Two Friday Links-Hilary Putnam & Thomas Leonard With A Mention Of Hayek

Via Edward Feser:

‘Hilary Putnam, who died a couple of months ago, had some interest in the Aristotelian-Thomistic tradition, even if in part it was a critical interest.’

R.I.P. Post and comments worth a read.

Some of Bryan Magee’s series has been made available on youtube. Putnam on the Philosophy of Science.


Via a reader, via bloggingheads: Thomas Leonard and Glenn Loury discuss ‘The Power Of The Progressive

Leonard’s book can be found here: ‘Illiberal Reformers: Race, Eugenics & American Economics In The Progressive Era.’

Glenn Loury via the comments:

‘Hayek’s argument against planning was rooted in his views about how to assimilate the knowledge relevant to economic decisions that, necessarily in a modern society, is dispersed among millions of distinct individuals. What feasible mechanisms of social action would allow this diffused information to be most efficiently brought to bear on decisions about the use of scarce resources? How can the actions of myriad individual producers and consumers be so coordinated as to exploit most effectively the specialized knowledge which each possesses about their respective circumstances?

His answer, of course, was that central planning could not improve upon — and invariably would lead to outcomes much worse than — what can be achieved via the price system operating within competitive markets where institutions of private property and freedom of contract are respected, and where individuals enjoy liberty to puruse their own best interests, as they understand them.

This, I wish to insist, is a profound insight into the functioning of economic systems which — though subject to qualification and exception — is largely a correct conclusion with far-reaching implications for the design of economic institutions and the conduct of public affairs. To my mind, the world’s history since publication of The Road to Serfdom has largely vindicated Hayek’s concerns…’

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