Sublime

The New Deal was a transfer of power from the man in the street to the man from the Harvard Law Review.

It is his analysis of animal spirits and the possibilities of public spending that have made Keynes the economist of the moment.

the orientation of the Hitlerite masses, though violently anti-capitalist, is by no means socialist,

At the Freedom School, Charles became particularly enamored of the work of two laissez-faire economists, the Austrian theorist Ludwig von Mises and his star pupil, Friedrich Hayek, an Austrian exile, who visited the Freedom School. Hayek’s book The Road to Serfdom had become an improbable best seller in 1944, after Reader’s Digest published a conde

Those who think that liberalism is largely about unrestrained private activity and those who believe liberalism is about the reasonable development of individuals in a mutually supporting and project-sharing society do not have too much in common.

The labour theory of value—i.e., the doctrine that the value of a product depends upon the labour expended upon it—which some attribute to Karl Marx and others to Ricardo, is to be found in Locke, and was suggested to him by a line of predecessors stretching back to Aquinas.

In my Far from Equilibrium Economics and Finance course, the first two articles I have my PhD students read are Friedrich von Hayek’s Economics and Knowledge (1937) and The Use of Knowledge in Society (1945) , von Hayek’s classic papers that describe a market economy as a solution to the division of knowledge problem. The third article I have them