But Friedman seemed to share Friedrich Hayek's extreme and inaccurate view that socialism of the sort that Britain embraced under the old Labour Party was incompatible with democracy, and I don't think that there is a good theoretical or empirical basis for that view. The Road to Serfdom flunks the test of accuracy of prediction!
Richard PosnerFact is often stranger than fiction because most writers of fiction try to make their stories plausible.
Richard PosnerA diversity of approaches is necessary if there is to be a good chance of hitting on one that works. Progress is a social undertaking & achievement, because people see things differently
Richard PosnerIf belief in the existence of God is predicted to lead to a feeling of contentment, and the prediction is fulfilled, does it follow that God exists? Surely not. All that would follow would be the desireability of the belief.
Richard PosnerI was an advocate of the deregulation movement and I made - along with a lot of other smart people - a fundamental mistake, which is that deregulation works fine in industries which do not pervade the economy. The financial industry undergirded the entire economy and if it is made riskier by deregulation and collapses in widespread bankruptcies as what happened in 2008, the entire economy freezes because it runs on credit.
Richard Posner