Galt's Gulch

"Ayn Rand vs. Hayek"

Posted by jmlesniewski 12 years, 11 months ago to Economics
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  • Posted by ObjectiveAnalyst 12 years, 11 months ago
    I agree bigjim. The primary point of the piece borders on a distinction without a difference. I have great respect for Hayek. His book “The Road to Serfdom” is one of my favorites.
    Regards,
    O.A.
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    • Posted by $ jmlesniewski 12 years, 11 months ago
      I'm not sure what you mean by "distinction without a difference."
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      • Posted by ObjectiveAnalyst 12 years, 11 months ago
        Hello jmlesniewski,
        The point I was referring to was that individuals know what is in their best interest by Rand’s account but Hayek said “that no government planners can substitute for the knowledge embodied in market prices.” To my way of thinking this is not a contradiction as it seems to read from the piece. The reason I write that is because government planners while individuals can’t know what is best for anyone but themselves. This is why it makes no difference. The distinction is without consequence… Hayek’s argument of ignorance still stands, since I take it to mean it is not ignorance of one’s specific value, but of the collective. Am I misreading something?
        Regards,
        O.A.
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        • Posted by $ jmlesniewski 12 years, 11 months ago
          No, you're not misreading. I think you're largely right. I just didn't know what you meant.

          I don't think Binswanger is saying that Hayek's statement contradicts Ayn Rand's either, just that it isn't as deep, so it doesn't have the same root premises. Here is where I often take issue with Binswanger. He admits to not having read Hayek, yet tries to speak on how he differs from Rand on a complex level. I haven't read Hayek either, but I can't speak on that...

          What I can speak to is I think Hayek's "argument from ignorance" as presented by Binswanger is consistent with objectivism. Objectivist metaphysics and epistemology largely make it impossible to social engineer a society because the only one who can truly understand a person's context is that person.
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