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Last week, we had the privilege of meeting with Dr. Amy Sturgis and discussing The Road to Serfdom by Austrian-born economist and philosopher Friedrich von Hayek. He argues that if we “abandon individualism, classical liberalism, and freedom,” the consequence will be oppression and possibly tyranny. From my limited understanding of the book (not an Economics major), I believe Hayek is trying to say that Western democracies are abandoning “freedom in economic affairs” to guarantee ongoing prosperity. While socialism can lay the grounds for equality, this is often done through “restraint and servitude.” Democracy, on the other hand, “seeks equality in liberty.”
Common questions that piqued my interest in the seminar discussion included: Does the government have the right to regulate our economy? If the government does not regulate the economy, does it have the possibility to sustain itself? When is government regulation too much and does this regulation stunt the growth of small businesses? In today’s time, small businesses are losing their ability to profit in our country. Regulations keep them from growing and sometimes even starting in the first place. How can a country sustain itself when small businesses are punished? We must strike a balance. The government needs to have the citizens’ best interests in hand when regulating (i.e., food), but they also need to take into account how some unnecessary regulations are hurting the growth of small businesses in America.
Janna Imel is a junior McConnell Scholar at the University of Louisville. She is studying psychology and political science.