Economics Questions

Re: Article takes swipe at both Friedman and Hayek.

Malachi — Sat, 13 Oct 2012 19:47:07 GMT

Both Hayek and Friedman were huge supporters of the political independence of central banks. In fact, they built their careers on bashing government intervention in economic matters. Hayek developed a whole business cycle theory that blamed government and government-controlled banking systems for all economic problems.

Yup hahaha

Re: Article takes swipe at both Friedman and Hayek.

Esuric — Sat, 13 Oct 2012 19:38:29 GMT

You know there's a problem when the author links Friedman to Hayek.

Hayek, the leading laissez-fair economist of the 20th century and the godfather of neoclassical economics. Milton Friedman, who was at the University of Chicago with Hayek, was not far behind. He won the prize just two years later, in 1976.

Both Hayek and Friedman were huge supporters of the political independence of central banks. In fact, they built their careers on bashing government intervention in economic matters. Hayek developed a whole business cycle theory that blamed government and government-controlled banking systems for all economic problems

This entire passage, from start to finish, is almost entirely incorrect (Friedman did win the prize in 76).

Re: Article takes swipe at both Friedman and Hayek.

Malachi — Sat, 13 Oct 2012 17:56:05 GMT

Warning- do not read that link while eating, unless you can tolerate gems likes this without expulsion of air/food:

Around the time the prize was created, Sweden’s banking and business interests were busy trying to ram through various free-market economic reforms. Their big objective at the time was to loosen political oversight and control over the country’s central bank.

Re: Article takes swipe at both Friedman and Hayek.

Groucho — Sat, 13 Oct 2012 07:29:44 GMT

Well it certainly helps put Krugman's Nobel in context.

Article takes swipe at both Friedman and Hayek.

Gast — Sat, 13 Oct 2012 07:16:10 GMT

http://exiledonline.com/the-nobel-prize-in-economics-there-is-no-nobel-prize-in-economics/

How wrong could someone be?