Defending Capitalism: Ayn Rand vs. Hayek
Hayek argues that the reason we need freedom is because of our ignorance or really the limits of the power of reason. Without this limitation, there would be no justification for freedom.
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If that's not the correct understanding, then I think we're back to more shoveling. ;-)
Rand has a full discussion of Intrinsic value (classical economists), subjective value (Von Mises and most modern economist), and objective value in Capitalism the Unknown Ideal, starting on page 13. The subjective theory of value holds that the value (price) has no relation to reality and this is the Von Mises position. The objective theory holds that the value is based on a persons evaluation of the facts of reality.
I go to work and engage in the economy because life requires that I do so.
Thank you for your analysis. It would seem that Hayek was not consistent in all of his writings. I quite agree with your opinion regarding patents and property rights. If the Austrians are not fully behind these I must reexamine my hierarchy. I believe it is apparent from my previous discourse that I find the most pernicious, contemporary enemy the Keynesians. Thus, I have been of the opinion that Keynes was my enemy, Hayek an ally and Rand my mentor. In this regard I feel as if the enemy of my enemy is my friend... at least as a temporary tactic and strategy towards free markets. I will now take your analysis under consideration and do a little more research. My Hayek exposure, as I stated, was limited. Now I am interested in the differences between Hayek and Mises since Rand did show some appreciation for Mises. The Austrian School having many adherents gives me pause to consider if they all have similar positions regarding patents and property.
I have investigated many economists and gleaned from each those thoughts which were appealing and sound. Ultimately finding less to quibble over with Rand than any other. That is a large part of why I am here.
Thank you again for your input... Food for thought.
Regards,
O.A.
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