LARRY SUMMERS ON THE SIGNIFICANCE OF HAYEK

Larry Summers:

Hayek’s ideas that the price system is a consolidator of information and a distributor of knowledge, as well as simply a way of assuring efficiency and exchange, is probably as penetrating and original an idea as microeconomics produced in the 20th century.

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3 Responses to LARRY SUMMERS ON THE SIGNIFICANCE OF HAYEK

  1. thanos says:

    i think you should add to the hayek timeline the prizes that hayek was awarded when he was alive:

    1974:Nobel prize

    1984: Order of Companion of honour (united kingdom)

    1991 (presidential medal of freedom)

    1977: Pour le Merite (germany)

    1974: Österreichisches Ehrenzeichen für Wissenschaft und Kunst (Austria-please translate it!!!!)

    1983: Ehrenring der Stadt Wien (an award from vienna- i cant find the exact translation!)

    Also you can mention that Hayek was among the only 3 nobel economists tha also recieived the presidential medal of freedom (the other 2: milton friedman and gary becker)

  2. thanos says:

    i forgot that in 1981 he was also awarded the “verdiensmedallie des Landes Baden-Wurttenberg” (a german award)

    there are also many more things you can add in the hayek timeline. i will post again later.

  3. thanos says:

    we must also mention that “the use of knowledge in society” is among the most influntial papers in the history of AER(check out the subsection “notable papers”:

    http://en.wikipedia.org/wiki/American_Economic_Review

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