of Property and Trade
    • Lesson 4: Justice in Exchange
    • Lesson 5: Social Aspects of Justice and Commerce
    • Lesson 6: Property, Production, and Distribution
  • The Contest of Ideas: Keynes and Hayek
    • Lesson 7: John Maynard Keynes: Radical Conservative
    • Lesson 8: Hayek: Conserving Freedom
    • Lesson 9: Keynesianism and the Limits of Economics
  • The Contest of Ideas: Free to Choose?
    • Lesson 10: Freedom of Choice
    • Lesson 11: Hayek: Libertarian Paternalism
    • Lesson 12: On the Nature of Liberty
  • The Moral Dimensions of the Market Economy
    • Lesson 13: Moral Norms
    • Lesson 14: Justifying Income, Wealth, and Capitalism
    • Lesson 15: Market Freedom, Efficiency, and Tradition

Lesson 8 Lesson 8: Hayek: Conserving Freedom

Presented by: Dr. Anne Rathbone Bradley and Dr. Jay Richards
George Mason University and The Catholic University of America

Playlist

  1. Lesson 8, Video 1 - Dr. Anne Rathbone Bradley
  2. Lesson 8, Video 2 - Dr. Jay Richards
  3. Lesson 8, Video 3 - Dr. Jay Richards

Freedom versus Central Planning

F. A. Hayek was a leading champion of economic and political liberty. He analyzed the effects of both on morals. Students will learn why he believed that collectivist economic policies necessarily lead away from democracy toward totalitarian government, and toward a moral code in which formal principles are replaced by sheer power.

Key Concepts: (1) Central Planning, (2) Democracy, (3) Totalitarianism, (4) Rule of Law, (5) Truth

Lesson 8 Quick Quiz

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EPH Lesson 8: Hayek: Conserving Freedom

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“The effect of people’s agreeing that there must be central planning, without agreeing on the ends, will be rather as if a group of people were to commit themselves to take a journey together without agreeing where they want to go: with the result that they may all have to make a journey which most of them do not want at all.”

F. A. Hayek

“The inability of democratic assemblies to carry out what seems to be a clear mandate of the people will inevitably cause dissatisfaction with democratic institutions.”

F. A. Hayek

“Our question, however, is what moral views will be produced by a collectivist organization of society, or what views are likely to rule it. The interaction between morals and institutions may well have the effect that the ethics produced by collectivism will be altogether different from the moral ideals that lead to the demand for collectivism.”

F. A. Hayek

“Few traits of totalitarian regimes are at the same time so confusing to the superficial observer and yet so characteristic of the whole intellectual climate as the complete perversion of language, the change of meaning of the words by which the ideals of the new regimes are expressed.”

F. A. Hayek

“The fact is that almost everywhere the groups which pretend to oppose socialism at the same time support policies which, if the principles on which they are based were generalized, would no less lead to socialism than the avowedly socialist policies.”

F. A. Hayek

Learn More

h PDF

F. A. Hayek, The Road to Serfdom, selections, Chapter 5, “Planning and Democracy,” Chapter 6, “Planning and the Rule of Law,” Chapter 10 “Why the Worst Get on Top,” Chapter 11 “The End of Truth.” pp. 100-111; 112-123; 171-180; 157-170.

Read Now
h PDF

F. A. Hayek, “‘Free’ Enterprise and Competitive Order,” Individualism and Economic Order, pp. 107-118.

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h Video

“Keynes vs. Hayek Rap Battle: Fear the Boom and Bust” with John Papola & Russ Roberts

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h Video

F. A. Hayek, “Keynes and the Ignorance of Economics” with Leo Rosten

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h Video

“Essential Hayek: The Rule of Law” with Don Boudreaux, Fraser Institute and George Mason University

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Economics and the Pursuit of Happiness

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