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The works of Friedrich Hayek John Maynard Keynes and Milton Friedman whom i consider to be the three most influential economists of the 20th century and of the three, i really consider hayek to be the most influential. He addressed what i call the Knowledge Problem and this seems to me to be perhaps the most important contribution to economics since the time of adam smith. And this is what hayek had to say. About knowledge he said in economics, theres a problem of the division of knowledge. Which is quite analogous, too. And at least as important as the problem of the division of labor put for...

Discussion today by reviewing the works of Friedrich Hayek John Maynard Keynes and Milton Friedman whom i consider to be the three most influential economists of the 20th century and of the three, i really consider hayek to be the most influential. He addressed what i call the Knowledge Problem and this seems to me to be perhaps the most important contribution to economics since the time of adam smith. And this is what hayek had to say. About knowledge he said in economics, theres a problem of the division of knowledge. Which is quite analogous, too. And at least as important as the problem of...

Know much about markets are wall street except cartoons, right . So markets are so valuable. They are a gift to us and we think of them as a gift but if we go way over to the left away from wall street, socials think of the market as as a gift, because their logicaly proposition is given a 20 or 30 trillion economy, we will spend the money and redistributed. So markets, theey money, the wealth is consumed by everyone. But markets are like souls. The economy is like a soul. They are like humans and they can make a choice. A market can choose to come back or it can choose to stay away. And that,...

Book tv. Good day. Im very happy to be here. Im amity slaves from the coolidge foundation. Welcome to this live audience. Welcome to our cspan viewers you know, here we are. Pretty close to wall street in wall street and wall street and markets these days are at a fashion. When we speak about capitalism and markets and business we often stop and apologize, right . And part of this hesitance is that younger people dont really know much about markets or wall street except cartoons, right but markets are so valuable. They are. A gift to us and we think of them as a gift. But if we go way over to ...

Economics, theres a problem of the division of knowledge. Which is quite analogous, too. And at least as important as the problem of the division of labor put forward by adam smith. But while the latter has been one of the main subjects of investigation ever since the beginning of our science. The former has been as completely neglected. Although it seems to me to be the really central problem of economics. As a social science the problem we pretend to solve is how the spontaneous interaction of a number of people each only possessing bits of knowledge. Bring about a state of affairs that corr...