YouTube – Phelps on Hayek & the Economics of Capitalism

Edmund Phelps on “Hayek and the Economics of Capitalism” at the Hayek Institut Jan. 29, 2008:

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Of the direct significance of equilibrium analysis to the explanation of the events we observe, I never had any doubt. I thought it was a very useful concept to explain a type of order towards which the process of economics tends without ever reading it. — F. A. Hayek

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