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Friedrich Hayek: The ideas and influence of the libertarian economist by Eamonn Butler

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Money, Inflation, Booms and Busts

The market order, then, is a very extensive and sensitive arrangement. Prices and production depend on complex interrelationships between people, and between people and things. Change is constant, and small changes in one part of a market have effects that spread out everywhere, like ripples in a pond. As the whole system adjusts, it is quite possible that minor changes at one point can have profound consequences at many others.

Hayek lived through turbulent economic times. He experienced at first hand the hyperinflation in his native Austria and in Weimar Germany, where money lost its value so quickly that banknotes became a cheaper fuel than wood. Then there was the Wall Street Crash of 1929 and the Great ...

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