Murphy backtracks on inflation call

A rare mea culpa from an economist.

money: Eamonn Butler on Hayek & Inflation

Eamonn Butler of the Adam Smith Institute explains how inflation — the manufacturing of money and credit — changes the shape of the economy into a form that will collapse when the surge of new money and credit comes to an end:

Inflation brings many evils, of course. As the Nobel economist F A Hayek . . . → Read More: money: Eamonn Butler on Hayek & Inflation

interview: Hayek on Money, Keynes, Friedman & Gold

Quotable:

Q: You taught with Lord John Maynard Keynes at the same university, did you not?

Hayek: I taught at his university while he was advising government. We at the London School of Economics were evacuated to Cambridge for the whole World War II period, and Keynes got me rooms in his college. But he . . . → Read More: interview: Hayek on Money, Keynes, Friedman & Gold

inflation: Hayek on Meet the Press in 1975

You can read the transcript here.  Or listen to the audio.  The interview is from June 22, 1975.

Quotable:

Levine:  “Dr. Von Hayek, the general belief among administration economists now is that we are near or at the bottom of the recession that we’ve been going through. Do I understand you to be . . . → Read More: inflation: Hayek on Meet the Press in 1975

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We have progressively abandoned that freedom in economic affairs without which personal and political freedom has never existed in the past. — F. A. Hayek

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