Hayek seems like the man of the day. Barron’s offers an excellent commentary by Thomas G. Donlan, in which he recounts Hayek’s stunning Nobel lecture, which, by the way, the Institute has newly in print. When Friedrich Hayek won the Nobel Prize for economics in 1974, he embarrassed many economists by noting their failures. Speaking in the midst of a great inflation that caused a greater loss of stock-market wealth in the U.S. than the Great Depression, he noted that the inflation was "brought about by policies which the majority of economists recommended and even urged governments to pursue." He … Continue reading Hayek