Jennifer Burns

who he believes shares his values of what we would call today classical liberalism and to kind of create a counter consensus to the one that's gathering. Now, Hayek also chooses not to argue against Keynes and he feels that this is a huge missed opportunity that he should have staked out the case against Keynes and that because he did not, people come to believe there is no case against Keynes.

who he believes shares his values of what we would call today classical liberalism and to kind of create a counter consensus to the one that's gathering. Now, Hayek also chooses not to argue against Keynes and he feels that this is a huge missed opportunity that he should have staked out the case against Keynes and that because he did not, people come to believe there is no case against Keynes.

who he believes shares his values of what we would call today classical liberalism and to kind of create a counter consensus to the one that's gathering. Now, Hayek also chooses not to argue against Keynes and he feels that this is a huge missed opportunity that he should have staked out the case against Keynes and that because he did not, people come to believe there is no case against Keynes.

Keynes is literally unanswerable. So Hayek will have this great regret He will channel some of his regrets into sort of community building, specifically developing the Mont Pelerin Society. And it will fall to Friedman to really make that case against Keynes.

Keynes is literally unanswerable. So Hayek will have this great regret He will channel some of his regrets into sort of community building, specifically developing the Mont Pelerin Society. And it will fall to Friedman to really make that case against Keynes.

Keynes is literally unanswerable. So Hayek will have this great regret He will channel some of his regrets into sort of community building, specifically developing the Mont Pelerin Society. And it will fall to Friedman to really make that case against Keynes.

But Hayek will end up at Chicago, and Hayek really influences Friedman to think about what Hayek calls the competitive order and how the state— can and must maintain a competitive order. That is the system of laws, of norms, of practices that makes it possible for markets to function.

But Hayek will end up at Chicago, and Hayek really influences Friedman to think about what Hayek calls the competitive order and how the state— can and must maintain a competitive order. That is the system of laws, of norms, of practices that makes it possible for markets to function.

But Hayek will end up at Chicago, and Hayek really influences Friedman to think about what Hayek calls the competitive order and how the state— can and must maintain a competitive order. That is the system of laws, of norms, of practices that makes it possible for markets to function.

And this is one of these key differentiators between the older philosophy of laissez-faire and the newer reconceptualization of liberalism, which says, yes, we need a state.

And this is one of these key differentiators between the older philosophy of laissez-faire and the newer reconceptualization of liberalism, which says, yes, we need a state.

And this is one of these key differentiators between the older philosophy of laissez-faire and the newer reconceptualization of liberalism, which says, yes, we need a state.

We need a state that's not intervening in markets under social democratic auspices, but is structuring and supporting markets so that they can function with maximum freedom, keeping in mind that if there aren't basic social supports needed, the market is apt to generate the type of either inequality or social instability that will call the whole system into question.

We need a state that's not intervening in markets under social democratic auspices, but is structuring and supporting markets so that they can function with maximum freedom, keeping in mind that if there aren't basic social supports needed, the market is apt to generate the type of either inequality or social instability that will call the whole system into question.

We need a state that's not intervening in markets under social democratic auspices, but is structuring and supporting markets so that they can function with maximum freedom, keeping in mind that if there aren't basic social supports needed, the market is apt to generate the type of either inequality or social instability that will call the whole system into question.

So Hayek is really key in promoting this modified liberalism. But from being a very prominent economist in the 1920s and 1930s, as mathematics becomes the language of economics, Hayek is completely left out in the cold.

So Hayek is really key in promoting this modified liberalism. But from being a very prominent economist in the 1920s and 1930s, as mathematics becomes the language of economics, Hayek is completely left out in the cold.

So Hayek is really key in promoting this modified liberalism. But from being a very prominent economist in the 1920s and 1930s, as mathematics becomes the language of economics, Hayek is completely left out in the cold.

Now, Friedman to some degree is left out in the cold, but Friedman at least has proved to the mathematical economists that he knows what they're up to and he's rejecting it from a position of expertise and knowledge. And he literally drives the mathematical economists out of Chicago. They're clustered in a group called the Coles Commission, and he makes their life hell. They flee.

Now, Friedman to some degree is left out in the cold, but Friedman at least has proved to the mathematical economists that he knows what they're up to and he's rejecting it from a position of expertise and knowledge. And he literally drives the mathematical economists out of Chicago. They're clustered in a group called the Coles Commission, and he makes their life hell. They flee.