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  1. Give me a break – Hayek's warnings are not heeded today. If there were, there would have been no TARP or QE. This is the biggest lie about this video, that we are largely following Hayek's teachings, we're not. We're fascists today, using taxpayer money to prop up failed corporations.

  2. Mauricio Macri shown as someone who supports the free market? Come on… Libertarians in Argentina call him the "yellow socialist" being yellow the main colour from his campaign.

  3. The Use of Knowledge in Society that he wrote is still yet to be understood and I think it would help reveal some great truths and humble those that think they can actually plan the lives of millions of people without dire consequence like trying to garden the Amazon without disrupting the complex spontaneous ecosystems.

  4. No Capitalist and Entrepreneurial ingenuity…no invention of "goods", "products" and "services" and the jobs to provide them, to be exploited by the masses of "Mindless Wage Drones", aka the "Workers" and or "Labor".

  5. I find Hayek interesting. He has a very different idea of liberty to myself, but it is good to understand this viewpoint, because it then enables you to see why so many people argue around this idea of 'liberty' – because there are so many competing different ideas of what it means.

  6. The curious task of economics is to demonstrate to men how little they know about what they imagine they can design
    -Friedrich Hayek
    -The Fatal Conceit

  7. One grows tired of those who think they can apply rationalistic thought into a theory of political economy. ALL lead to dangerous ideology – historic lessons attest. Economics has no guide but morality and the sense of the individual to act accordingly. In a sense Kant's categorical imperative would be the only true guide to an economic behaviour! Keynes, Hayek, Mises, Marx, Smith, Friedman are all in a sense, playing 'scientism' when developing macro-economic theory. It is not the 'terrible science'…it is as bad as religion.

  8. I just wonder about Hayek's ideas in relation to the GFC… surely it was precisely because government was asleep at the wheel (the credit rating agencies doing essentially nothing) that it occurred. Of course I am not saying that anyone could have predicted the GFC, but the environment of deregulation fostered the greed and risk which eventually caused it – would not that line need to allow a little more room for government?

  9. While it is arrogant and unrealistic to expect central planners to think of perfect solutions to everything, it is wrong to consider them completely incapable and the solution being absolutely free markets. There are simply some things in life that aren’t exactly’profitable’ and therefore unprotected and worthless in Hayek’s idea of a perfect economy. Think of the environment, or clean streets, or human rights. There are simply certain things in society that the government has to protect because companies can’t regulate themselves.

  10. Mussolini was not free market. he nationalized a large portion of the Italian economy, property rights are the foundation to a free market.

  11. complete BS (bad science) disinformation at its highest, sleep walk in to – slavery (communism) please read the truth, Keynesian economists is the most evil theory

  12. Biased garbage video. Hayek knew that economic freedom would lead to political freedom, which is why Pinochet and Stroessner fell.

  13. Capitalism is personal profit and collective remedy to damages. Problem with too much liberalism is exactly this. If things go well, then few profit, if things go wrong the majority have to live with consequences. Environmental costs, bank and industry saving actions and so on. When shit hits the fan, then it is good to have government intervention, or?

  14. If the economy is mean to be prosperous, we must sacrifice few unlucky unemployed
    if the corn field needs to grow bigger cob, we must sacrifice few unlucky slaves

    problem solved
    if the economy/corn does not yield well, it MUST be those damn dead losers' fault

  15. if there is benevolent dictatorship of the mass
    we are all going to be slaves

    but before freedom, we want bread, sex and eternal sanctuary

  16. economy is about what to produce, who to produce and who to consume
    until Keynesian ask the question:
    who to not consume and starve?

    the mass 50% below middle class rather all to hell than one to die in starvation

  17. Since my dissertation was about Hayek's political philosophy, I'm confident to say that this video is bullshit. Whoever made this has either never read Hayek or is just plain stupid. If I had to pick a few books that everyone should read, these would be Hayek's "The Constitution of Liberty", Rawls' "A Theory of Justice", Orwell's "1984" and William Golding's "Lord of the Flies".

  18. As soon as you said "Hitler.. state planning" I pressed the dislike button. How about you actually read some communist literature for once?
    Fucks sake.

  19. hayek's road to serfdom is almost prophetic in regards to socialism and how it disguises itself in freedom, equality, and social justice and how that is playing out in today's left-wing politics

  20. a gross mischaracterization of hayek in regards to his "support of dictators". not surprising coming from this channel which was drooling over the dreamy-eyed karl marx. plus, as others have noted below, the italian fascists were socialists. the german fascists were socialists. they were wrongly labeled "right-wing" because there was a split in the socialist movement in the '20s and 30s between the international socialists (the bolsheviks, the communists) and the national socialists who didn't want to take orders from moscow nor abandon all of their cultural heritage. in that regard, the national socialists were therefore to the right of the international socialists, but they were still all socialists, which exists on the far left of the political spectrum.

     fascism has nothing to do with american conservatism, which is about conserving the liberal democratic order that arose from locke, burke, smith and others. central planning pushed by the left is reactionary – no matter how they try to gussy it up with new language, it is always about putting power back in the hands of an arbitrary few that make decisions for the rest of us. the liberal democratic order that has at its core the concept of free markets is predicated upon Voluntary exchange – no one is forcing anyone to do anything in our society, unless you are attempting to violate someone else's natural rights. the left, with their concept of central planning, is based upon Involuntary exchange through force – central planners deciding what is best for us. which is the more immoral system, the one predicated on voluntary exchange, or the one predicated on force?

  21. I rarely ever comment on Youtube, but reading that Hayek is the leading theorist behind right-wing philosophy is beyond retarded. Way to expose your political leanings The School of Life. What a joke.

  22. I think showing moussilini as a example of a dictator he would like doesnt make sence, as moussilini was pro central planning, hayek belived National socialism, facism and socalism all had the samme root. And all were wrong.

  23. Governments LOVES Keynes because he allows them to print more money! If you want to know Keynes works Just take a look at Argentina… 70 years of Keynes ideas and theories.
    Results: fallen from world #5 GPD in the 20th Century to #65, The only country in the World that went from a developed country to a Frontier Country. Changed 5 times monetary assignations, deleted 13 zeros and went through 2 hyperinflation without a war. BTW President Mauricio Macri was hailed as a right Hayek neo libertarian but end up just like the rest, a democratic socialist using the same Keynes practices as all his predecessors. Now another hyperinflation is approaching.

  24. Hayek was NOT comfortable with dictators; the suggestion that he was is a gross mischaracterisation. Hayek instead was of the view that dictatorship in a liberal society might be preferable to democracy in a deeply illiberal society, where a democratically elected leader abuses their power and denies the citizens any freedom. A perfectly reasonable position.

  25. Meanwhile, China has a 90 year plan in order to dominate Global Economy. It s called New Silk Road. Hayek, eat my dust.

  26. 7:05 that's… Wrong. For Hayek, free markets were necessary condition for liberty, but not sufficient. That's pretty clear in his Road to Serfdom…

  27. 10:47 Hey, that's the guy that made taxes higher and started spending less, where did all the money go? catpresident uwu

  28. Common guys, neoliberal economic thinking? When did that existed? Neoliberalism is just a scarecrow marxists use to assign those regimes that fail because they adopted liberal positions in just a part of their economics…

  29. The tragic irony of neoliberalism is it only works when it engages in Military Keynesianism and plundering of raw materials from lesser countries. The so-called "emerging markets" will never be allowed to truly emerge because of neoliberalism.

  30. Von Mises, Von Hayek, and Von Friedman were all wrong, and that's why everything has gone to shit.

  31. Not recommendable! This video is pathetic! Laughable: "The leading theorist of modern right wing political movements". The School of Life has almost no clue about Hayek! This video should be retracted! Many of Hayeks' important works are missing!

  32. Terrible how Keynes actually thought government helped stimulate the economy when in fact it doesn't since the government cannot give wealth to those it takes from to begin with.

  33. Mussolini: All within the state, nothing outside the state, nothing against the state.
    Hayek: Beware of totalitarian big goverments.
    The School of Life
    : Oh they must like eachother.

  34. Glenn beck was responsible for the book hitting number 1 in 2010 he featured lots of interesting books

  35. The devotion to the market is absurd, all markets serve the insiders more than investors/buyers, all govts meddle in some way – its not possible to have a "hidden hand" that a state can rely on, being mainly based on FUD, markets, left to their own devices oscillate between boom and bust,with all, the attendant chaos in the real world. Without the active involvement of honest regulators, markets quickly become manipulated, Boesky etc (Read Wealth of Nations, a good corrective to this romantisized tosh). I used to work for Deutsche in Strucured Products Group, this man never worked in a financial market,nice theory perhaps, hideously flawed in operation

  36. I commend Hayek for his belief in markets. However, the Market as he describes it is a Utopian idea. It doesn't really exist. There is far to much of a discrepancy of market power between the players, on both the demand and supply side of markets, hence the need to keep the playing field level with some regulation. Indeed, current economic conditions fly in the face of much he postulated. Unfortunately, too much faith in the religion of the Unregulated Marketplace has caused those discrepancies to become magnified in the form of gross income inequality, which if history has taught us anything will lead to great and destructive social upheaval.

  37. Somebody has to be watching the chickens. If government, (and political parties), cannot be trusted to police economic activity, then private bankers, and accountants must perform this task. This is exactly the way our "Free Economy" works!

  38. What a dishonest overview of Hayek, I wasn't even sure if the video had stumble to the next about Keynes. DV for "Indoctrination of life".

  39. I don't like this guy 1%. Well maybe 1%. He was obviously smart, and just like a lottery, he said some really good things, however, he was wrong about so much other things.

  40. Competition, markets and prices are not constants and can only be balanced with planned production, wages and distribution of wealth, in the age of automation.
    Strangely, no one mentions 'greed and profit'. Xi's 'Governance of China' addresses them all.

  41. The West has heeded Hayek's advice. The free market reigns supreme. The United States worships at the altar of capital. And what has this resulted in? An anthropogenic extinction event. We must disavow Friedman, Von Mises, and Hayek if human civilization will continue in 50 years.

  42. You need to mention – or do another video on – Lionel Robbins, the fellow who brought Hayek to LSE. It was Robbins in the 1930s, not just Hayek decades later as you mention, who developed the theory of government as forming the framework of the market. This was the basis for the "free and social market" of the post-1945 German economy. Robbins reconciled free market theory with normal government regulation and planning — the opposite of socialism, in which government planning makes the microeconomic decisions and greatly reduces the autonomic economic role of individuals and businesses in making and combining their own plans. Normal government and legislation form the public plan for reconciling the private plans of all the autonomous economic actors, enabling them to combine productively together. Hayek followed Robbins in advocating European and Western federation, to provide a government framework for the international market which they saw being wrecked before their eyes in the 1930s by economic nationalism. The EU and OECD and IMF-IBRD-WTO, as partway institutions, have partway provided this public good.

  43. If you´re gonna do Hayek, please don´t lie…you´re getting yourself into major corrections. ¨Neoliberal¨ is just a mean nothing word.

  44. Thank you so much. But, is it because I am pre disposed. Anyway I still thank you for the most credible explanation that I can find…..but can I trust my…. no. I trust it. But..but

  45. It seems that the www has dealt economic theory a strong uppercut. Pre-www supply & demand theories seem to be deficient taking into account the possible enormous investing in instruments that individuals and institutional investors do not understand in quantities that can wreak havoc, creating a cascading effect on the finances of the world. What would Hayek have done in 2007-8 were he consulted by US Treasury Sec. Paulson?

  46. We are currently in the longest peacetime economic expansion in history, because the response to the 2008 crisis – the us government took a full Keynesian response. I opposed TARP at the time and did not believe anyone who said the money would be paid back with interest. But look at ProPublicas database on TARP. It was. All of it. I was skeptical about ARA too, but now here we are over a decade later with the longest economic growth we've ever had. When we hit recession, and we will probably soon, I'm putting my bet on Keynesian policy.

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