News analysis: Paul Ryan's Hayekian roots lead to 'Ryanism' approach; Dems, GOP differ on philosophies

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  • Rothbard Herriman, Utah
    Aug. 23, 2012 2:33 p.m.

    Economics is not a pure science like Physics or Chemistry, instead it is a division of the science of Human Action(Praxeology). Once this is understood it is easy to see uninteded consequences of Government interference(price setting, stimulus, printing money, etc) into the economy. Some books that explain this even better than Hayek are "Human Action" by Ludwig Von Mises and "Man, Economy, and State" by Murray Rothbard(Contemporary of Ayn Rand who focused on Free Market Economics and Liberty). These books synthesize the bulk of free market economics(also known as Austrian Economics ... essentially economics without aggression). Paul Ryan has most likely not ready either of these books and therefore has supported measures that go against the free market(TARP, etc). Another book to start with is "Economics in One Lesson" by Henry Hazlet.

  • Rothbard Herriman, Utah
    Aug. 23, 2012 2:32 p.m.

    The argument should not be what services the government should provide but if they should provide any services at all ... governments are set up to protect rights(life, liberty and property) from aggression ... not to provide services. As soon as a government begins to provide services they set themselves up as a monopoly of that service. This impedes progress and improved efficiences that would otherwise occur in the presence of a free market for that service.

  • David King Layton, UT
    Aug. 22, 2012 9:46 p.m.

    I'm always glad to see the name of F.A. Hayek in the news, but only one presidential candidate could claim the "Hayekian" title, and that was Ron Paul. Hayek believed all war spending was destructive to the economy, so I'm pretty sure he would be okay with some cuts to our military budget. He also believed that a country as rich as ours could provide social programs for the very poor. Ron Paul's proposed budget, which would balance the budget in four years, did not achieve balance by cutting Social Security, Medicare, or Medicaid, but cutting from other areas first to leave those programs in place for those who need them, while we begin a transitional period to wean ourselves off of some of those programs. I fear that some may read this article and think Paul Ryan=Hayek, which I think would be an oversimplification of the ideas, policies, and histories of both men.

  • marxist Salt Lake City, UT
    Aug. 22, 2012 7:43 p.m.

    In 1944 two important books were publihsed "The Road to Serfdom" by Hayek, and "The Great Transformation" by Polanyi. They have radically opposite views of the market. One should not read one without reading the other.

  • Kim Cedar Park, Texas
    Aug. 22, 2012 2:39 p.m.

    Robust capitalism cannot exist without equally robust government institutions that create the environment for capitalism to thrive. The seeds of capitalism cannot sprout and grow without a fertile garden and patient gardener (government). They go hand in hand. The argument should not be whether government should exist, but what services it should provide and how those services can be delivered effectively and efficiently. Also, we should be careful not to equate economics with a pure science. No economic theory performs as advertised in the real world. Neither Hayek's or Keyene's theories could be implemented in totality. Both candidates have some elements of each in their approach. Whoever does get elected will need to reach a compromise with the other political party. I suspect that that compromise will not be radically different for either candidate, only a matter of degrees.