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.
Duration : 0:6:43
[youtube 3BQ-RN28bkY]
November 29th, 2009 at 6:57 am
I agree comander …
I agree comander that is why I’m more in line with conservatives.
November 29th, 2009 at 6:57 am
Did you throw a …
Did you throw a spit-ball at the person who coughed?
November 29th, 2009 at 6:57 am
zsylvanas comment …
zsylvanas comment is spam he/she copies and pastes it on many videos regardless of topic.
November 29th, 2009 at 6:57 am
A government big …
A government big enough to give you everything you want is a government big enough to take from you everything you have.
( Gerald R. Ford )
“He will take a tenth of your flocks. And you yourselves will become his slaves.”
( 1 Samuel 8:17 )
November 29th, 2009 at 6:57 am
Is this true? …
Is this true? Please add me on facebook, I would like to discuss some issues with you further.
~Mike
November 29th, 2009 at 6:57 am
I mean the BIS ( …
I mean the BIS (Bank of International Settlements)
November 29th, 2009 at 6:57 am
the ‘Road to …
the ‘Road to Serfdom’ is a great book but what the is he talking about here? Taking the issuance of currency away from government? The Federal Reserve, the Bank of England, the EU central bank are all private. They all collude via the BIC.
November 29th, 2009 at 6:57 am
In response to …
In response to zsylvana, whose comment has been incorrectly marked as spam.
I’d say that fraction of GDP collected by gov’t is indeed a crude measure. The road to serfdom refers more to government’s regulatory power, capital ownership, disregard for property rights, and overall economic control.
A more appropriate measure would be the Fraiser Institute’s Economic Freedom of the World Index. The countries mentioned in your quote employ much redistribution, but have relatively free markets.
November 29th, 2009 at 6:57 am
im in that class (i …
im in that class (i asked the question
November 29th, 2009 at 6:57 am
Paul Samuelson(2009 …
Paul Samuelson(2009), A few remembrances of Friedrich von Hayek .”Road to Serfdom:2007,Sweden and other Scandivanian places have somewhat lowered the fraction of GDP they use to devote through government.But still are the most socialistic by Hayeks crude deļ¬nition.Where are their horror camps? Have the vilest elements risen there to absolute power?When reports are compiled on measurable unhappiness, do places like Sweden,Denmark, Finland and Norway best epitomize serfdoms? Of course not!”
November 29th, 2009 at 6:57 am
Hayek’s work “The …
Hayek’s work “The Road to Serfdom” changed my live when I read it in 1995 when I was 17. He is right and his way of teaching is the way to go when it comes to economics.
November 29th, 2009 at 6:57 am
“Professor Hayeks …
“Professor Hayeks thesis is that Socialism inevitably leads to despotism, and that in Germany the Nazis were able to succeed because the Socialists had already done most of their work for them, especially the intellectual work of weakening the desire for liberty. ” a quote of George Orwell about “The Road to Serfdom”. Well worth remembering Orwell (a real socialist) when reading comments from the pseudo-liberal trashtalkers.
November 29th, 2009 at 6:57 am
This is why you …
This is why you will never transcend a merely “market share” intelligence. And why you will never be able to appreciate an Ezra Pound, Salvadore Dali, Vladimir Lenin, etc. Just because someone is ideologically flawed doesn’t mean they should not be heard or gleaned from. You are a simpleton. And I mean that snobbishly and judgmentally.
November 29th, 2009 at 6:57 am
Personally I prefer …
Personally I prefer a liberal dictator to democratic government lacking liberalism. My personal impression and this is valid for South America – is that in Chile, for example, we will witness a transition from a dictatorial government to a liberal government. And during this transition it may be necessary to maintain certain dictatorial powers, not as something permanent, but as a temporary arrangement.
The full interview provides more context for Hayek’s response.
November 29th, 2009 at 6:57 am
Hayek’s complete …
Hayek’s complete reply to the question of Pinochet was as follows: Well, I would say that, as long-term institutions, I am totally against dictatorships. But a dictatorship may be a necessary system for a transitional period. At times it is necessary for a country to have, for a time, some form or other of dictatorial power. As you will understand, it is possible for a dictator to govern in a liberal way. And it is also possible for a democracy to govern with a total lack of liberalism. cont-
November 29th, 2009 at 6:57 am
He was rather …
He was rather intelligent for a douche bag.
November 29th, 2009 at 6:57 am
This douchebag …
This douchebag supported Augusto pinochet!