Any Man Who Is Only An Economist

A General Flat Minimum-wage Law For All Industry Is Permissible, But I Do Not Think That It Is A Particularly Wise Method Of Achieving The End. I Know Much Better Methods Of Providing A Minimum For Everybody. But Once You Turn From Laying Down A General Minimum For All Industry To Decreeing Particular And Different Minimum For Different Industries, Then, Of Course, You Make The Price Mechanism Inoperative, Because It Is No Longer The Price Mechanism Which Will Guide People Between Industries And Trades.

Hayek Was Making Us Think Of The Productive Process As A Process In Time, Inputs Coming Before Outputs.

It Is No Accident That On The Whole There Was More Beauty And Decency To Be Found In The Life Of The Small Peoples, And That Among The Large Ones There Was More Happiness And Content In Proportion As They Had Avoided The Deadly Blight Of Centralization.

Socialism Has Never And Nowhere Been At First A Working-class Movement. It Is By No Means An Obvious Remedy For The Obvious Evil Which The Interests Of That Class Will Necessarily Demand. It Is A Construction Of Theorists.

If I Am Not Mistaken, Psychology, Psychiatry And Some Branches Of Sociology, Not To Speak About The So-called Philosophy Of History, Are Even More Affected By What I Have Called The Scientistic Prejudice, And By Specious Claims Of What Science Can Achieve.