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‘Hayek’s Modern Family’

“A key part of Hayek’s intellectual framework is the idea that knowledge is dispersed, contextual, and often tacit. No one knows everything, and it is those closest to choices and their direct consequences who are in the best position to know what to do. This argument is at the core of Hayek’s objections to socialism and his case for the market: by establishing well-defined and well-protected property rights, we allow people to develop and use their local knowledge in ways that make the best use of resources. In the same way, it is parents who have the right incentives and best relevant knowledge to know what is best for their children. Establishing well-defined and well-protected parental rights encourages parents to act on this local knowledge and thereby helps to ensure the best outcomes for children….”

Via Hayek’s Modern Family in Cato Policy Report @ BHL.

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