“Freddie” Hayek is, of course, famous for the epic rap battles between him and his arch-nemesis, the maverick economist and Bloomsbury groupie John Maynard Keynes. Keynes may have been more charismatic, but Hayek had the edge in writing. The Road to Serfdom is a compelling and passionate defence of free-market economics and is much more readable than Keynes’s dense The General Theory of Employment, Interest and Money. Even the title is snappier. (The General Theory wasn’t written for a popular audience, though — Essays in Persuasion is a better read, although maybe less influential.)
Hayek does come across as a bit of a Cassandra, terrified that a bit of well-meaning socialism is just the first step on the slippery slope to fascism, totalitarianism and, well, serfdom. The shrillness of his warnings is explained by the context: he was writing during the second world war, and saw echoes in contemporary American society of Germany in the interwar years. He grew up in Austria before living and working in the USA and England, so he was well-placed for this comparison.
This is a great survey of all the ways to lie with statistics, and how to avoid being fooled by them. So many of the things we read and hear are based on numerical data, and often it’s hard to argue with them — “the numbers don’t lie”, they say. And it’s true: numbers don’t lie. But people lie, sometimes using words and sometimes using numbers.
There are sections on politics, discussing gerrymandering and also counting election results. Seife’s analysis of the 2000 US presidential election is excellent, laying bare the frankly ridiculous voting systems in use. He also reveals what the actual result should have been, after all the court cases and recounts. His conclusion surprised me, but it is actually the only sensible option even though it would probably have caused outrage.
I love this book. It’s a heartfelt, clear-eyed, inspiring clarion call for everyone to get together to make the world more livable. Her ideas are all so practical and achievable that I actually feel hopeful that they could really happen.
If more people read this book, the world would be a better place.
An interesting survey of the working of democracies, as illuminated by their responses to the last hundred years of democratic crises. The idea is that the inherent flexibility of democracies is their main strength but also an inescapable weakness:
This is the confidence trap. Democracies are adaptable. Because they are adaptable, they build up long-term problems, comforted by the knowledge that they will adapt to meet them. Debt accumulates; retrenchment is deferred. Democracies are also competitive, which means that politicians will blame each other for their failure to tackle the long-term problems. However, they do it in a way that gives the lie to urgency, because if it were truly urgent, then to they would compromise to fix it. Instead they squabble. They are comforted as they squabble by their knowledge that the system is resilient.