Jennifer Burns

He thought eventually the market would triumph.

He thought eventually the market would triumph.

That's what he believed. That's what he believed. Yeah, I think it's more complicated than that, right? The people who gain... Out of a system of economic freedom could decide to collude in a system where there isn't political freedom. That's certainly a scenario. So but but that that was again, that's that core idea of freedom. Right.

That's what he believed. That's what he believed. Yeah, I think it's more complicated than that, right? The people who gain... Out of a system of economic freedom could decide to collude in a system where there isn't political freedom. That's certainly a scenario. So but but that that was again, that's that core idea of freedom. Right.

That's what he believed. That's what he believed. Yeah, I think it's more complicated than that, right? The people who gain... Out of a system of economic freedom could decide to collude in a system where there isn't political freedom. That's certainly a scenario. So but but that that was again, that's that core idea of freedom. Right.

And that core belief that people want freedom and that people are drawn to freedom.

And that core belief that people want freedom and that people are drawn to freedom.

And that core belief that people want freedom and that people are drawn to freedom.

Yeah, I think what the metaphor of the game does is it asks you, okay, well, what are the rules then? And let's focus on the rules that keep the game going. So he didn't use the concept of an infinite game, but I think that's an interesting one. A game that all the players are in and keep going again and again and again. And so that helped Knight, along with Hayek, shift from

Yeah, I think what the metaphor of the game does is it asks you, okay, well, what are the rules then? And let's focus on the rules that keep the game going. So he didn't use the concept of an infinite game, but I think that's an interesting one. A game that all the players are in and keep going again and again and again. And so that helped Knight, along with Hayek, shift from

Yeah, I think what the metaphor of the game does is it asks you, okay, well, what are the rules then? And let's focus on the rules that keep the game going. So he didn't use the concept of an infinite game, but I think that's an interesting one. A game that all the players are in and keep going again and again and again. And so that helped Knight, along with Hayek, shift from

The allocation question, who's getting what? Are things allocated fairly? To the more structural question of, like, what are the rules of the game that we need to keep this system going? And so for a while, that led to the discussion of monopoly. Well, we need rules against concentration. Or we need the rule of law. Everyone needs to be treated equally. People need to know what...

The allocation question, who's getting what? Are things allocated fairly? To the more structural question of, like, what are the rules of the game that we need to keep this system going? And so for a while, that led to the discussion of monopoly. Well, we need rules against concentration. Or we need the rule of law. Everyone needs to be treated equally. People need to know what...

The allocation question, who's getting what? Are things allocated fairly? To the more structural question of, like, what are the rules of the game that we need to keep this system going? And so for a while, that led to the discussion of monopoly. Well, we need rules against concentration. Or we need the rule of law. Everyone needs to be treated equally. People need to know what...

you know, what they're up against. And then going back to monetarism, the core of monetarism is a rule. Friedman called it a monetary growth rule. And so, again, what keeps the economic game going is a rule about how much the money grows that everybody knows. Nobody's guessing. Nobody's changing the rules to help their side or to help, you know, the people they're friendly with.

you know, what they're up against. And then going back to monetarism, the core of monetarism is a rule. Friedman called it a monetary growth rule. And so, again, what keeps the economic game going is a rule about how much the money grows that everybody knows. Nobody's guessing. Nobody's changing the rules to help their side or to help, you know, the people they're friendly with.

you know, what they're up against. And then going back to monetarism, the core of monetarism is a rule. Friedman called it a monetary growth rule. And so, again, what keeps the economic game going is a rule about how much the money grows that everybody knows. Nobody's guessing. Nobody's changing the rules to help their side or to help, you know, the people they're friendly with.

We all know it's there. It's clear. It's easy. And so... That emphasis on rules, I think, really has a through line. It goes into Hayek's competitive order, and then it goes into the monetary growth rule. And then, you know, today... monetary policy makes use of monetary policy rules.

We all know it's there. It's clear. It's easy. And so... That emphasis on rules, I think, really has a through line. It goes into Hayek's competitive order, and then it goes into the monetary growth rule. And then, you know, today... monetary policy makes use of monetary policy rules.

We all know it's there. It's clear. It's easy. And so... That emphasis on rules, I think, really has a through line. It goes into Hayek's competitive order, and then it goes into the monetary growth rule. And then, you know, today... monetary policy makes use of monetary policy rules.