Peter Boettke, an economist at George Mason University, delves into the long-standing socialist calculation debate against capitalism. He examines historical critiques from legends like Mises and Hayek and discusses how central planning struggles with economic calculation. The conversation highlights the significance of market mechanisms, the role of prices, and innovation driven by scarcity. Boettke also ponders the impact of technology and AI on economic planning, questioning the resurgence of socialist ideas and the essential role of human judgment in decision-making.

Economics professor Peter Boettke discusses the origins of Austrian economics, focusing on marginalism, individual decision-making, subjective value, and the limitations of relying on objective facts. He contrasts the Austrian perspective with Keynesian principles, central banking strategies, and the importance of recognizing individual choices in shaping economic outcomes.

Peter Boettke, a distinguished professor of economics and philosophy, joins Bruce Caldwell, a research professor at Duke, to celebrate F.A. Hayek's remarkable impact fifty years after his Nobel win. They delve into Hayek's critiques of conventional economic models, emphasizing the importance of individual knowledge and decision-making. The discussion covers Hayek's warnings against scientism in economics and his unconventional path that shaped his theories. Key insights from his seminal works, like 'The Use of Knowledge in Society,' highlight his lasting legacy in the field.