Didn’t Reagan’s policies improve cost of living from Carter’s inflation era, etc…
Fhayek was addressing the kind of actions that Mamdani has, or will, propose: price controls, government ownership, excessive regulation, government edicts, excessive taxes, etc. As fhayek points out, these direct actions have been counterproductive since the time of the Roman emperors, and before.
Reagan made our lives better by dismantling the direct government actions listed above. Reagan’s policies could be described as “let’s stop being stupid.” It works wonders.
There is nothing new under the sun. Those who understand economic theory and economic history will recognize it when Mamdani enacts the same old tried and failed policies of the past.
It should be recognized that some policies appear to work initially but then fail. Forcing prices down (price controls) may look good at first. But wait for it, bare shelves. Great price, if you could buy it. One can force up wages. Wait for it, revised hiring plans. First no new hires. Then layoffs. Great job, if you get to keep it. Are they building new rent-controlled apartments that are as nice at the old ones were?
Fhayek was not born yesterday. Many voters, politicians, and bloggers appear to have been born yesterday.