Word: hayek
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Philosophers of capitalism defend inequality on two grounds. Economist Friedrich A. Hayek, a Nobel Laureate, argues persuasively that the only alternative to the market's unequal apportionment of rewards is distribution of income on the basis of each person's moral worth?and who could possibly judge that fairly? Pragmatically, many theorists contend that inequality is necessary to reward with high income the initiative that produces economic growth. They add that growth makes the poor if not nearly equal to the rich, at least better off than they would be in a stagnant economy that distributed wealth equally. According...
Another position belongs to Nobel Laureate Freiderich Hayek, Professor Murray N. Rothbard and the "Austrians," who agree that we have never had laissez-faire but use the Austrian theory of the business cycle in their analysis. Rothbard and Hayek argue that government intervention, especially the policy of the Federal Reserve in the late '20s, started the cycle which resulted in the Great Depression. In his book America's Great Depression. Rothbard details these interventions and their consequences. Today, Rothbard and Hayek argue, government polices in the '60's started a similar cycle that is the cause of current problems. Friedman...
...scholars picked by the Royal Swedish Academy of Sciences last week to share the $125,000 Nobel Prize in Economics have many things in common. Sweden's Gunnar Myrdal and Austrian-born, British-naturalized Friedrich A. von Hayek are both, at 75, still vigorously writing and teaching as visiting professors - Myrdal at the City College of New York and Von Hayek at Salzburg University. Both men achieved early recognition, as the academy noted, "for their pioneering work in the theory of money and economic fluctuations." And both gained their widest audiences by going beyond the economist's blackboard...
...contrast, Von Hayek, an old-fashioned economic liberal, has been more the traditional professor. Since 1931 he has taught at the Universities of London, Chicago (from which he retired at the age of 63) and Freiburg and has often lectured in Japan. A student of business cycles and one of the few economists to foresee the 1929 crash, he was cited by the academy for his work on the relative efficiency of different types of economic systems. The system that he has criticized most is the one advocated by Myrdal. In his 1944 international bestseller, The Road to Serfdom...
...pluralistic world, there is room fof such disparate thinkers as Myrdal and Von Hayek and for the opposite courses to human fulfillment that they espouse. By honoring these two economists simultaneously, the Swedish Academy has cast a quiet vote for the world of diversity...