Barack Obama and some on his economic team claim to be students of Hayek. But as Université du Québec economist Pierre Lemieux points out, Obama’s new plan to “regulate” the macroeconomy is premised on purely magical thinking where government bureaucrats have an impossible God-like knowledge of market relations, and where bureaucrats and politicians have a . . . → Read More: pierre lemieux: Obama As Student Of Hayek = FAIL
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If the central contest of the twentieth century has pitted capitalism against socialism, then F. A. Hayek has been its central figure. He helped us to understand why capitalism won by a knockout. It was Hayek who elaborated the basic argument demonstrating that central planning was nothing else but an impoverishing fantasy. — Kenneth Minogue
