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Here is a video of Hayek speaking with some students at Stanford in the 1970s. Says Hayek, “If we want to preserve a free society we must take from government the monopoly of issuing money…the new thing will grow by itself.”
Thank you so much for finding this. What a treasure
It would be just as wonderful to have such an interview with Ludwig von Mises but if no such recording exists I can still feel the spirit of the genius of Mises from this interview with Fredrich von Hayek.
No such video exists, so far as we know, which makes me sad.
Wonderful find. Watched and retweeted it.
Notice Hayek’s discussion of privately issued money (about halfway through the video); great to hear him expound on this, made me think about the contrasting views he and Milton Friedman held on issuance of money.
What a terrific video…too bad the quality is so poor.
The best part for me was where Hayek supports free banking, and even mentions allowing private specie to compete with FRN’s…something I have believed for years (even if he initially threw it out for laughs).
Did Hayek really originate the idea that prices convey information/knowledge to market participants? He claims that he did (at 3:15 of this video), but I thought even the classical economists understood this.
This video did alot to endear Hayek to me. In it I found nothing but wisdom and kindness and his unshakable conviction in human action and its implied free market.
At the end he appears to endorse cap and trade, provided carbon dioxide causes damage. But that is the big question; does it do damage?
knldgskr, I don’t think Hayek was endorsing cap and trade, but instead endorsed strengthening of private property rights so that producers paid for any real damage done to other people’s property through the court system. That sort of environmental protection worked quite well until the environment was federalized in the 1970′s.
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