Why Wasn T Friedrich Hayek A Conservative
353 Words2 Pages
"The famous Nobel price winning economist born in Vienna, Austria, in 1899"
His economic beliefs
Friedrich Hayek is particularly famous for his defense of free-market capitalism and is remembered as one of the greatest critics of the socialist consensus.
His beliefs and theories
His articles from the 1930s and 1940s on economics and knowledge, deriving insights that some of their elders in the economics profession still do not totally understand to this day..
Why wasn't he a conservative?
Hayek to some extent did believe that government intervention in the price system could take us from free-market governance toward totalitarianism, however he was more strongly opposed to the fact that there should be minimum income for every
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United States President, Ronald Reagan, and United Kingdom’s Prime Minister, Margaret Thatcher, believed in the economic principles of Friedrich Von Hayek. They believed in free markets and free enterprise. They also believed that governments are not to interfere with the markets and the economy at all. Both leaders removed centralized planning of their economies. They also privatized state-owned businesses, markets, and allowed the markets to decide prices and regulate itself.
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This is because he thought that people would make the right decisions for themselves and it would them benefit everyone else in society. Milton Friedman wanted equal opportunity for every citizen and believed that in a truly free market it did not matter a persons race or religion because people would just want to do what was best for them which would be to buy and sell goods. He was right wing on the equal opportunity spectrum because within a free market there will always be differences between the wealth of the people. Friedman had very similar ideologies to that of Adam Smith which meant that he was a conservative on the government spectrum and also a conservative on the change spectrum. He was a conservative on the change spectrum because he believed that the governments of the people he worked for, such as Margret Thatcher in the UK, should move back to a time where there was less government control.
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