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Subject Area: Economics
Subject Area: Political Theory

For a Philosophy of Choice, Lord Grantchester - Friedrich August von Hayek, Toward Liberty: Essays in Honor of Ludwig von Mises, vol. 1 [1971]

Edition used:

Toward Liberty: Essays in Honor of Ludwig von Mises on the Occasion of his 90th Birthday, September 29, 1971, vol. 1, ed. F.A. Hayek, Henry Hazlitt, Leonrad R. Read, Gustavo Velasco, and F.A. Harper (Menlo Park: Institute for Humane Studies, 1971).

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For a Philosophy of Choice
Lord Grantchester

I do not intend to write an essay in honour of our friend, Ludwig von Mises, but I should not like to miss the opportunity the celebration of his 90th birthday gives to record the debt so many of us owe to his work and influence.

Politics is the art of the possible. Certain actions have predictable consequences and it is well that someone should have the courage to say that interventions with the laws of supply and demand may not achieve the end desired and if they do the side-effects may be more injurious in the longer term than the hardship the intervention seeks to alleviate. No one has more clearly shown that short-cuts are deceptive, and von Mises did more than follow through with relentless logic the consequences of actions personal and governmental in the field of economics. He raised the study from a purely materialist and deterministic basis into the realm of a philosophy of choice, thus giving to it a place in our general concept of freedom.

There are two men I particularly respect because they have been impelled by an underlying belief in freedom; one is our friend von Mises, happily still with us, the other is the late William Rappard. The association is significant for it was Professor Rappard who invited von Mises to join him in Geneva where a wider foundation of teaching was laid which profoundly influenced post war recovery on the Continent of Europe and is recognisable in some recent statements of policy in Britain.

This concept is vital to the preservation of the way of life to which we are accustomed and for prodding us against the laziness or apathy of giving up the choices open to us and the endeavour to expand their range. Here we express our gratitude to von Mises for his words and work.