Earlier this year, Bruce Caldwell, a biographer of Hayek (and a sympathetic biographer, not someone out to traduce him), gave this Hillsdale College talk about the Austria-born economist’s arguably most famous book: The Road to Serfdom. This Youtube segment runs for just over 16 minutes. I think it is an excellent talk.
The book influenced a generation of politicians and intellectuals, such as Margaret Thatcher, Norman Tebbit and Sir Keith Joseph. It came out at a time when a number of important writers were beavering away in illustrating the weaknesses and dangers of socialism and state central planning: Karl Popper, Ayn Rand, Joseph Schumpeter, Isabel Paterson, and Henry Hazlitt. They were seen as outliers at the time, but by the period of the late 1970s when the Keynesian/Big Government consensus was breaking down, a partial counter-revolution in economic and some political thought took place. (Looking back, the 40s was a remarkable time for good, pro-liberty/anti-tyranny writing. Harsh times can have that effect.)
As many of our readers know, this counter-revolution was incomplete. Sections of the public sphere, such as higher education, were not swayed by Hayek’s arguments, at least in their most profound sense. The State remains a bloated monster; in the UK, taxes are at post-1945 highs, and large numbers of work-aged “adults” (I use inverted commas for a reason) aren’t interested in working and subsist on the taxpayer instead. Regulation of business and human relations is a problem. But…it is also important to understand the gains made in the late 70s and during the next decade or so, and why they existed. They took place because people with good insights were able to find an audience when the shit hit the fan. The solid, smelly stuff is hitting many fans now, and this is a time for advocates of ordered liberty, to coin a term, to make the case aggressively, passionately and with a “happy warrior” mindset. Remember how bleak the cause of freedom must have looked when Hayek sat down to write this book, or when George Orwell wrote 1984.
The older I get, the more I think that it is not enough to be intellectually right; you also need to seize the moment, to have an argument to make that is digestible and understandable in any era. (Here are reflections on a book written about all this in the mid-80s and where we are now, by Kristian Niemietz.)
As the late Brian Micklethwait liked to write, to win an argument, you need to have one in the first place.
F.A. Hayek was a good man, and on economic and political matters he was normally correct.
Will both Hayek and Ludwig Von Mises be remembered, if they are remembered, in much the same way as the Emperor Majorian – someone who heroically tried to save civilization, but tragically failed?
I do not know – over the few years this will be revealed, one way or the other.
As for intellectual argument.
It can reach ordinary people – who are often NOT the morons that they are presented as. Even Mises, sometimes, held that trying to reach ordinary people was foolish because they were too “dull” (stupid) – I respectfully disagree.
And trying to convince the establishment elite is a waste of time, a tragic waste of time.
Hayek himself said that, after so many decades, he despaired of reaching them – but he still clung to the view that this is because the establishment do not understand the terrible consequences of their policies.
I believe they understand the terrible consequences of their policies only too well.