The ‘Fatal Conceit’ of President Obama and Kathleen Sebelius
Photo Credit: Washington ExaminerI have lined up my Christmas presents this year for President Obama and Secretary of Health and Human Services Kathleen Sebelius.
I will send them both a copy of the last book written by one of greatest economists of the last century, and winner of the Nobel Prize in economics in 1974, F.A. Hayek.
The book is called The Fatal Conceit: The Errors of Socialism.
Although the language and discussion of the book is not all that simple, the basic point is, I think, pretty straightforward. Hayek summed it all up in his acceptance speech for his Nobel Prize.
He noted the critical importance that we know what we don’t know. Thinking you know what you don’t and can’t know, the illusion that men can plan, organize, and control things far beyond their understanding is the “fatal conceit” of socialism.
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