Hayek on the Market
Talking Politics: HISTORY OF IDEAS
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The Importance of Planning and Government Control in the Economy
Hayek feared that Western democratic electorates would elect into power, governments offering them security through planning. He thought the easiest way to win an election would be to outbid your rivals by promising more and more security. That could be a vote winner, because that looked like the thing that would make individuals' lives more secure. But Hayek thought it was a kind of lie, because that sort of security was impossible. No five-year plan can ever deliver, because five years is much too long a time to know what will happen next.
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