Hayek, capitalism and morality
Friday, August 29th, 2008At Creative Capitalism: A Conversation, economists Paul Ormerod and Richard Easterly are engaged in a thoughtful discussion about Hayek’s view on markets in relation to capitalism and morality. According to Easterly, Hayek saw “the chaos and unpredictability of free individuals interacting, yet realized that very chaotic freedom was the nursery of a material abundance unlike anything the world had ever seen.” Ormerod responds by pointing out that “[t]he Hayekian view of the world is completely at odds with the view that we should never do anything which might interfere with the Platonic idea of markets found in economic theory.”
