We quite possibly wouldn't be in the mess we're in.
The history of public policy foibles repeats itself so often to the detriment of Bahamians with justification from many political adherents, it's no longer funny.
Just look at the current state of things here at home. Everywhere the government has assumed control – education, health care – and more they are found wanting. No Bahamians are found wanting better services.
F.A. Hayek, provided numerous ideas for us, but so many still believe the empty rhetoric we're sold by so many in the political class.
According to the recent editorial in the November The Freeman:
"Hayek’s greatest contributions apply in many domains of inquiry. And the conclusions one must draw from these insights are eternal lessons for experts, eggheads, and executives of every kind."
- Complex orders are emergent — that is, they can’t be centrally designed or controlled.
- Knowledge is primarily local, situational, in context, and in flux.
- Prediction in complex systems is difficult, if not impossible.
- Complex orders are far more likely to arise from simple rules.
- Simple rules are far more likely to arise from human complexity.
- The social sciences require humility in the face of complexity.
- Governance requires humility in the face of complexity.
"Hayek gave us a lot more than seven bullet points. But if, like Thatcher, every person in the world could have studied and embraced even these few distillations of his thinking, fewer sets of wax wings would have been melted away by the fires of ideology. Fewer mass graves would have been dug up in places like Cambodia. And fewer citizens today would divide themselves along party lines over whether people should be centrally controlled through the bank or through the bedroom."
"The good news is, Hayek’s ideas haven’t stopped burning since that catalyzing event in 1974. The only question is, who out there is waiting to have their minds set ablaze by his insights?"
Too bad we didn't pay more attention to this economic luminary.
