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One of the forms of private property that people cherish most is their ideas. If you convince them that their ideas are wrong, you have caused them to suffer a capital loss. – Friedrich Hayek, quoted by Michael Walker, former head of the Fraiser Institute.
You can watch the full 1 1/2 hour CNBC video “House of Cards” here. The program is by far the best I’ve seen on the current economic boom and bust. I especially recommend watching Alan Greenspan’s mea culpa / “but don’t blame me” confession of Federal Reserve culpability in the last few minutes of the . . . → Read More: video: CNBC’s “House of Card” is available on Hulu
The paperback “Collected Works” edition of F. A. Hayek’s The Road to Serfdom is currently #393 in books at Amazon, after being praised and recommended in the past few days by Rush Limbaugh and Edward Lampert, the Chairman of Sears Holdings, among others. The Road to Serfdom trails the paperback edition of Ayn Rand’s Atlas . . . → Read More: jumpstart: Hayek’s The Road to Serfdom is #393 at Amazon
Quotable: The two most important books that any student of current events should be reading in this environment are both by Friedrich Hayek, the esteemed Austrian economist. Based on events he witnessed beginning in the early part of the 20th century, Hayek wrote The Road to Serfdom as a warning to England and the United . . . → Read More: crisis: Chairman’s Letter to Sears Shareholders Defends Capitalism, Analyzes Crisis, Recommends Hayek
Quotable: It’s puzzling, because these people are smart. Friedrich von Hayek, one of my most admired people, an economist, among the places he taught was the University of Chicago. He was a free market capitalist. His Road to Serfdom, great book. The Constitution of Liberty is a great book. George Will asked Friedrich Von Hayek . . . → Read More: radio: Rush Limbaugh on Brooks, Hayek & Obama
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
“More Hayek and Less Armey” by David Glasner Dick Armey, an obscure economics professor who enjoyed a second career as a moderately well-known politician, does not much like President Obama’s stimulus plan. To buttress his opposition with more intellectual heft than he can himself muster, Professor Armey, in an . . . → Read More: controversy: Glasner Challenges Armey on Hayek vs. Keynes
Quotable: I got interested in political economy to a very large extent because Karl Brunner had started the Interlaken Seminars in Switzerland. There were a lot of people there who were trained in philosophy or sociology. Since my training was in economics, I thought we ought to try to model some of these problems. I . . . → Read More: bio: Allan Meltzer Explains Hayek’s Influence on His Work
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
Chicago school economists Scott Sumner examines Anna Schwartz’s recent abandonment of the Friedman / Schwartz position on money and the business cycle in favor of a neo-Hayekian view. Note well, however. In the comments Sumner helpfully acknowledges that he doesn’t really know Hayekian business cycle theory. Sumner’s focus is on the Chicago perception of Hayekian . . . → Read More: Hayek vs Friedman: Anna Schwartz — Hayekian Macroeconomist
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