Hayek on Keynes (1978)

Friedrich Hayek talking about how the revival of his reputation is bound up with the failure of Keynesianism.

The full interview was conducted by Thomas W. Hazlett in November 12, 1978 & can be found here

http://hayek.ufm.edu/index.php?title=Tom_Hazlett

Category:

News & Politics

[atosafi1]

Hayek has always been regarded as an extremist and market fundamentalist. He dogmatically disregards government intervention in any way, shape or form with the motivation that it inevitably leads to dictatorship, concrete and misery.

What he fails to realize is that the privatization of natural monopolies and societal services inevitably leads to corporatism, as governments cannot allow railways or healthcare to go bankrupt, which private corporations of course realize and therefore abuse it.

[Malthus0]

@atosafi1 ''He dogmatically disregards government intervention in any way'' Are you talking about the man who wrote that "nothing has done more harm to the liberal cause then a wooden insistence on laissez faire"? I have to echo alias828's question, which of Hayek's books have you read? Given you missed the above quote obviously not the Road to Serfdom. If you have then I am not sure how you think that the political economy of collective goods provision has anything to do with it.

[cyborganic99]

I'm glad to see a lvl of respect for keyens from heyek. that kind of respect is something we dont see among economist today

[aviomaster]

CHINA will crush USA economically - CHINA is enabling USA and EU to spent money on their goods right now BUT as University  Professor said in Belgrade USA and EU are getting LAZY , CHINA is building technological capacity to produce better bombs aircraft carriers submarines airplanes

He predicts in 3-4 years from now CHINA will create NEW FINANCIAL system based on CHINESE Yuan than USA and EU will have to work for CHINA as CHINA now works for EU USA.

[MrRickywallace]

@KissingerFriedman The biggest hack was Marx, who Obama dearly loves to imitate. Obommie-the-Commie, what a president! Taking over the Church, private enterprise, natural resources, the Constitution is really something for a "liberal." Read "Liberal Fascism" by Jonah Goldberg and "Ameritopia" by Mark Levin, then you'll know who the real hacks are.

[MrRickywallace]

don't pay jack, but they should: they're getting the freebies. Maybe the rich and business owners should get welfare and food stamps: they're paying for it. To be a democracy or republic, we have to have low taxes and individual enterprise, not welfare for bums, and that's basically what high taxes is for: creating generational poverty, instead of enterprise. I am shocked that you haven't read Friedman, Jefferson. Read Mark Levin's "Ameritopia" because it exposes the "liberal" fascists.

[MrRickywallace]

"Verbal diarrhea" on your part, also mental diarhea. When you say "lower taxes," you make a big mistake, revealing your socialist core. When a government imposes excessive taxes on business and individuals, and a progressive income tax, then it's entering fascist territory. One of Marx's tenets was advocation of a progressive income tax. One never punishes the man's labor. The top earners pay the most taxes and create the most jobs. Taxes shouldn't be punitive: that's Marxist. The poor people

[atosafi1]

@MrRickywallace Pure verbal diarrhea. I agree, Communism has proven to be a failure, much like neoliberalism and market fundamentalism these last 30 years

I don't, however, think we have 2, extreme alternatives to choose from, laissez faire-capitalism and a Soviet-style command economy

What we need is a global economic system that builds on Fair Trade, not Free Trade, which aims to create competition based on knowledge, competence and innovation, not lower wages, lower taxes and wose conditions

[MrRickywallace]

@atosafi1 Read some John Locke and Montesquieu, and Milton Friedman, and you won't be so naive about the world. What we have now under Obama is radical socialism with a tinge of communism, which should certainly shock you more than freedom (which scares the utopian socialists and tyrants). The market is less corrupt than the government. Were Soviet Russia and Communist China utopias? Actually, they were, and they become the most totalitarian of all socities. It just doesn't work.

[ItsAllAboutGuitar]

@atosafi1 Nixon took us off the gold standard because we made promises we couldn't keep, in face we counterfeited. That's why it says in the constitution, they're not allowed to emit bills of credit. It wasn't a perfect storm. The coming currency crisis won't be either, it will be for the same reasons.

It's not the "OPEC-Cartels" that increase the cost of oil, because in terms of gold or silver, oil is the cheapest it's ever been.