http://blog.heritage.org/2011/02/14/hayek’s-top-10-do’s-and-don’ts-in-a-recession/
In a new essay, Bruce Caldwell, the editor of The Collected Works of F.A. Hayek (19 volumes), distills the key Hayekian insights on what to do—and not do—during a recession. The short of it: “We usually don’t have the necessary knowledge to intervene effectively in the economy, and the political process is such that, even if we did, we still likely would get bad policy, coupled with an ever-growing government sector.”
The full essay is worth reading:
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