Imagine thinking 'Austrian economics was actually good in 1940.' Gotta hand it to this account for showcasing the specific type of ignorance endemic to neoliberalism.

Skanda Amarnath You're against the use of Knowledge in Society?

Karl Smith Skanda Amarnath There are ideas from Hayek and Schumpeter that are still very important today (like Karl points out), even if a lot of the research agenda was wrong. The same will not be true of what today’s Austrians are “producing”. I think the meme makes a great point about what has been lost

Adam Ozimek Karl Smith Skanda Amarnath The, um, dog is holding 'the Road to Serfdom' which is a trash book that was completely wrong in its predictions; Hayek himself had to walk it back for American audiences in Constitution of Liberty.

Check Out the New Name Adam Ozimek Karl Smith Skanda Amarnath The Road to Serfdom, aimed at a British audience, was about the inconsistency between central planning and liberal democracy--a claim vindicated when the Attlee government was forced to unwind wartime rationing and price controls it had wanted to adapt to peacetime planning. 1/

Check Out the New Name Adam Ozimek Karl Smith Skanda Amarnath The American audience received the book as a warning against the welfare state, and made it a bestseller. In the 1976 edition, in a new preface Hayek embraced the (wrong!) idea that the welfare state also is a road to serfdom, but that was not his original argument. 2/2

Brink Lindsey Adam Ozimek Karl Smith Skanda Amarnath Hayek also said that the welfare state was the new socialism and to also be on guard for it leading down the road to serfdom in his 1956 preface as well, which was his formal introduction of the book to American audiences.