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Hayek Warns of "Omnipotent Elected Assembly"

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Uploaded on Sep 27, 2008

Friedrich A. Hayek, Nobel laureate in economics and recipient of the Presidential Medal of Freedom in 1991, responds to a question posed by a student at Stanford University in the 1970s. The question pertains to the prospect of free markets in a democracy if reform measures are seen as unpopular.

His answer seems relevant today given the crisis in the United States and particularly in regards to the proposal submitted to Congress by Treasury Secretary Paulson.

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