Friedrich Hayek on Politics, Milton Friedman and Gold

Friedrich Hayek sits down with Bob Chitester, Founder and CEO of Free To Choose, to discuss the role of an economist in contemporary politics and the denationalization of money.

[Myndir]

Milton Friedman did eventually admit (in the mid-80s, I think) that Hayek was right to propose privatizing money and that this was probably the best solution.

[mannix]

Interesting to see two people who I admire greatly in the field of economics disagree on monetary policy. I agree with Hayek that government should not be in the business of printing money and that private institutions should each be allowed to print their own currency. The consumer can make an individual decision as to which currency to use.

[RecursiveRuminations]

These two guys, Hayek and Friedman would have been thrilled to see decentralized global projects like cryptocurrencies.

[stevemcgee]

yes, Friedman was a pragmatist. His lectures did promote more ideal, and accurate policy implications, but his policy recommendations were a compromise at best.

Seems like it's best to stay true to one's principles when one is NOT going to be subject to elections. It will enable the politicians to compromise from that position, instead of the kind of compromise we get from these economists's compromised positions.

[stevekopn]

Yes, everyone has their own role(s). Good piece.