The Rule of Law and Economic Policy

|Peter Boettke|

In my PhD seminar Econ828 this evening we will be discussing Part II of Hayek's The Constitution of Liberty.  This section of the book raises several important issues for political economists to think about, but most important in my opinion is the quesiton of the relationship of the rule of law to economic policy.  Ryan Oprea and I actually published a paper on this topic in the Encyclopedia of Public Choice years ago.  The bottom line, in Hayek (and Buchanan) the rule of law consistently and persistently applied results in a policy regime that exhibits neither dominion nor discrimination.

Here is an old clip from Firing Line, where Hayek discusses this idea with respect to redistributive policy.

 

Comments

[Richard O. Hammer]

While I celebrate hearing Hayek and others say what I believe, it seems to me that Jeff Greenfield's questions were not answered directly in terms that Greenfield would be likely to understand. I would like to hear how Milton Friedman would have answered Greenfield.

[Mariorizzo.wordpress.com]

So he changed his mind on redistribution from the position in The Constitution of Liberty?

Mario Rizzo.

[Mariorizzo.wordpress.com]

I hate the new way comments are to be posted. I don't know what I am doing.

There is no Mariorizzo.wordpress.com

Mario Rizzo.