Well, as the Republicans gather in Tampa for their convention, I can't help myself. Much is being made of the "economic ideas" they are offering and the contrast of those ideas with the recent past. Indeed, Mr. Ryan claims to draw upon the work of some "brilliant thinkers" like Frederick Hayek in order to provide some intellectual "weight" for his proposals (think Medicare). Well, while you listen to the stirring speeches, keep the following quote in front of you:
Nor is there any reason why the state should not assist the individuals
in providing for those common hazards of life against which, because of
their uncertainty, few individuals can make adequate provision. Where,
as in the case of sickness and accident, neither the desire to avoid
such calamities nor the efforts to overcome their consequences are as a
rule weakened by the provision of assistance – where, in short, we deal
with genuinely insurable risks – the case for the state’s helping to
organize a comprehensive system of social insurance is very strong.
And who is the author of this quote? It is from Frederick Hayek's The Road to Serfdom. It makes you wonder if they read these books or just use them to decorate their offices or serve as props for TV interviews.
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