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Source link: http://archive.mises.org/15497/bbc-radio-4-%e2%80%93-radical-economics-yo-hayek/

BBC Radio 4 – Radical Economics: Yo Hayek!

February 1, 2011 by

Why free market Austrian economics have inspired a rap video and attracted new fans.

Was the economic crisis caused by fundamental problems with the system rather than a mere failure of policy?

This week, Jamie Whyte and Analysis looks at the free market Austrian School of FA Hayek. The global recession has revived interest in this area of economics, even inspiring an educational rap video.

“Austrian” economists believe that the banking crisis was caused by too much regulation rather than too little. The fact that interest rates are set by central banks rather than the market is at the heart of the problem, they argue. Artificially low interest rates sent out the wrong signals to investors, causing them to borrow to spend on “malinvestments”, such as overpriced housing.

{ 7 comments }

Richard February 1, 2011 at 5:06 am

Is this available outside the UK?

Colin Phillips February 1, 2011 at 6:40 am

One day, one day soon, we will be able to speak of malinvestments, instead of “malinvestments”. Things like this can only help.

El Tonno February 1, 2011 at 7:11 am

“fundamental problems with the system rather than a mere failure of policy”

Can those two be distinguished?

Meanwhile, on alternet, Hayek is described as “industrialits’ whore”.

tjrouill February 1, 2011 at 9:43 am

It was a decent programme. It was only a half hour long, and I feel they gave too much time to the Keynesian side (unsurprisingly in the form of a member of the House of Lords). They did not adequately refute their side, in my opinion. Also, it would be nice for Mises (and the work of the Mises Institute) to receive some credit every now and again. Did BBC even contact you about this? It was nice to hear Robert Higgs there, all in all not a terrible piece of journalism from state run media.

Richard February 1, 2011 at 12:21 pm

Radio 4 is aimed at the educated and probably has a disproportionate number of upper-middle class and influential listeners. Let us hope that Hayek’s strategy of influencing the “elite” has some impact.

It was also interesting to hear the Keynesian Robert Skidelsky admit that the Austrians do have something relevant to say about the nature of booms.

Dave Evans February 1, 2011 at 1:50 pm

Answer to “is this program available outside the UK ?”

It’s available as a podcast. As far as I know, it’s available worldwide.

Please see Analysis podcast page

Dave Evans February 1, 2011 at 1:55 pm

Next weeks Analysis will be about Keynesian Economics
(Feb 7, 2011)

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