“I also prefer the Austrian school of economics — which includes thinkers such as von Mises, Hayek, and Rothbard — not least because it does not overemphasize the textbook model of perfect competition, especially by using that model as a stick with which to beat real-world industries. For the Austrians, the essence of economic life is not competition but co-ordination. The metaphor of the invisible hand is a way of explaining how the problem of social co-ordination can be solved without central direction. People with diverse resources and plans can cooperate in ways that leave them all better off. Hence Michael Novak’s description of capitalism — his term, not mine — as ‘a creative form of community.’” Read the entire article: The Market’s Neglected Virtues.
Next step is to go beyond using these names as slogans and start applying their ideas to how he thinks.
