Ep. 45 Hayek’s Warning We Ignored: Government Planning Doesn’t Fix Economies

About this episode

Ryan McMaken discusses the warnings of Hayek and Mises regarding government intervention in the economy.

Politicians say they can “fix” the economy.But economists Friedrich Hayek and Ludwig von Mises pointed out how government “fixes" lead to bigger problems.Hayek and Mises predicted the fall of the Soviet Union. They warned that centrally planned economies fail.But today, socialism is popular again. New York and Seattle have elected socialist mayors.Many politicians still believe that government can manage the economy—an idea popularized by economist John Maynard Keynes.Keynes was revered. Politicians love his arguments.But Hayek and Mises warned that government intervention leads to inflation, instability, and boom-bust cycles.They were right.In this podcast, Ryan McMaken of the Mises Institute explains why we should read Hayek and Mises today.

People in this episode

Guest: Ryan McMaken

Topics covered

• government planning
• economics
• socialism
• Hayek
• Mises
• Keynes
• economic intervention

Keywords

• economy
• government intervention
• inflation
• instability
• boom-bust cycles
• socialism
• centrally planned economies

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