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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