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The Answer Is Transaction Costs
Caldwell: Hayek's Intellectual Journey
Mar 26, 2024
Join Bruce Caldwell from the Center for History of Political Economy at Duke University as he delves into the profound impact of Friedrich Hayek's theories on modern economics. Explore the evolution of economic institutions, the importance of information in economic decision-making, and Hayek's transition from business cycles to economic calculation and knowledge distribution.
01:08:32
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Quick takeaways
- Hayek advocated for the importance of institutions in providing information and incentives for economic decisions.
- Hayek emphasized the role of institutions in converting ignorance into usable knowledge for economic coordination.
Deep dives
The Founding of the Montpelleran Society
In 1947, Hayek founded the Montpelleran Society, gathering Liberals to articulate principles for a free society in a challenging post-war environment. He aimed for a clear definition of liberal radicalism and intellectual leadership to advocate for ideals rather than mere policy changes. His call for an intellectual adventure to make liberalism inspiring and radical marked a pivotal moment in shaping liberal thought.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode