The works of Friedrich Hayek John Maynard Keynes and Milton Friedman whom i consider to be the three most influential economists of the 20th century and of the three, i really consider hayek to be the most influential. He addressed what i call the Knowledge Problem and this seems to me to be perhaps the most important contribution to economics since the time of adam smith. And this is what hayek had to say. About knowledge he said in economics, theres a problem of the division of knowledge. Which is quite analogous, too. And at least as important as the problem of the division of labor put forward by adam smith. But while the latter has been one of the main subjects of investigation ever since the beginning of our science. The former has been as completely neglected. Although it seems to me to be the really central problem of economics. As a social science the problem we pretend to solve is how the spontaneous interaction of a number of people each only possessing bits of knowledge. Br
Discussion today by reviewing the works of Friedrich Hayek John Maynard Keynes and Milton Friedman whom i consider to be the three most influential economists of the 20th century and of the three, i really consider hayek to be the most influential. He addressed what i call the Knowledge Problem and this seems to me to be perhaps the most important contribution to economics since the time of adam smith. And this is what hayek had to say. About knowledge he said in economics, theres a problem of the division of knowledge. Which is quite analogous, too. And at least as important as the problem of the division of labor put forward by adam smith. But while the latter has been one of the main subjects of investigation ever since the beginning of our science. The former has been as completely neglected. Although it seems to me to be the really central problem of economics. As a social science the problem we pretend to solve is how the spontaneous interaction of a number of people each only po
Bernards healthcares of democrats say they want 75 of democrats want somebody other than sleepy joe to run for president. Fox news hit the streets to ask voters about the very topic and the answers, oh, theyre not good for joe. Some say hes not living up to his promises and others say hes older than the milk at gas station coffee bar. Most people, they just want someone else, watch. I think the democratic field is a little bit splintered now. I think cory booker has a shot. I think Pete Buttigieg has a shot but its hard to say. Probably hillary, but shes not very well liked. Probably kamala harris. She has a fair amount of support, a woman candidate as a front runner seems almost impossible to beat, especially because biden is old and withering away. Probably the popularity of the california newsom. Newsom, i dont think would be a problem because hes a little bit on the crazy side. I dont know of any candidates that i would be happy to support. Im definitely democrat. Oh, what a reendo
Economics, theres a problem of the division of knowledge. Which is quite analogous, too. And at least as important as the problem of the division of labor put forward by adam smith. But while the latter has been one of the main subjects of investigation ever since the beginning of our science. The former has been as completely neglected. Although it seems to me to be the really central problem of economics. As a social science the problem we pretend to solve is how the spontaneous interaction of a number of people each only possessing bits of knowledge. Bring about a state of affairs that corresponds to equilibrium. How can we determine what Economic Production should be when knowledge is divided among all of the millions and tens of millions hundreds of millions billions of people in the world. How do we accommodate divided knowledge the answer of socialists at the time as weve discussed and well discuss further today was will government can plan it can make all those decisions. But e
Host mark skousen, what is your background . Guest i am an economist from a group in portland oregon, which was an intellectual town. It has the Worlds Largest bookstore. Ive always been an intellectual type, but i also like music and dance and entertainment and sports. Similar bit of a renaissance man. Worked for the cia. Cant talk about that and then i got into the financial world and that internet ever since. I have a phd in economics. My family lived in washington d. C. , where cspan is. We call it death star. We got tired of the rat race, so we moved the bahamas and lived there for two years. It was life in living color. We saved enough money in taxes and bought a flat in london. Then we moved back to orlando, where kids grew up in either the new york, the Financial Center of the world. Meanwhile, ive been writing writing and investment newsletters sent 1980. Ive written about 25 bucks. I taught at Columbia University and right now im teaching at sing sing penitentiary, which is a