S7 E6: Thirty Glorious Years
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Hayek's View on Inequality
- Friedrich von Hayek argued that inequality is the unavoidable price of freedom in a market economy.
- Attempting to achieve social justice alongside market prosperity would likely lead to unjust outcomes, determined by the preferences of a particular group, potentially harming everyone else.
- Such interventions, according to Hayek, would also undermine the market's ability to function effectively.
- He believed that prioritizing social justice would lead to a form of "industrial serfdom" lacking both prosperity and true justice.
- Hayek's stance positions market efficiency as paramount, even at the cost of significant social inequality.
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