Saturday, February 15, 2014

Serf's up

The Other McCain highlights an interesting argument at Volokh Conspiracy.
E.J. Dionne tries to take on "Road to Serfdom."
The Volokh author explains economic theory so even Dionne can understand.
Hayek says that given this it is not tenable to argue that central planning can simply control the means of production–it must eventually control the ends too, meaning that the central planner will have to decide whose ends are satisfied in and whose are disappointed. This means, in turn, that the central planner must choose among the moral worth of individual’s competing ends. The central planner must have the authority to decide how many resources to spend on books and how much on movies, how much on breast cancer research vs. prostate cancer research, and how much on bikes v. cars. Those choices are inescapable.

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