Commentary

0:00Commentary by F. A. von Hayek Looking through defending the undefendable made me feel that I was once more exposed to the shock therapy by which, more than fifty years ago, the late Ludwig von Mises converted me to a consistent free market position. Even now I am occasionally at first incredulous and feel that this is going too far, but usually Many find in the end that you are right. Some may find it too strong a medicine, but it will still do them good even if they hate it. A real understanding of economics demands that one disabuses oneself of many dear prejudices and illusions.

0:45Popular fallacies in economics frequently express themselves in unfounded prejudices against other occupations, and in showing the falsity of these stereotypes you are doing a Real Service, although you will not make yourself more popular with the majority. F. A. von Hayek, Nobel Laureate, Institute for Nationale Economie, Universität Salzburg.