The Good Life Mentor | Masters of Money Friedrich Hayek Episode 2 of 3 @TheGoodLifeMentor | Uploaded June 2017 | Updated October 2024, 12 hours ago.
WATCH ALL THE "MASTERS OF MONEY" EPISODES:
youtube.com/playlist?list=PLl8AORG-tSR3Z3y5Vey65sjdu_zZnQqab
John Maynard Keynes: youtu.be/bK6SkmZ-eqs
Friedrich Hayek: youtu.be/lVB40FR7vIU
Karl Marx: youtu.be/K6OUDVG5jy8
According to conventional wisdom, today's global financial crisis happened because markets were not regulated enough. But what if the opposite is true? That it was excessive government meddling in the markets that caused the crash?
In Masters of Money produced in partnership with The Open University, BBC economics editor Stephanie Flanders examines the extraordinary influence of three intellectual titans - Keynes, Hayek and Marx and shows how they shaped the 20th century and continue to have a huge impact on our world today.
Stephanie turns her attention to the radical free-market economist Friedrich Hayek. Travelling from London to Vienna and America, she unravels the extraordinary life and influence of the only free-market thinker whose reputation has grown post-crisis.
With contributions from Central bankers, politicians and a Nobel laureate, she explores why despite his enormous influence, no government has ever dared to fully implement Hayek's solution to the problems of capitalism - set it virtually totally free from state control.
Friedrich Hayek CH (8 May 1899 – 23 March 1992), born in Austria-Hungary as Friedrich August von Hayek and frequently referred to as F. A. Hayek, was an Austrian and British economist and philosopher best known for his defense of classical liberalism. Hayek shared the 1974 Nobel Memorial Prize in Economic Sciences with Gunnar Myrdal for his "pioneering work in the theory of money and economic fluctuations and ... penetrating analysis of the interdependence of economic, social and institutional phenomena."
Hayek was a major social theorist and political philosopher of the twentieth century, and his account of how changing prices communicate information that helps individuals co-ordinate their plans is widely regarded as an important achievement in economics leading to his Nobel Prize.
Hayek served in World War I and said that his experience in the war and his desire to help avoid the mistakes that had led to the war drew him into economics. Hayek lived in Austria, Great Britain, the United States, and Germany and became a British subject in 1938. He spent most of his academic life at the London School of Economics (LSE), the University of Chicago, and the University of Freiburg.
In 1984, he was appointed a member of the Order of the Companions of Honour by Queen Elizabeth II on the advice of Prime Minister Margaret Thatcher for his "services to the study of economics". He was the first recipient of the Hanns Martin Schleyer Prize in 1984. He also received the US Presidential Medal of Freedom in 1991 from President George H. W. Bush. In 2011, his article "The Use of Knowledge in Society" was selected as one of the top 20 articles published in The American Economic Review during its first 100 years.
WATCH ALL THE "MASTERS OF MONEY" EPISODES:
youtube.com/playlist?list=PLl8AORG-tSR3Z3y5Vey65sjdu_zZnQqab
John Maynard Keynes: youtu.be/bK6SkmZ-eqs
Friedrich Hayek: youtu.be/lVB40FR7vIU
Karl Marx: youtu.be/K6OUDVG5jy8
According to conventional wisdom, today's global financial crisis happened because markets were not regulated enough. But what if the opposite is true? That it was excessive government meddling in the markets that caused the crash?
In Masters of Money produced in partnership with The Open University, BBC economics editor Stephanie Flanders examines the extraordinary influence of three intellectual titans - Keynes, Hayek and Marx and shows how they shaped the 20th century and continue to have a huge impact on our world today.
Stephanie turns her attention to the radical free-market economist Friedrich Hayek. Travelling from London to Vienna and America, she unravels the extraordinary life and influence of the only free-market thinker whose reputation has grown post-crisis.
With contributions from Central bankers, politicians and a Nobel laureate, she explores why despite his enormous influence, no government has ever dared to fully implement Hayek's solution to the problems of capitalism - set it virtually totally free from state control.
Friedrich Hayek CH (8 May 1899 – 23 March 1992), born in Austria-Hungary as Friedrich August von Hayek and frequently referred to as F. A. Hayek, was an Austrian and British economist and philosopher best known for his defense of classical liberalism. Hayek shared the 1974 Nobel Memorial Prize in Economic Sciences with Gunnar Myrdal for his "pioneering work in the theory of money and economic fluctuations and ... penetrating analysis of the interdependence of economic, social and institutional phenomena."
Hayek was a major social theorist and political philosopher of the twentieth century, and his account of how changing prices communicate information that helps individuals co-ordinate their plans is widely regarded as an important achievement in economics leading to his Nobel Prize.
Hayek served in World War I and said that his experience in the war and his desire to help avoid the mistakes that had led to the war drew him into economics. Hayek lived in Austria, Great Britain, the United States, and Germany and became a British subject in 1938. He spent most of his academic life at the London School of Economics (LSE), the University of Chicago, and the University of Freiburg.
In 1984, he was appointed a member of the Order of the Companions of Honour by Queen Elizabeth II on the advice of Prime Minister Margaret Thatcher for his "services to the study of economics". He was the first recipient of the Hanns Martin Schleyer Prize in 1984. He also received the US Presidential Medal of Freedom in 1991 from President George H. W. Bush. In 2011, his article "The Use of Knowledge in Society" was selected as one of the top 20 articles published in The American Economic Review during its first 100 years.
