Thursday, April 11, 2013

Individualism and Economic Order by Friedrich A. Hayek

Status: Almost Complete (04.11.2013)


Fix Notes:

3 hours

Page 9: Footnote 10: par. 2: unneeded comma at end of paragraph

[...] as the beginning of the antirationalistic theory of social phenomena, but it would appear that he has been both preceded and surpassed by Mandeville.,

Page 24: Footnote 23: possibility

Is it necessary to quote Edmund Burke once more to remind the reader how essential a condition for the possibbility of a free society was to him the strength of moral rules?

Page 44: par. 0: emphasize

When in all this I emphazise the distinction between mere intercompatibility of the individual plans

Page 47: par. 1: matter

Of course, we could also develop a separate science, the subject mattter of which was per definitionem confined to a “perfect market” or some similarly defined object, [...]

Page 59: par. 2 near very bottom of page: instances

They are all intsances of what are sometimes called “teleological concepts,” that is, they can be defined only by indicating relations between three terms: [...]

Page 73: bottom par.: proceed

I shall not enlarge here on the curious contradiction into which the defendants of this method usually involve themselves when they first emphasize that all historical phenomena are unique or singular and then proced to claim that their study can arrive at generalizations.

Page 81: par. 1: crude materialist

Even economists who regard themselves as definitely immune to the crud ematerialist fallacies of the past constantly commit the same mistake where activities directed toward the acquisition of such practical knowledge are concerned [...]

Page 143: Footnote 17: socialist

Most of this article has been embodied in the more elaborate discussion of the economic problems of a socalist community in Part II of Professor Mises’ [...]

Page 162: bottom par.: with

The case which we have therefore to consider next is that of completely integrated industries standing under a central direction but competing wtih other industries for the custom of the consumer and for the factors of production.

Page 203: Section 9: controller (?) (UNCHANGED)

Dr. Dickinson even goes so far as to say that “capitalist planning can exist only on the basis of fascism” and that in the hands of an irresponsible controler even socialist planning “could be made the greatest tyranny the world has ever seen.”

Page 211: par. 1: easily

The much-discussed “vagaries” in the production of gold can easiy be exaggerated.

Page 229: par. 18: merely

But these two approaches are surely merey different aspects of the same thing, and neither seems to be more likely to be useful than the other: [...]

Page 233: bottom of page: obsolete

Third, there will be the possibility of using obolete or secondhand machines instead of new ones.

Page 242: par. 0: install

[...] money at the low rate of interest would bring it about that wages would be driven up to the discounted value—not merely of the present marginal product of labor but of the marginal product which labor could be expected to produce after the machinery had been installed which it would be profitable to instal at the low rate of interest.

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