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From course:

Economics A Level (DONEEEEEEE)

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Question:

What did Friedrich Hayek Support and Believe In? 1899-1992

Author: eric_galvao



Answer:

-Supporter of Free Market; Nay to Command Eco. -Argued that Govs should not Intervene to Allocate as Govs don't have the Information to Allocate in a way to Benefit Society Greatest, but Rather Consumers and Firms have Best Knowledge on their Needs and Wants, so it should be left to Them -Hayek saw the Pricing Mechanism a way to 'Communicate' - Price Level set by Supply & Demand showing what Consumers and Firms Want, and therefore will Naturally Allocate Resources Better


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