Hayek: Social Justice is a Meaningless Conception

For Hayek, ”Justice is an attribute of individual action. I can be just or unjust toward my fellow man.” But  ”social justice” is a “meaningless conception.”


  1. And what seems to be overlooked by both has been that the currency itself is a (simple) public monopoly and all the ramifications that follow.

    taxation and the desire to net ‘save’ financial assets of that currency constitute the notional demand.

    And, of course, the dollars needed to pay taxes that are also desired as ‘savings’ necessarily must
    come from the govt. of issue (and/or it’s designated agents, including the Central Bank).

    Warren Mosler

  2. Two things.
    He missed the essence of Wm F’s question on education.
    To the extent education is a public good and children from all regions
    support the macro economy after completion of their education
    and do so disproportionately from the highly populated business centers
    education can be looked at as public infrastructure for public purpose,
    much like the military and the legal system.

    Therefore the example was not an example of ‘redistribution’ as generally understood.

    This can also be true for the truly less fortunate not able to work productively,
    including the infirm, elderly, etc. where ‘morale hazard’ is not applicable.

    The core, problematic distribution issue is where moral hazard is applicable.

    Note too the response to Wm F’s statement that people taxed at 66% are in fact
    working just as hard and productively. That used to be me, as well, back in the late
    1970′s and early 1980′s. The higher tax rates mean you have to earn that much more
    for the same net income. I actually found myself working less when my tax rate went down
    as the marginal value of the work decreased for me with the decreasing marginal value of the
    additional income. In conversation with Arthur Laffer he told me much the same. He said
    the Laffer curve works only at the extremes, and is highly uncertain at points between.

    Warren Mosler

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