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6min chapter
The Hayek Puzzle
The LRB Podcast
What Mises Meant by Free Markets
Hayek was an admirer of Mises and studied with him in Vienna. He saw socialism as reactionary fantasies rather than a utopian idea. But he didn't really take into account the extent to which market economies become dominated by monopolists and cartelists. Hayek's view that markets are inefficient but not actually chaos is very impressive from his point of view, says David Frum.
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