Sunday, December 28, 2008

Hayek on MTP, 1975

MP3 audio from "Meet the Press," June 22, 1975, courtesy of the Mises Institute via NewsAlert, with the Nobel laureate Friedrich Von Hayek talking about inflation.

Notice how Hobart Rowan (1:45) attacks Hayek's "theories" as "unrealistic," and pushes the Keynesian nostrum of a necessary tradeoff between inflation and unemployment -- despite the fact that the U.S. economy was then staggering into the morass of "stagflation," which rather emphatically invalidated the Keynesian theory.

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