IN CONTEXT
Society and the economy
Friedrich Hayek (1899–1992)
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.
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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