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 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 as well as the invisible hand. Only a free market can attain an efficient allocation of resources. | + | 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 as well as the invisible hand. Only a free market can attain an efficient allocation 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 17:11, February 23, 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 as well as the invisible hand. Only a free market can attain an efficient allocation of resources.
Hayek has been compared to the philospher David Hume with respect to his insistence that we should be "sensible of our ignorance."
