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Month: June 2012

A Notable Spring Birthday

Originally published in Flourishing April/May 2012.  Friedrich August von Hayek was born in Vienna, Austria on May 8, 1899.  A prolific author, he made fundamental contributions in political theory, psychology, and economics. In his book Commanding Heights (1998), Daniel Yergin called Friedrich Hayek the “preeminent” economist of the last half of the twentieth century. The major problem for any economy, Hayek argued, is how people’s actions are coordinated. He noticed, as Adam Smith had, that in a free market, the spontaneous price system did a remarkable job of coordinating people’s… Read more A Notable Spring Birthday

Fishing for the Truth

Originally published in Flourishing April/May 2012. It’s been said that a fish is unaware of the water in which he lives.  Similarly, many Americans have no awareness of the nature or institutions of capitalism, which make modern life the miracle it has become.  Ignoring pandemic corruption in government, and thanks to swarming political demagogues, abetted by a similarly corrupt and swarming mainstream media, many people see only instances of corruption on Wall Street and conclude that capitalism itself is corrupt. This brings up an interesting question:  Why do even the… Read more Fishing for the Truth