The basic problem is that there are three Hayeks:
- the--absolutely brilliant--price-system-as-information-aggregator Hayek.
- the--absolutely bonkers--business-cycle "liquidationist" Hayek.
- the--absolutely wrong--social-democracy-is-evil Hayek.
The first was a genius. The second was a moron--his could never make his arguments cohere either conceptually or empirically, but he kept doubling down on them and wound up in infinite reputational bankruptcy. The third was wrong--I would say blinded ex ante by ideology, others would say proved wrong ex post by events.
The problem is that the modern-day Hayekians are by-and-large uninterested in the good Hayek (1), and interested only in the bad Hayeks (2) and (3)...
Sounds about right -
ignore the inconvenient stuff and use what reinforces your current
beliefs. That fits in nicely with all
the tinfoil hat stuff on global warming denial.
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