Freeman

BOOK REVIEW

The Constitution of Liberty

Hayek Strengthens the Case for the Free Market

MAY 01, 1996 by MURRAY WEIDENBAUM

Filed Under : Government Intervention, Liberty

Friedrich Hayek’s Constitution of Liberty surely merits front rank in any list of outstanding books on liberty, free market economics, history, and political philosophy. What is especially remarkable about the work is that it makes important contributions in each of these areas.

Personally, I have always been taken by the broad-minded view that Professor Hayek brought to his writings. Surely, this classic work strengthens the case for the free market. Yet, as a fine scholar, Hayek volunteers the notion that the marketplace can adjust to a substantial amount of government intervention.

Not that he advocates a large role for government, but he brings to bear a special wisdom in examining such controversial questions from a truly scholarly viewpoint. That rare trait is especially helpful in reaching those who now hold different viewpoints.

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May 1996

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November 2014

It's been 40 years since F. A. Hayek received his Nobel Prize. His insights, particularly on the distribution of knowledge and the impossibility of economic planning, remain hugely important today. In this issue, we look back on the influence of his work. Max Borders and Craig Biddle debate whether liberty must be defended from one absolute foundation, further reflections on Scottish secession, and how technology is already changing our world for the better--including how robots, despite the unease they cause, will only accelerate this process.
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