I started reading The Road to Serfdom last year and finally finished it last week. It initially didn’t seem to have much relevance to today as it was written almost 70 years ago and published right after WWII, but it really is a pivotal piece about politics and economics in the first half of the 20th century. Hayek examines the rise of socialism in Europe and the eventual path to totalitarianism. He goes into great depth on how transferring economic power to the government diminishes the freedom of individuals and the eventual consequences which is still very relevant today.
I’d probably have to read the book again and keep notes to really talk intelligently about what Hayek is saying. Even after a casual read I feel that I gained a better understanding about the reasoning behind my economic and political philosophy. It seems the best way to get smarter is by reading what really smart people have to say. I would only recommend reading the book if you have a preexisting interest in economics and politics. If you have heard about John Maynard Keynes and Keynesian economics and always wondered if there was an opposite view then this is your book.
Even if you don’t have enough interest to read a book like The Road to Serfdom I highly recommend the following two videos. You don’t have to be an economics nerd to recognize the opposing views and decide which approach is predominately used in government today. The next question to ask is whether that approach is working and what effect it has on the individual. This isn’t really a moral debate so you can’t really say one is wrong or right, but there are definitely different consequences.
