Beware the Perils of Single-Minded Justice

Friedrich Hayek argues that pursuing social justice alongside market prosperity often leads to biased definitions of justice, prioritizing the views of specific groups at the expense of others, ultimately undermining market efficiency. He warns that deviating from this principle risks political and economic decline, akin to serfdom. In contrast, Karl Polanyi insists that societies require a broader recognition of rights beyond property, such as fair wages and job security, reflecting a demand for a balanced approach where community welfare is valued alongside individual rights. This highlights a fundamental tension between market principles and social justice aspirations, emphasizing the importance of holistic rights recognition within society.