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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...

Commitments on Financial Assistance should not be caught up in bureaucratic hurdles here. A timelye to flow in way. As my chairman talks about, the market plan was not only about funding, it was also about active Technical Assistance. When we met with the government there, they welcomed largescale infusion of Human Resources in the country on all the major reform issues. They looked to the United States for expertise. They looked to the Diaspora Community for its expertise. They looked at the europeans, particularly poland, for its expertise. Poland is engage in constitutional reform issues as...

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...

Wideranging sanctions. Thats coming as the g7 summit in brussels for which russia was excluded for the first time in six years and was taking place. And on capitol hill, the Senate Foreign Relations Committee looked at the political situation in ukraine following last months elections. Thats coming up next on cspan2. Also today a bipartisan agreement was reached in the senate on a bill that aims to address some of the problems that the va medical facilities. And president obamas pick to head the department of health and Human Services Sylvia Burwell was approved by the senate 78 to 1724 republ...

Additional economic sanctions on russia. This is just over two hours. Go. The committee will come to order. Twant to welcome our panelists and thank them for taking time co to or to share their perspective with committee on developments in ukraine, which appear only slightly less ominous than they did in act one of this crisis. Now, were in the beginning of t act twhao with the successful election of a president by the ukrainian people, intion of pren internationally certifie certifd elections, which is a victory for ukrainians struggle for freedom. Divisions between east and west, significant...