Hayek calls for decentralization of economics. Would he want to get rid of the Federal Reserve Bank? It doesn't regulate prices between commodities, but the value of money in general. What about international trade and tariffs, minimum wage, and corporations being required to supply health insurance, retirement plans, and pensions? Would he be against insider trading on the stock market? That is an example where we, as a society, commonly agree that having and using privileged knowledge is unethical. I wonder to what extent he wants to take the price system he's proposing.
Monday, April 28, 2008
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