This book should be required reading for every economics 101 class. Hayek breaks down all the reasons, that compel governments into believing they can micromanage a society. Instead of creating the conditions that generate wealth, governments attempt to manage the process itself. Hayek compares societies with the rule of law and laissez-fair economics, to societies with large government interventions. He then lists all the reasons why the government planners, fail to achieve their intended results.
I feel this book will have much more of an modern impact, then when it was written. The growth of government planning in the last two generations has exploded. The results have given us a huge welfare underclass, the nanny state, large unelected bureaucracies, declining birth rates, and host of other modern day problems. Hayek`s explanations and analysis, will help the reader understand, what is happening within our current western democracies.
The one complaint regarding this publication, is the overdose of introductions. Chapter one starts on page sixty-five. I still have a few pages left to read, which I am looking forward to finishing. I highly recommend reading Hayek`s material.