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I like it that Hayek comes right out and says that you cannot make rational decisions without free prices in a free markets. He goes into details on the basis of economic knowledge and where you get it and how you apply it (His Nobel prize speech). Then he says that economic rewards are not only just but accurate rewards. Needs? That communist distribution idea also goes down in flames because there is no linkage between incentives and efforts. Too bad he does not go into details of his (Heyekian) triangles.
I think the interviewer, Levin, is a complete economic naïf. Why did they give him this opportunity. He is a total progressive/lefty/Marxist/socialist/communist/murderer.
I think this is a traditional debate format in which two opposing views are portrayed. When these opinions are shared cordially, the viewer can ascertain the merits and demerits of both sides.
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Yes, I understand, but this was not a debate it was an interview. In interviews, there is generally one person, as here, asking the questions and the other answering them, as here. The interviewer can ask the questions any way he wishes, but how they are asked points to the biases in the interviewer.
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