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To: gpowell who wrote (52079)	6/5/2006 2:32:18 PM
From: CalculatedRisk	Read Replies (2) \| Respond to of 116555

Like Krugman, I've tended to ignore the Austrian school. So, yes, you are probably correct that my views of them have been formed somewhat by ideologues. Still, I have read some of Hayek's short works ... It is my understanding that Hayek favored a small government that was only involved in keeping the peace. Otherwise he felt the market should work its magic. If that is correct, its not so much that I disagree with him always - just sometimes, like in the example I gave earlier. Of course economics starts with normative issues. I recommend reading Adam Smith's: "The Theory of Moral Sentiments". Economics and normative issues can't be separated. Thats why you have it backwards ... ask first where you want to go, then ask how to get there. And finally I'm sympathetic to Hayek's view that some movements that are considered "progressive advocate further encroachments on individual liberty". I'm usually on the side of allowing people to engage in any activity they choose, as long as it doesn't hurt others - with some caveats (as an example, as a hiker and climber, I'd hate to see climbing banned in Yosemite).