Forty years ago, on October 9, 1974, the Nobel Prize committee announced that the co-recipient of that year’s award for economics was the Austrian economist, Friedrich A. Hayek. Never was there a more deserving recognition for one of the truly great free market thinkers of modern times.
We live at a time when politicians and bureaucrats only know one public policy: more and bigger government. Yet, there was a time when even those who served in government defended limited and smaller government. One of the greatest of these died one hundred years ago on August 27, 1914, the Austrian economist Eugen von Böhm-Bawerk.
The Heartland Institute recently hosted renowned economist and political commentator John Lott, who gave an enlightening talk about this new book “At the Brink: Will Obama Push Us Over the Edge?”
The economics profession has lost one of the giants. His best known work is a positive, as opposed to a normative, theory of bureaucracy. Bureaucracy and Representative Government was published in 1971.[...]