Hayek in the NY Times

Some good quotes from guys who actually know what they are talking about for a change: Pete Boettke and Bruce Caldwell.

But while I think the article is better than average–because the author actually describes Hayek’s actual views accurately by letting Boettke and Caldwell describe them–I think the author fails to close the logical loop.

If the future is Hayekian, it is precisely because the two strands of Hayek come together.  First there is the economic strand.  But the second strand is the rule of law strand, to which Boettke is referring when he mentions the “generality norm.”  As I’ve argued elsewhere, the engine of crony capitalism is the ability of politicians to pick winners and losers largely arbitrarily.  Take that away–via the generality norm and the rule of law–and you take away the engine of crony capitalism.

So that to the extent that any future backlash against big government is a backlash against rent-seeking and crony capitalism–and I’m not predicting that will actually be the case, although I hope it is–then the response may very well be Hayekian, both of trying to free the market but also to constrain the rent-seeking state through rule of law values.

Powered by WordPress. Designed by Woo Themes