The Road to Recovery

Russ Steele

I have been reading Hayek in fits and starts and have read Steven Hayward’s reports on the Power Line Blog, on how his students response to his Hayek lecture series with some interest and attention.

John Taylor has a article in the City Journal title the The Road to Recovery that you should read as an introduction to Hayek, if your are not already familiar.

As Hayek taught, freedom and the rule of law drive prosperity.

Burdened by slow growth and high unemployment—especially long-term unemployment—the American economy faces an uncertain future. We have endured a painful financial crisis and recession, the recovery from which has been nearly nonexistent. Federal debt is exploding and threatening our children and grandchildren. In my view, the reason for this predicament is clear: we have deviated from the principles of economic freedom upon which America was founded.

Few thinkers of the past century understood the importance of economic freedom better than the Austrian economist Friedrich Hayek did. As we confront our current situation, Hayek’s work has much to tell us, especially about policy rules, the rule of law, and the importance of predictability—topics that he discussed in his classic The Road to Serfdom (1944) and in greater detail in The Constitution of Liberty (1960). But his work in these areas goes beyond economics into fundamental issues of freedom and the role of government. That’s why reading Hayek is more important than ever.

You can read the full text of this important article HERE. It will be worth your time to read this article  if you are at all concerned about the economic future of this county. The article concludes:

By moving away from the basic principles of economic freedom, government policy has caused our recent economic malaise. It should be no consolation that some of our friends in Europe are facing worse economic struggles, often because they moved even further away from those principles. The good news is that a change in government policy will alleviate the problems and help restore economic prosperity. Understanding Hayek’s work, written during similar circumstances, will help us greatly as we undertake that difficult task.

I am going to redouble my effort to make Hayek part of my daily thinking and social conversation. Our only solution is to restore freedom and the rule of law in this county. We must have some certainty, we cannot live with a series of dodgy executive orders and legislation that no member of Congress had read or debated the value to the American public. We need to get back on the road to recovery.

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About Russ Steele
Freelance writer and climate change blogger. Russ spent twenty years in the Air Force as a navigator specializing in electronics warfare and digital systems. After his service he was employed for sixteen years as concept developer for TRW, an aerospace and automotive company, and then was CEO of a non-profit Internet provider for 18 months. Russ's articles have appeared in Comstock's Business, Capitol Journal, Trailer Life, Monitoring Times, and Idaho Magazine.

4 Responses to The Road to Recovery

  1. Arthur M. Day. says:

    It would also be useful to find and read a copy of Peter Schweizer’s: “The Architects of Ruin”. Not only to learn who really caused the Sub-Prime Meltdown, but how completely politicians have obscured the truth in the matter.

  2. Dena says:

    The Road to Serfdom should be required reading by everybody on the left and right before voting. It is the best book I have found to explain why socialism has so little chance of working and why the founding fathers decided on a republic, relying on the people instead of the government. It comes down to the rule of law or the rule of man. Freedom or a dictator. Socialism can’t exist without taking away a large amount of freedom and anybody who says otherwise hasn’t done their homework.

  3. gjrebane says:

    For those who want to get the short form of Hayek’s main ideas in ‘… Serfdom’, Heritage Foundation has published an abridged version of the classic. To order copies of Heritage’s 48-page abridged version of “The Road to Serfdom,” call (800) 426-1357.

    • Dena Wiltsie says:

      The best part of the current long version is the forward to the book. As the book was republished many times, severals forwards were added giving additional history to the book. The best one is where Hayek reviewed his book and found there was only a a few changes he might have made to the book given future knowledge. This is a book that held up well over time.

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