'Planning and Democracy' | Revisiting The Road to Serfdom: Chapter 5 (Part 2)

Here is Part 2 of my 4th conversation with Kevin over F.A. Hayek's 'The Road to Serfdom.' In this video we finish our discussion of Chapter 5: Planning and Democracy. As Chapter 3 discussed the incompatibility between Individualism and Collectivism, Chapter 5 discusses similar incompatibilities between Planning and Democracy. Hayek lays out this argument by demonstrating how impossible it is for those seeking to Plan a society to achieve true consensus. Hayek explains the methods Planners use to circumvent the lack of public consensus for their Plan, which range from delegating their Plan to unelected bureaucrats, to vaguely defining their Plan as pursuant to "The Common Good," or "The Common Welfare." Today's equivalent might be to claim something is a "Human Right," for example. In the absence of consensus, Planners will inevitably have to reso ...