Thursday, May 10, 2012
Until recently, I had only read the first two books of Hayek’s grand trilogy Law, Legislation and Liberty. People told me that the third book was the least interesting. The real action, they said, was in the first two books. I decided to see for myself whether they were right. After finishing the book, I admit that much of the analysis is straightforward public choice theory that others had already carried to a higher level of sophistication. Further, the conceptions of law, spontaneous order and the critique of social justice are best articulated in the first two books. However, Book III has a number of interesting elements. One of them is Hayek’s insistence on a universal basic income while vehemently rejecting the idea of social justice.