FRIEDRICH VON HAYEK

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FRIEDRICH VON HAYEK
Austrian-British economist Rapper extraordinaire

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Facts

• Was opposed to the theories of J.M. Keynes
• Shared the Nobel Memorial Prize in Economic
  Sciences with Gunnar Myrdal, 1974
• Served in WWI for the Austro-Hungarian army
• Founded and served as director of the Austrian
  Institute for Business Cycle Research
• Was awarded the Presidential Medal of Freedom by
  George H. W. Bush

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Hayek vs. World
1899-USA ratifies peace treaty with
Spain 1919-End of WWI 1929-Stock Market
Crashes 1949-China becomes Communist 1969-First
man on the moon 1989-Fall of the Berlin
Wall 1992-Cold War ends
Would not want the Government to bail out or get
involved with businesses!!!
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Economic Theory
Created a FREE PRICE SYSTEM in which the economy
is governed by price instead of by individuals
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QUOTE
I do not think it is an exaggeration to say
history is largely a history of inflation,
usually inflations engineered by governments for
the gain governments. Friedrich August Von
Hayek
Keynes was not a highly trained or very
sophisticated economic theorist
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HAYEKPRICE DETERMINANT MARKET
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