Hayek Nails Ritchie From 78 Years Ago

No, really:

Indeed, it is probably no exaggeration to say that economics developed mainly as the outcome of the investigation and refutation of successive Utopian proposals – if by “Utopian” we mean proposals for the improvement of undesirable effects of the existing system, based upon a complete disregard of those forces which actually enabled it to work.

That really is it in a nutshell.

Ritchie keeps proposing these Utopian ideas without understanding anything at all of how the current system ticks.

10 thoughts on “Hayek Nails Ritchie From 78 Years Ago”

  1. I disagree he is selling his public what they want to hear, that’s capitalism in a nutshell …I am sure he must be coining it in.

  2. Quite how utopian is Murphy’s vision of a world in which people who disagree with him are disenfranchised and silenced, there is limited private property and an authoritarian state is administrated by a corporatist mixture of Trades Guilds and semi-hereditary functionaries and their votaries?

  3. I think this touches on a lot of leftist thinking – let’s focus on the wishful thinking – let’s ignore the observed evidence.

    I would say the most egregious example of this is in education. The left don’t like grammar schools, because of the promotion of elitism and the disfranchisement effects (C) John Prescott…

    Yet their solution is considerably worse. The answer when the observation is made that their approach isn’t working – “we haven’t done enough – let’s do more of the same ”

    It’s a glib point, but I despair when we sentence potentially millions of kids to an under fulfilled life as we don’t equip them via education with the life skills they need.

  4. As Thomas Sowell so eloquently put it, too many people judge a policy by its stated aims rather than by its outcome.

  5. By the way Tim, I loved your rebuttal comment on Richie’s Guardian piece…

    I could just feel your Kermodian rant brewing as you hammered “mind-Gargling stupidity” into your keyboard!!!

  6. DBC Reed, double quote marks, used when not actually quoting someone else, are commonly called scare quotes and are used to signal that the word or phrase is not being used in a way to signify its actual, literal meaning.
    So, what you wrote implies something like “But a non-existing system hasn’t actually not worked for a long time.”
    Which is incoherent, as how can a system that doesn’t actually exist be described as working?

  7. “As Thomas Sowell so eloquently put it, too many people judge a policy by its stated aims rather than by its outcome.”

    To speak of “outcomes” in a different context, it should not be overlooked, should it, that Ritchie’s blog is, yet again, no 1 in the Wikio ranking of economics blogs, whereas this here blog is at no 3?

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