Difference between revisions of "F.A. Hayek"
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| − | F.A. Hayek (1899-1992) was a free-market economist and the most prominent member of the [[Austrian School of Economics]], a [[libertarian | + | F.A. Hayek (1899-1992) was a free-market economist and the most prominent member of the [[Austrian School of Economics]], a [[libertarian]] movement. Hayek emphasized our limited knowledge of the markets (and other subjects), and thus our need for the price mechanism to communicate essential information about supply and demand. No centralized planner or government can manage the economy. A freemarket is the most efficient known allocator of resources. |
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| − | ]] movement. Hayek emphasized our limited knowledge of the markets (and other subjects), and thus our need for the price mechanism to communicate essential information about supply and demand. No centralized planner or government can manage the economy. A freemarket is the most efficient known allocator of resources. | ||
Hayek has been compared to the philospher [[David Hume]] with respect to his insistence that we should be "sensible of our ignorance." | Hayek has been compared to the philospher [[David Hume]] with respect to his insistence that we should be "sensible of our ignorance." | ||
Revision as of 12:58, March 13, 2007
F.A. Hayek (1899-1992) was a free-market economist and the most prominent member of the Austrian School of Economics, a libertarian movement. Hayek emphasized our limited knowledge of the markets (and other subjects), and thus our need for the price mechanism to communicate essential information about supply and demand. No centralized planner or government can manage the economy. A freemarket is the most efficient known allocator of resources.
Hayek has been compared to the philospher David Hume with respect to his insistence that we should be "sensible of our ignorance."