This video examines Friedrich A. Hayek’s classic The Road to Serfdom, in which he describes the step-by-step process by which central planning leads to disaster. According to Hayek, the loss of liberty is a long process whereby one small intervention leads to another equally small intervention but results in a significant loss of liberty. The…

The great social and economic thinker Friedrich A. Hayek was an economist, philosopher, and legal theorist who made significant contributions to numerous areas of social studies. Most importantly, he was an active and effective spokesman for the cause of liberty. Although his ideas were often controversial, they were always expressed in an academically rigorous and…

Economics is primarily about knowledge. Knowledge of prices, costs, and productive possibilities. According to Friedrich A. Hayek, no one person or institution has this knowledge; it exists in a dispersed form throughout the whole of society. And the point of having a market is to allow this dispersed knowledge to be coordinated. This video examines…

Inequalities are everywhere in society. Friedrich A. Hayek argued that a market system could not operate without some degree of inequality because some people’s earning power is greater than others. He explained that in a truly free market system, competition can gradually reduce inequalities. One of Hayek’s great contributions was to show how a free…

Friedrich A. Hayek believed the concept of social justice simply reflected what legislators and others believed was the “right” distribution of income. He argued that basic justice means respect for property rights, agreement to honor contracts, and giving each person his or her due. This video examines how central planning policies, large bureaucracies, and taxes…

The social phenomenon known as group tyranny has negative effects on individual development. Friedrich A. Hayek’s thoughts on this social problem and how to solve it through decentralized social cooperation are discussed in this video. Hayek also examines the role of freedom in the extended order, its effects on progress, and the impact of the…

The crucial Hayekian concept of the rule of law is the subject of this video. It explains that rules are discovered, not invented, and examines the importance of applying the law equally to all members of society and protecting individuals from arbitrary coercion.

This video examines the advantages of Friedrich A. Hayek’s great society or extended order. The importance of traditions and the rules of behavior that emerge from traditions fascinated Hayek and he also recognized the critical role freedom plays in everyday decisions and actions. Hayek challenges centralization by demonstrating how communities interact with one another efficiently…

This video examines Friedrich A. Hayek’s ideas on government interference and taxation. Hayek believed politicians would always have a special interest in controlling and appeasing the groups on which their power depended. Therefore, the distribution of the tax burden would necessarily favor some groups over others. Taxes tend to interfere with private interests and the…