THE ROAD TO SERFDOM

A fascinating analysis of Hayek's The Road to Serfdom, which could be subtitled "Why the worst get on top in the world of politics".

"...Even Liberal Socialists, as opposed to collectivists, in their desire to plan the economy must establish institutions of discretionary planning and grant authority to planners [bureaucrats] to exercise their political power in order to accomplish the task entrusted to them. The complexity of the task implied in rationally planning an economic system would require that planners be granted almost unlimited discretion. And, as a consequence, we should expect that only those that have a comparative advantage in exercising discretionary power will survive..."

Peter Boettke on Hayek's The Road To Serfdom. Download the pdf here.