1. On page 86 of “Individualism and Collectivism”, from The Road to Serfdom, Hayek states that, “any attempt to control prices or quantities of particular commodities deprives competition of its power of bringing about an effective coordination of individual efforts, because price changes then cease to register all the relevant changes in circumstances and no longer provide a reliable guide for the individual’s actions.” Try to briefly explain this statement.
2. In “Employment and Independence”, from The Constitution of Liberty, Hayek asserts that there are three classes that are necessary to ensure that markets function. (a) What are these three classes? He then argues that Employees should not vote in their self-interest. (b) Briefly describe Hayek’s “employee self-interest”. Finally, if employees should not vote in their self interest, then should the other two classes vote in their self interest? Briefly explain.
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3. In “Redistribution Didn’t Just Happen”, Dean Baker argues that the free market didn’t cause the redistribution on income. Briefly describe how the redistribution of wealth happened.