economist presentation
TRANSCRIPT
8 May 1899-March 1992 From Vienna, Austria Studied law at the University of Vienna Obtained Juris Doctor in 1921, and a
doctorate in political science in 1923 Was a research assistant at New York
University Co-founded the Austrian Institute for
Business Cycle Research in 1927 Most famous for his book The Road to
Serfdom
Key argument: Socialism stifles individual freedom and inevitably leads to totalitarian forms of government.
Pol Pot, former Cambodian dictator
Mao Zedong
Torture in the Pol Pot regime
Uncontrolled systems can’t be unfair, since the outcome is not planned in favor of a particular party or individual
Best way to encourage trade and specialization
Government intervention can only lead to inflation
Again…Hayek believed that government control of the economy would lead to totalitarianism.
Believed certain situations merited government intervention
Supported minimum living standards
Supported some redistribution of capital
Hated inequality of social classes
Wanted to prevent economic busts by steering clear of economic booms (often caused by capitalist systems)
Salvador Allende, the former President of
Chile
Hayek essentially wanted a capitalist economic system with minimal government control, that still had the benefits of a socialist system, like fulfillment of basic needs, equality, and a more even wealth distribution.
Lamer, Jesse. “Who’s Afraid of Friedrich Hayek?” Dissent Vol. 55 Winter 2008: 85-90.
ProQuest. 9 February 2010 <http://proquest.umi.com/>. “Overview of F(riedrich) A(ugust von) Hayek." DISCovering Authors. Online
ed. Detroit: Gale, 2003. Discovering Collection. Web. 9 Feb. 2010. <http://find.galegroup.com/gps/start.do?prodId=IPS&userGroupName=ithac>.
Leube, Kurt R. "Hayek, Friedrich A. von (1899-1992)." Encyclopedia of World Biography. Ed. Suzanne M. Bourgoin. 2nd ed. Detroit: Gale Research, 1998. Discovering Collection. Web. 9 Feb. 2010.
<http://find.galegroup.com/gps/start.do?prodId=IPS&userGroupName=ithaca>.
“Friedrich August Hayek.” The Concise Encyclopedia of Economics. Library of Economics and Liberty. 9 February 2010 <http://econlib.org/library/Enc/bios/Hayek.html>.