Hayek’s Attack on Central Planners Can Fit Markets Too
Modern financial markets have many critics, and perhaps Friedrich Hayek’s name should be added to the list.
The great Austrian thinker is regarded as one of the fathers of free-market economics. But he might have had little truck with the way free financial markets now operate.
That is the contention of the economist Amar Bhidé, of Tufts University in Boston. He convincingly argues that, five years after a financial crisis born of a failure in the mortgage market, we are still not learning or applying the right lessons.
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