Frederich Hayek inducted into Wuxi Expat Hall of Fame

The greatest economist the Wuxi China Expatdom has ever produced, and arguably one of the greatest two Economists of the 20th century Frederich von Hayek has been inducted in the Wuxi Expat Hall of Fame.  WCEHoF commissioner Kennesaw "Hui Shan" Landis made the announcement today at the Adam Smith Freedom conference and buffet room of Gambay's Pub in the 1912 Bar District of Wuxi, China.

Hayek, whose birthday is May 8th, was the inspiration for the economic policies of Wuxi China Expatdom King Gorzo the Mighty and Prime Minister Mango which have seen the Expatdom have the world's largest GDP per capita.  Gorzo became an outspoken devotee of Hayek's writing after reading a Road to Serfdom.  Shortly after Gorzo became King of the Wuxi China Expatdom, he "reached into his briefcase and took out a book. It was Friedrich von Hayek's The Constitution of Liberty.  For the benefit of Prime Minister Mango and Mango's Cabinet, Gorzo held the book up for all  to see. 'This', he said sternly, 'is what we believe', and banged Hayek down on the table. And if you have any sense you will believe it too."  Said PM Mango, "I of course already did!"  And so began what has turned into a wonderful friendship between the Monarch and the head of the government of the WCE.

Hayek was one of the leading academic critics of collectivism in the 20th century. Hayek believed that all forms of collectivism (even those theoretically based on voluntary cooperation) could only be maintained by a central authority of some kind. In his popular book, The Road to Serfdom (1944) and in subsequent works, Hayek claimed that socialism required central economic planning and that such planning in turn had a risk of leading towards totalitarianism, because the central authority would have to be endowed with powers that would impact social life as well, and because the scope of knowledge required for central planning is inherently decentralized.

Building on the earlier work of Mises and others, Hayek also argued that, in centrally-planned economies, an individual or a select group of individuals must determine the distribution of resources, but that these planners will never have enough information to carry out this allocation reliably. The efficient exchange and use of resources, Hayek claimed, can be maintained only through the price mechanism in free markets (see economic calculation problem). In The Use of Knowledge in Society (1945), Hayek argued that the price mechanism serves to share and synchronise local and personal knowledge, allowing society's members to achieve diverse, complicated ends through a principle of spontaneous self-organization. He coined the term catallaxy to describe a "self-organizing system of voluntary co-operation."

In Hayek's view, the central role of the state should be to maintain the rule of law, with as little arbitrary intervention as possible.

Born in Austria, Hayek came to the Expatdom to teach English at HyLite Language School.  In his spare time, he was able to do the economic analysis and theorizing that would inspire the great Reagan, Thatcher, and Gorzo revolutions.  He won a Nobel Prize for Economics and briefly had Ayira: The Chosen One as a student.

Hayek was also a great athlete.  He is still the only athlete to play on a world rugby championship team with the New Zealand All-Blacks, and a Super Bowl winning team when he lead the New York Jets to their one Super Bowl Championship in 1968.  As a center for the Wuxi Canadiens Ice Hockey team, he set the China Expatdom Hockey League scoring record in 1972, scoring 92 goals and assisting on 120 others.

His charitable activities were also the stuff of legend.  Working with the poor in the slums of Calcutta in the late 1960s, Hayek became the only living person to be declared a saint by the Catholic Church.  The Wuxi China Expatdom currently has a thousand Hayek houses for sick children, battered women, and bar girls neglected by Wuxi Sexpats.

In the late 1990s and early 2000s, Hayek devoted himself to movie-making, directing and producing such great cinematic classics as the Godfather, The Life and Loves of Harry Moore, Lawrence of Nanjing, Spartacus wins the Football Finals, Citizen Kane II, Doctor Zhivago, Rear Window, Rear Window II, Mr Smith goes to the Wuxi China Expatdom, The Wizard of Oz, Dirty Harry cleans up the Expatdom, and Goldelbow.

Besides being inducted into the WCE Hall of Fame, Hayek will also have a 88m statue erected bearing his image -- it will stand on the grounds of the WCEHoF near the 89 m tall statues of Harry Moore and Jesus Christ.