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586. How Does the Lost World of Vienna Still Shape Our Lives?
Freakonomics Radio
The Influence of Austrian Economists on Economic Liberalism
The Austrian economists from the Vienna school played a significant role in shaping the revival of economic liberalism, particularly in Thatcherism and Reaganism. The profound and lasting influence of these economists, led by Hayek, preceded the elections of Thatcher and Reagan by several decades. Their essential insight was that in a modern economy, information decentralization made a state-run economy logically impossible.
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