According to Friedrich Hayek, socialists are wrong because they disregard the fact that modern civilization naturally evolved and was not planned. Hayek refers to this fundamental error as “the fatal conceit.”
And on CNBC it’s what Larry Kudlow used to describe ObamaCare during a debate on the roll-out of the Affordable Care Act– the fatal conceit. The panel consisted of Jonathan Gruber (MIT professor and a designer of the ACA), Matt Welch (editor of Reason Magazine), and me.
Here are two clips to enjoy:
Are we on a slippery slope to a single payer system? If we are, you can kiss investment goodbye, along with innovation, and any hopes for the future of personalized medicine. Is this a system that was designed to fail?
You be the judge.
We shall not grow wiser before we learn that much we have done was very foolish
-- Friedrich Hayek