Frederick Hayek

 Frederick Hayek

Frederick Hayek was an individual that is known for his economic policies described in the Austrian School of Economics. We know that Frederick Hayek described the importance of capitalism in order for individuals to better produce, create, and innovate. We learn that Frederick Hayek allowed individuals to know about the importance of true capitalism. 

Frederick Hayek described the importance of competition in a capitalist system so that individuals would be able to produce better services and better products. We learn that competition that exists between companies or individuals allow for better services and products to be created. This allows us to understand why other policies describing monopoly "capitalism" and communism lead to a lack of competition, stagnation, and even worse products and services at increased costs. 

We know that this allows us to know that we can not believe the temporary lies of false philosophies that have the intention to cause stagnation, vices, and essentially the practice of sin. We know that when there is competition and autonomy, individuals are able to keep improving so that they improve their knowledge of improving services and products that leads to better products and services and increased industry. This allows for there to be incentives for diligence, persistence, hard work, and motivation. 

This is different from socialist and communist policies that have the intention to decrease motivation and hard work due to envy and slothfulness. We know that there have been extensive cases where we have seen the manner that socialist and communist policies lead to economic difficulties, negative emotions, and envy. In the case of Aleksandr Solzenitzyn, we learn that communism led to the communists not only attempting to prevent true capitalism but also lead to intrusion of privacy in the manner that the communists were reading the private letters of Solzenitzyn to his friends. This describes how socialism and communism do not help individuals and instead leads to a dystopia of impoverishment due to decreased autonomy, diligence, and improvement based on hard work and dedication. We know that not only are products and services affected, but communism also tries to prevent individuals from having autonomy. For this and so many reasons more, we know that monopoly "capitalism", socialism, and communism are not the best economic policies to practice. We know that true capitalism based on Frederic Bastiat's and Frederick Hayek's economic knowledge allows us to know that we can not accept monopoly "capitalism", socialism, nor communism.