Jennifer Burns

Laissez-faire would not encompass centrally provided relief because in the pure theory, again, very seldom applied purely, but in the pure theory, the wages need to come down far enough and people need to be desperate enough to start taking work and to start the machine again. So the theory would be if you give people relief, they might not go back to work. Now, almost nobody says that.

Laissez-faire would not encompass centrally provided relief because in the pure theory, again, very seldom applied purely, but in the pure theory, the wages need to come down far enough and people need to be desperate enough to start taking work and to start the machine again. So the theory would be if you give people relief, they might not go back to work. Now, almost nobody says that.

Laissez-faire would not encompass centrally provided relief because in the pure theory, again, very seldom applied purely, but in the pure theory, the wages need to come down far enough and people need to be desperate enough to start taking work and to start the machine again. So the theory would be if you give people relief, they might not go back to work. Now, almost nobody says that.

In the Great Depression, because the situation is so bad and it's it's you know, people are starving on the street and people feel for humanitarian and ethical reasons. It's not OK to say that the Austrians, though, at first Hayek and Lionel Robbins are like, this is a business cycle and it needs to run its course and it will be detrimental if we intervene.

In the Great Depression, because the situation is so bad and it's it's you know, people are starving on the street and people feel for humanitarian and ethical reasons. It's not OK to say that the Austrians, though, at first Hayek and Lionel Robbins are like, this is a business cycle and it needs to run its course and it will be detrimental if we intervene.

In the Great Depression, because the situation is so bad and it's it's you know, people are starving on the street and people feel for humanitarian and ethical reasons. It's not OK to say that the Austrians, though, at first Hayek and Lionel Robbins are like, this is a business cycle and it needs to run its course and it will be detrimental if we intervene.

And then pretty soon, Hayek has to change his tune.

And then pretty soon, Hayek has to change his tune.

And then pretty soon, Hayek has to change his tune.

Absolutely. And so Hayek will make the turn towards accepting more of a state. And then we'll come to talk about how the state needs to support what he calls a competitive order. But his mentor, Ludwig von Mises... still remains very hardcore and is not really open to things like unemployment insurance or other state-based interventions.

Absolutely. And so Hayek will make the turn towards accepting more of a state. And then we'll come to talk about how the state needs to support what he calls a competitive order. But his mentor, Ludwig von Mises... still remains very hardcore and is not really open to things like unemployment insurance or other state-based interventions.

Absolutely. And so Hayek will make the turn towards accepting more of a state. And then we'll come to talk about how the state needs to support what he calls a competitive order. But his mentor, Ludwig von Mises... still remains very hardcore and is not really open to things like unemployment insurance or other state-based interventions.

Yeah, I wish I knew an answer to that question. I don't know enough about von Mises and his reaction in the Great Depression. I think I would hazard that he would look more down the road and say, well, if you start here, you're going to go places that are bad. But I don't factually know what he said in response. I do know that Hayek's position doesn't last very long.

Yeah, I wish I knew an answer to that question. I don't know enough about von Mises and his reaction in the Great Depression. I think I would hazard that he would look more down the road and say, well, if you start here, you're going to go places that are bad. But I don't factually know what he said in response. I do know that Hayek's position doesn't last very long.

Yeah, I wish I knew an answer to that question. I don't know enough about von Mises and his reaction in the Great Depression. I think I would hazard that he would look more down the road and say, well, if you start here, you're going to go places that are bad. But I don't factually know what he said in response. I do know that Hayek's position doesn't last very long.

It's not a position you can hold to. Maybe you could hold to it in other cycles. The other thing that was interesting is I found very few Americans who saying this. Most who were were kind of small-town electeds, or the most famous is Andrew Mellon, quoted by Herbert Hoover.

It's not a position you can hold to. Maybe you could hold to it in other cycles. The other thing that was interesting is I found very few Americans who saying this. Most who were were kind of small-town electeds, or the most famous is Andrew Mellon, quoted by Herbert Hoover.

It's not a position you can hold to. Maybe you could hold to it in other cycles. The other thing that was interesting is I found very few Americans who saying this. Most who were were kind of small-town electeds, or the most famous is Andrew Mellon, quoted by Herbert Hoover.

So not directly, we don't have him on record saying this, but apparently Hoover records in his memoirs that Mellon said something like, liquidate real estate, liquidate stocks, purge the rottenness out of the system, people will live a healthier life.

So not directly, we don't have him on record saying this, but apparently Hoover records in his memoirs that Mellon said something like, liquidate real estate, liquidate stocks, purge the rottenness out of the system, people will live a healthier life.