Friedrich Hayek will always have a place in my heart. When I first read the Road to Serfdom, in my 20s, I thought it was a book of penetrating insight, and the winning example of how an intellectual could write for a mass audience. Now, too long later, I revisit those same ideas and they feel obvious to me, they feel partially misleading, and partially I feel like the ideas were never quite as popular as I imagined. This is, however, more a symptom of me growing up in a little intellectual bubble than anything else. So let's recap Hayek's most influential idea.