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Article takes swipe at both Friedman and Hayek.

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Gast posted on Sat, Oct 13 2012 2:16 AM

http://exiledonline.com/the-nobel-prize-in-economics-there-is-no-nobel-prize-in-economics/

 

 

How wrong could someone be?

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Well it certainly helps put Krugman's Nobel in context.

An idealist is one who, on noticing that roses smell better than a cabbage, concludes that it will also make better soup. -H.L. Mencken
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Malachi replied on Sat, Oct 13 2012 12:56 PM
Warning- do not read that link while eating, unless you can tolerate gems likes this without expulsion of air/food:
Around the time the prize was created, Sweden’s banking and business interests were busy trying to ram through various free-market economic reforms. Their big objective at the time was to loosen political oversight and control over the country’s central bank.
Keep the faith, Strannix. -Casey Ryback, Under Siege (Steven Seagal)
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Esuric replied on Sat, Oct 13 2012 2:38 PM

You know there's a problem when the author links Friedman to Hayek. 

 Hayek, the leading laissez-fair economist of the 20th century and the godfather of neoclassical economics. Milton Friedman, who was at the University of Chicago with Hayek, was not far behind. He won the prize just two years later, in 1976.

Both Hayek and Friedman were huge supporters of the political independence of central banks. In fact, they built their careers on bashing government intervention in economic matters. Hayek developed a whole business cycle theory that blamed government and government-controlled banking systems for all economic problems

This entire passage, from start to finish, is almost entirely incorrect (Friedman did win the prize in 76).

"If we wish to preserve a free society, it is essential that we recognize that the desirability of a particular object is not sufficient justification for the use of coercion."

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Both Hayek and Friedman were huge supporters of the political independence of central banks. In fact, they built their careers on bashing government intervention in economic matters. Hayek developed a whole business cycle theory that blamed government and government-controlled banking systems for all economic problems.
Yup hahaha
Keep the faith, Strannix. -Casey Ryback, Under Siege (Steven Seagal)
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