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<span id="openzim-page-title" class="mw-page-title-main"><i>The Fatal Conceit</i></span>
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</style><table class="infobox ib-book vcard"><caption class="infobox-title">The Fatal Conceit </caption><tbody><tr><td colspan="2" class="infobox-image"></td></tr><tr><th scope="row" class="infobox-label">Author</th><td class="infobox-data"><a href="Friedrich_Hayek" title="Friedrich Hayek">Friedrich Hayek</a></td></tr><tr><th scope="row" class="infobox-label">Language</th><td class="infobox-data">English</td></tr><tr><th scope="row" class="infobox-label">Series</th><td class="infobox-data">The Collected Works of F. A. Hayek</td></tr><tr><th scope="row" class="infobox-label">Subject</th><td class="infobox-data"><a href="Socialism" title="Socialism">Socialism</a></td></tr><tr><th scope="row" class="infobox-label">Publisher</th><td class="infobox-data"><a href="University_of_Chicago_Press" title="University of Chicago Press">University of Chicago Press</a> (US)<br><a href="Routledge" title="Routledge">Routledge Press</a> (UK)</td></tr><tr><th scope="row" class="infobox-label"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;">Publication date</div></th><td class="infobox-data">1988</td></tr><tr><th scope="row" class="infobox-label">Publication place</th><td class="infobox-data">United States</td></tr><tr><th scope="row" class="infobox-label">Media type</th><td class="infobox-data">Print</td></tr><tr><th scope="row" class="infobox-label">Pages</th><td class="infobox-data">194</td></tr><tr><th scope="row" class="infobox-label"><a href="ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a></th><td class="infobox-data"><style data-mw-deduplicate="TemplateStyles:r1238218222">
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</style><bdi>0-226-32066-9</bdi></td></tr><tr><th scope="row" class="infobox-label"><a href="OCLC_(identifier)" class="mw-redirect" title="OCLC (identifier)"><abbr title="Online Computer Library Center number">OCLC</abbr></a></th><td class="infobox-data"><a rel="nofollow" class="external text" href="https://www.worldcat.org/oclc/24815557">24815557</a></td></tr></tbody></table>
<p><i><b>The Fatal Conceit: The Errors of Socialism</b></i> is a book written by the economist and political philosopher <a href="Friedrich_Hayek" title="Friedrich Hayek">Friedrich Hayek</a> and edited by the philosopher <a href="William_Warren_Bartley" class="mw-redirect" title="William Warren Bartley">William Warren Bartley</a>. The book was first published in 1988 by the <a href="University_of_Chicago_Press" title="University of Chicago Press">University of Chicago Press</a>.<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup>
</p><p>The title of the book derives from a passage in <a href="Adam_Smith" title="Adam Smith">Adam Smith</a>'<i>s <a href="The_Theory_of_Moral_Sentiments" title="The Theory of Moral Sentiments">The Theory of Moral Sentiments</a></i> (1759), though the exact phrase does not occur in Smith's book.<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup>
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<div class="mw-heading mw-heading2"><h2 id="Summary">Summary</h2></div>
<p>In this book, Hayek aims to refute <a href="Socialism" title="Socialism">socialism</a> by demonstrating, not only that socialist theories are logically incorrect, but also that even the premises those theories rely on are incorrect. According to Hayek, civilizations grew because societal traditions placed importance on <a href="Private_property" title="Private property">private property</a>, enabling economic expansion, trade, and eventually the modern capitalist system, which he calls the <a href="Extended_order" title="Extended order">extended order</a>.<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> Hayek says this demonstrates a key flaw within socialist thought, which holds that only purposefully designed changes can be maximally efficient. He also says that “statist” economies (which include socialist economies) cannot be efficient because efficiency in a modern economy requires that knowledge be dispersed rather than concentrated. Hayek notes that modern civilization and all its customs and traditions naturally led to the current order and are needed for its continuance. It follows therefore, he asserts, that fundamental changes to the system — made in an attempt to control it — are impossible or unsustainable in modern civilization, and so are doomed to fail. <a href="Price_signals" class="mw-redirect" title="Price signals">Price signals</a> are the only means of enabling each economic decision maker to exchange <a href="Tacit_knowledge" title="Tacit knowledge">tacit knowledge</a> or <a href="Dispersed_knowledge" title="Dispersed knowledge">dispersed knowledge</a> with each other to solve the <a href="Economic_calculation_problem" title="Economic calculation problem">economic calculation problem</a>.
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<div class="mw-heading mw-heading2"><h2 id="Authorship">Authorship</h2></div>
<p>There is scholarly debate on the extent of <a href="William_Warren_Bartley" class="mw-redirect" title="William Warren Bartley">William Warren Bartley</a>'s influence on the work.<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> Officially, Bartley was the editor who prepared the book for publication once Hayek fell ill in 1985. However, the inclusion of material from Bartley's philosophical point of view and citations that other people provided to Bartley<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> have led to questions about how much of the book was written by Hayek and whether Hayek knew about the added material. <a href="Bruce_Caldwell_(economist)" title="Bruce Caldwell (economist)">Bruce Caldwell</a> thinks the evidence "clearly points towards a conclusion that the book was a product more of [Bartley's] pen than of Hayek's. ... Bartley may have written the book".<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup>
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<div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2></div>
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<div class="side-box-text plainlist">Wikiquote has quotations related to <i><b><a href="https://en.wikiquote.org/wiki/Special:Search/The_Fatal_Conceit" class="extiw external" title="q:Special:Search/The Fatal Conceit">The Fatal Conceit</a></b></i>.</div></div>
</div>
<ul><li><a href="Dispersed_knowledge" title="Dispersed knowledge">Dispersed knowledge</a></li>
<li><a href="Fallibilism" title="Fallibilism">Fallibilism</a></li>
<li><a href="Invisible_hand" title="Invisible hand">Invisible hand</a></li>
<li><a href="Opportunity_cost" title="Opportunity cost">Opportunity cost</a></li>
<li><a href="Tax_choice" title="Tax choice">Tax choice</a></li>
<li>"<a href="The_Use_of_Knowledge_in_Society" title="The Use of Knowledge in Society">The Use of Knowledge in Society</a>", essay by Hayek</li></ul>
<div class="mw-heading mw-heading2"><h2 id="References">References</h2></div>
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<div class="mw-references-wrap"><ol class="references">
<li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text"><cite id="CITEREFHayek1988" class="citation book cs1">Hayek, Friedrich (1988). <a rel="nofollow" class="external text" href="https://www.press.uchicago.edu/ucp/books/book/chicago/F/bo3643985.html"><i>The Fatal Conceit</i></a>. Chicago and London: University of Chicago Press.</cite></span>
</li>
<li id="cite_note-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-2">^</a></b></span> <span class="reference-text">'The man of system ... is apt to be very wise in his own conceit; and is often so enamoured with the supposed beauty of his own ideal plan of government, that he cannot suffer the smallest deviation from any part of it. ... He seems to imagine that he can arrange the different members of a great society with as much ease as the hand arranges the different pieces on a chess-board. He does not consider that the pieces on the chess-board have no other principle of motion besides that which the hand impresses upon them; but that, in the great chess-board of human society, every single piece has a principle of motion of its own, altogether different from that which the legislature might chuse [choose] to impress upon it.' Adam Smith, <i>The Theory of Moral Sentiments</i>, ed. D.D. Raphael and A.L. Macfie, Indianapolis: Liberty Fund 1984, VI.ii.2.17: 233-4.</span>
</li>
<li id="cite_note-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-3">^</a></b></span> <span class="reference-text">Hayek, F.A. "The Fatal Conceit: The Errors of Socialism". The University of Chicago Press. 1991. p. 6.</span>
</li>
<li id="cite_note-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-4">^</a></b></span> <span class="reference-text"><cite id="CITEREFAlan_Ebenstein" class="citation web cs1">Alan Ebenstein. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20080622201757/http://libertyunbound.com/archive/2005_03/ebenstein-deceit.html">"The Fatal Deceit"</a>. <a href="Liberty_(1987)" class="mw-redirect" title="Liberty (1987)">Liberty</a>. Archived from <a rel="nofollow" class="external text" href="http://libertyunbound.com/archive/2005_03/ebenstein-deceit.html">the original</a> on 2008-06-22<span class="reference-accessdate">. Retrieved <span class="nowrap">2008-07-06</span></span>.</cite></span>
</li>
<li id="cite_note-5"><span class="mw-cite-backlink"><b><a href="#cite_ref-5">^</a></b></span> <span class="reference-text"><cite id="CITEREFFriedman1998" class="citation journal cs1 cs1-prop-long-vol">Friedman, Jeffrey (1998). "What's Wrong with Libertarianism?". <i>Critical Review</i>. Summer 1998: 463.</cite></span>
</li>
<li id="cite_note-6"><span class="mw-cite-backlink"><b><a href="#cite_ref-6">^</a></b></span> <span class="reference-text"><i>Karl Popper, a Centenary Assessment Vol. 1: Life and Times, and Values in a World of Facts</i>, p. 120</span>
</li>
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</style><div id="Friedrich_Hayek94" style="font-size:114%;margin:0 4em"><a href="Friedrich_Hayek" title="Friedrich Hayek">Friedrich Hayek</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">Concepts and career</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em">
<ul><li><a href="Austrian_business_cycle_theory" title="Austrian business cycle theory">Austrian business cycle theory</a></li>
<li><a href="Austrian_School" class="mw-redirect" title="Austrian School">Austrian School</a></li>
<li><a href="Catallactics" title="Catallactics">Catallactics</a></li>
<li><a href="Cultural_group_selection" title="Cultural group selection">Cultural group selection</a></li>
<li><a href="Dispersed_knowledge" title="Dispersed knowledge">Dispersed knowledge</a></li>
<li><a href="Extended_order" title="Extended order">Extended order</a></li>
<li><a href="Free_banking" title="Free banking">Free banking</a></li>
<li><a href="Sraffa%E2%80%93Hayek_debate" title="Sraffa–Hayek debate">Sraffa–Hayek debate</a></li>
<li><a href="Spontaneous_order" title="Spontaneous order">Spontaneous order</a></li>
<li><a href="Socialist_calculation_debate" title="Socialist calculation debate">Socialist calculation debate</a></li></ul>
</div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="Friedrich_Hayek_bibliography" title="Friedrich Hayek bibliography">Works</a></th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em">
<ul><li><i><a href="The_Road_to_Serfdom" title="The Road to Serfdom">The Road to Serfdom</a></i> (1944)</li>
<li>"<a href="The_Use_of_Knowledge_in_Society" title="The Use of Knowledge in Society">The Use of Knowledge in Society</a>" (1945)</li>
<li><i><a href="Individualism_and_Economic_Order" title="Individualism and Economic Order">Individualism and Economic Order</a></i> (1948)</li>
<li><i><a href="The_Counter-Revolution_of_Science" title="The Counter-Revolution of Science">The Counter-Revolution of Science</a></i> (1952)</li>
<li><i><a href="The_Constitution_of_Liberty" title="The Constitution of Liberty">The Constitution of Liberty</a></i> (1960)</li>
<li><i><a href="Law%2C_Legislation_and_Liberty" title="Law, Legislation and Liberty">Law, Legislation and Liberty</a></i> (1973; 1976; 1979)</li>
<li><i></i> (1988)</li></ul>
</div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Family</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em">
<ul><li><a href="August_von_Hayek" title="August von Hayek">August von Hayek</a> (father)</li></ul>
</div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Bibliography</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em">
<ul><li><a href="Friedrich_Hayek_bibliography" title="Friedrich Hayek bibliography">Friedrich Hayek bibliography</a></li></ul>
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