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Sagot :
Hayek proposed, as had Adam Smith, that despite no one's intention, the price system—free markets—did an amazing job of coordinating people's behaviour.
Hayek thought that Keynesian measures to battle unemployment would ultimately result in inflation.
In order to maintain low unemployment, the central bank would need to expand the money supply at an ever-increasing rate, driving inflation upward.
Friedrich was the definition of a Renaissance man among economic thinkers in the 20th century.
According to Him, the bulk of decisions made by a person can be categorized as economic calculations that are directly influenced by price signals.
Hayek's ideas, which he first articulated in 1958, are currently recognized by orthodox economics.
Late in the 1930s and early in the 1940s, Hayek focused on the argument over the viability of socialist planning. In his view, it could not.
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