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Best of the Podcast! — Israel Kirzner on the Revival of Austrian Economics

Hayek Program Podcast

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The Myth of Mises and Hayek's Nobel Prize

Hayek underlined the role of interpersonal knowledge in markets. For Mises and Hayek, competition means dynamic forces which express entrepreneurial discoveries. The only requirement for a market to be competitive is that there be freedom of entry. Were defenders of socialist planning of the 1930s to have understood all this, they would have realized how irrelevant their solutions to Mises' challenge really were.

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