In the following video, the distinguished Milton Friedman channels on the great F. A. Hayek's The Road to Serfdom
Comments Professor Don Boudreaux at the Cafe Hayek
The fantasy that the democratic act of centralizing and concentrating decision-making authority and responsibility in the state ensures that decisions are made better and more wisely and more ‘scientifically’ and in ways likely to promote greater human flourishing is the most absurd and dangerous – yet widespread – fantasy that afflicts modern humanity. It is a fantasy to which academics, along with Hollywood celebrities, cling with special and remarkably steadfast faith.
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