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
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
A long night of bombardment by the british navy. To hat moment, inspired key compose what would later become the National Anthem. And the american victory became turning point in war of 1812. Such the representation of unrolling the s hand stitched flag, the united guard. Army old but we have practically every Service Branch represented here today. United states navy, army, united corps, as well as our guests from canada and the United Kingdom. [ applause ] the ft. Mchenry guard. A group of specially trained the and volunteers with 1814 garrison of ft. Mchenry. Of the the uniforms regular United States army. Representing the United States artillery, the regular Army Garrison of ft. Mchenry. What well do right now the with the old guard along with naval detachment from United States ship constitution, we will now unroll the large flag who will unfold it. They mean l see what when they say broad stripes and bright stars. As the flag is unrolled, speak a little bit to the project that bro
People talk about his generous spirit. Truly a symbol of peace and forgiveness as well. We have heard reports that he was with family and friends at his house last night when he passed away. Some close Family Friends were also in johannesburg in south africa when he did. Vinita nair has a look back at Nelson Mandelas life and legacy. And one wonders what must be passing through mr. Mandelas mind at this moment. Reporter after 27 years in prison Nelson Mandela walked into freedom, against all odds the leader of rebellion against south africas white apartheid government became the leader of national unity. Mandelas decades long rebellion transformed him from a convicted trader into a Freedom Fighter and international hero. I have fought very firmly against apartheid on the nation. Reporter mandela was born into approved family. He support into a privileged family. He supported nonviolence to bring about change. He became a lawyer and opened the first south African Law Firm to defend blac
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