Saturday, October 1, 2011

Wild dreams

Ok let me ask "what can we reasonably expect the level of our economic life to be a hundred years hence? What are the economic possibilities for our grandchildren?"

These are not my questions my dear!

Of course, I did not say this "in the long run, we are all dead", did I say this.

By this time you might have guessed the wild dreams of Lord Keynes!! Those questions were all asked by Lord Keynes in 1930s.

Yes Lord Keynes wrote a article in 1930 tattled "Economic Possibilities for Our Grandchildren"  

How does that matter in blog Hayek Order: of course it matters.

Note what Lord Keynes wrote in this essay:

  • "he commencement of the modern age was already known to man at the dawn of history. Language, fire, the same domestic animals which we have to-day, wheat, barley, the vine and the olive, the plough, the wheel, the oar, the sail, leather, linen and cloth, bricks and pots, gold and silver, copper, tin, and lead-and iron was added to the list before 1000 B.C.-banking, statecraft, mathematics, astronomy, and religion. There is no record of when we first possessed these things."

No State had helped to produce these things, yet they were spontaneous order or natural order like the Professor F A Hayek pioneered.

And further, he notes that:

"From the sixteenth century, with a cumulative crescendo after the eighteenth, the great age of science and technical inventions began, which since the beginning of the nineteenth century has been in full flood--coal, steam, electricity, petrol, steel, rubber, cotton, the chemical industries, automatic machinery and the methods of mass production, wireless, printing, Newton, Darwin, and Einstein, and thousands of other things and men too famous and familiar to catalogue."

And lastly.

"If economists could manage to get themselves thought of as humble, competent people, on a level with dentists, that would be splendid!"

From Hayek's own words:

" However reactionary in politics such figures as Coleridge, Bonald, De Maistre, Justus Möser, or Donoso Cortès may have been, they did show an understanding of the meaning of spontaneously grown institutions such as language, law, morals, and conventions that anticipated modern scientific approaches and from which the liberals might have profited. "

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