political philosophy

“When I was a child, the monarch of Liechtenstein told me: our duty is to protect people from power. If you have power, your first task is to limit the powers of the government, not to expand them.” Prince Michael of Liechtenstein said these words during a short visit to Lithuania. The guest, who was invited as a guest speaker to the 35th anniversary of the Lithuanian Free Market Institute, came as a surprise to many.

In 1776, three texts appeared almost simultaneously that helped define the political and moral architecture of the modern world. Thomas Paine’s Common Sense gave popular voice to the radical idea that political authority must rest on reason and consent rather than tradition. Adam Smith’s The Wealth of Nations provided a systematic account of how prosperity emerges from freedom, specialization, and exchange.

Hayek would like us to live in peace with all people, if possible, and to accept ourselves and the world as we are. Asked if he feels happy at the end of his life he answered: “It is my general view of life that we are playing a game of luck, and I have been lucky in this game.”