Jordan Peterson explains Hayek and Mises in 1 minute!

This is taken from Dr. Peterson's recent interview with Dr. Robert P. Murphy. I do not own this content and my only aim is to spread the word.

I recommend you read F.A. Hayek and L. von Mises's seminal articles on this topic, namely:

[mr.mcfife]

This is the Hayekian "knowledge problem" and Misesian "calculation problem" although very briefly mentioned.

[ShrewdCapital]

Absolutely right. Decentralization is essential to life.

[SlavaU-ugst]

Interestingly, Peterson came up with Hayekian ideas of social evolution in his "Maps of Meaning" without reading Hayek.

[NarcArtTherapy]

There is no such thing as a limited government, just as there is no wolf that won't eat sheep.

[luzi]

Hayek was specific on this. He said everyone is responsible to make decisions in areas where he is knowledgeable of and which are in the scope of his decision making. To assume otherwise would be dangerous.
However he also stated that the power of bureaucrats should not be underestimated and pose a real danger.

[williamdevonshire]

awesome vid, one of my favourites now

[dr.floydmillen]

Hayek's influence on Margaret Thatcher was phenomenal. My book "Thatcherism Hayek & the Political Economics of the Conservative Party" looks at this

[exe]

No! This one Minute does NOT explain Hayek AND Mieses in one Minute.
How arrogant and missguided ...

[rasqual]

It's like saying you can have weather forecasting with no weather stations, just one meteorologist thinking in a room.

[chubsteriffic]

Invisible Hand (markets) versus Visible Hand (autocrat)…

[marcomotta]

centralization vs decentralization
State vs market

[martonk]

This is a perfectly right summary, yes.

[Utrecht-sb]

Big conglomerates are doing exactly the same thing

[sisyphus]

Wonderful! Allow me to translate to Spanish please.

[JMGARG]

wonder why they abandoned something that worked so well, planned intentional collapse?

[UltraRik]

hayek was kinda postmodernist and was interested in psychology i wonder what peterson would say abt it

[thecrowd]

This is a great argument for worker democracy. "Each [worker] is going to have knowledge that pertains to their [job]" which their boss won't. Hundreds/thousands of "expert distributed minds", who "specialise" in their roles, and have democratic power over a firm will know how to run said firm better than an unelected CEO.

[sinamirmahmoud]

a single mom ... having nothing ... raises up healthy kids ... despite everything she holds her up high ... what is the comparative value you contribute in contrast with her ...

[hachizhachix]

No digo mucho.Pero los neoclásicos son tan infantiles con su utopía de libre mercado

[tedhoward]

Yes - it is a beautiful explanation of why markets worked well in the past, but fails to indicate why they fail in the presence of fully automated systems.
Totally agree that distributed systems are appropriate in all but the most dire of external emergencies. When faced with real novel chaos there can be real value in central constraints, but typically such case are rare. In most instances diversity and autonomy at every level is the optimal approach to survival.

Today, the idea that markets provide a useful arbitrage of value across domains can no longer be sustained; not without a high universal income.