Tuesday, August 06, 2013

Video: F.A. Hayek, on Milton Friedman, Monetarism and Monetary Policy

In the following video interview, the great F. A. Hayek talked about Milton Friedman, macroeconomics, monetarism, monetary policies, knowledge problem and currency competition. (hat tip Cafe Hayek)

Notable quotes:
Statistics offer you a no substitute for the detailed knowledge of every single price relations to each other which really guide economic activities. That's a mistaken attempt to overcome our limited knowledge. (2:08) 

No government is capable of politically or intellectually providing the exact of amount of money which is needed for economic development (2:55) 

Abolishing the government monopoly to issue money would deprive government of the possibility of pursuing monetary policy. That's what I want (4:40)

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