December 2014
Beginner
352 pages
14h 24m
English
Content preview from The Economics Book
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IN CONTEXT
FOCUS
Society and the economy
KEY THINKER
Friedrich Hayek (1899–1992)
BEFORE
1908 Italian economist Enrico Barone shows how a central government planner can replace the free market if it can calculate prices.
1920 Ludwig von Mises refutes Barone’s argument.
1936–37 Oskar Lange argues against von Mises’s position.
AFTER
1970s Hayek’s arguments for free markets gain ground.
1991 US historian Francis Fukuyama says free market capitalism has defeated all possible alternatives.
Late 2000s Criticisms of government bank bailouts prompt a revival of interest in Hayek’s ideas.
Mainstream economics has always had its critics. Its focus on mathematical formulas ...
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