The F.A. Hayek Memorial Lecture, sponsored by the Stephen Haag Estate. Paul H. Rubin is Samuel Candler Dobbs Professor of Economics at Emory University, Past President of the Southern Economic Association, and former Editor of ‘Managerial and Decision Economics’. Presented at the Austrian Economics Research Conference at the Mises Institute in Auburn, Alabama, on 11 March 2017. Includes introductory remarks by Joseph Salerno.