These conversations were the source material for Hayek on Hayek, a volume that appears in his collected works.
For Hayek and the Austrians, things go wrong when a central bank sets short-term interest rates too low and allows credit to expand artificially.
If you are looking for a template for averting and managing future banking messes, why not try a touch of Hayek for Cyprus and for Europe for that matter?
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In a two-part interview with James Buchanan, for instance, Hayek discusses his three-volume Law, Legislation, and Liberty.
So you can understand why many would be turning to Austrians like Hayek for a different kind of answer.
For fans of the classical liberal Hayek, this is a team you can really pull for.
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Benn Steil is director of international economics at the Council on Foreign Relations and co-winner of the 2010 Hayek Book Prize for Money, Markets and Sovereignty.
For this series I chose Hayek because, like Keynes - and unlike Milton Friedman - he focused on the great complexity of markets and their inherent unpredictability.
He advocates less for a gold standard than for an idea of Friedrich Hayek, the Nobel laureate who came to favor what he called the denationalization of money and a system centered on private coinage and currency that would compete with government-issued money.
Remarkably, however, Hayek sees new life for Swatch as a more upscale item.
Luckily for me I was born after Hayek and so I can take refuge in the region that lies between instinct and reason.
Just like any other competitive private market for any other good or service, Hayek would answer, which is a lot better than a government monopoly.
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Now-famed economist, the late Friedrich von Hayek, won the Nobel Prize for Economics in 1974.
Hayek's view has resonance for anyone who feels uneasy about governments bailing out bankers and central banks pumping hundreds of billions of dollars into the economy.
The reputations of Adam Smith, Jean-Baptiste Say, Joseph Schumpeter and Friedrich Hayek surpass that of a dyspeptic economist writing for the New York Times.
Hayek Pinault said Beyonce was the best possible ambassador for the cause.
Drawing on a business school case study I authored, here are some management lessons from Hayek's professional life that can serve as examples for leaders in any industry.
The vision for the tiny car was first dreamed up by Swatch CEO Nicholas Hayek who began developing his concept in the late 1980s to make a small compact car that functioned like the Swatch watch.
In 1995 no one at Yahoo knew who this "Salma Hayek" woman was, though swarms of men were searching for her on the Web, so they set up an area that linked Web information about the actress.
He read academic papers on free-market economics, and credits a summer program run by the Cato Institute, to which he has since given money, for immersing him in the writings of conservative icons such as Friedrich August Hayek and Ayn Rand.
Influential though Habermas has been, his case for deliberative democracy is undermined by its complete failure to address a point that Hayek made on numerous occasions.
Koch was intrigued by free market theories of economists like Friedrich Hayek and Ludwig von Mises and saw the newly renamed Koch Industries as a platform for experimentation.
Professor Hayek - the godfather of Thatcherite economic policy - put the idea forward as a potential cure for inflation, then the biggest threat facing the UK economy.
What makes Hayek a different kind of free-market economist is that he distrusted both sets of policy machinery for guiding the economy - monetary and fiscal.
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