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... Özge Akçizmeci (2nd Response paper) 20/07/2004
Hayek referred the socialism as the intellectual error which will lead us to primitive morality and tried to put a system which is an alternative to it. ... Hayek says there are two kinds of individualism: false and true. ... Hayek states, If there is no fear of loosing private property the system could not work. In this paper I would like to discuss the consequences of Hayek’s ideas of equality, asymmetric information and the principle of acting according to individual benefits for common good. ... It is too hard for a person who born in misfortune, to change his life, because for the Hayek’s system there is no intervention for the inequality. ... Also it can be justifiable by the Hayek’s thoughts of asymmetric information. ... In that sense, the consequences of the Hayek’s thoughts would lead us to very critical point that knowledge could loss it’s ‘use value’ and became a commodity which only has an ‘exchange value’. ... Laissez faire which Hayek supported and the motto of one of the worlds biggest MNC; Nike ‘Just do it’ are synonym of each other.
Approximate Word count = 879
Approximate Pages = 3.5
(250 words per page double spaced)
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