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586. How Does the Lost World of Vienna Still Shape Our Lives?
Freakonomics Radio
Advocates of State Regulation in Economics
Many economists, such as Hayek, promoted a state that would regulate industries rather than allowing a free-for-all. They believed in the concept of a minimum state where industries would be liberated but regulated in the public interest. This approach is evident in the organization of industries in Britain where media is liberated but regulated by Ofcom to prevent concentration and ensure diversity. Despite their advocacy for state regulation, these economists took time to gain influence and prominence in the field.
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