Emergencies have always been the pretext on which the safeguards of individual liberty have been eroded.-Friedrich HayekBased on this quote, you might expect that Hayeks views on economic policy would be most similar to those of

FISCAL POLICY

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

“‘Emergencies’ have always been the pretext on which the safeguards of individual liberty have been eroded.”-Friedrich HayekBased on this quote, you might expect that Hayek’s views on economic policy would be most similar to those of

A	Keynesian economists.
B	monetarists such as Milton Friedman.
C	believers in laissez-faire policies.
D	Karl Marx.

Explanation:

Detailed explanation-1: -The full quote reads: “’Emergencies’ have always been the pretext on which the safeguards of individual liberty have been eroded–and once they are suspended it is not difficult for anyone who has assumed such emergency powers to see to it that the emergency persists.” (Hayek, Law, Legislation and Liberty, Vol.

Detailed explanation-2: -“While Hayek did believe that government intervention in the price system could take us from free-market governance toward totalitarianism, he also endorsed an extensive system of social services, ” Angner explains. In fact, Hayek advocated a limited system of wealth redistribution.

Detailed explanation-3: -He was part of the Austrian School of Economics and believed in free-market capitalism. He also believed that free markets allowed for creativity, innovation, and entrepreneurship, which are necessary for societies to bloom and citizens to prosper.

There is 1 question to complete.

ECONOMICS (CBSE/UGC NET)

ECONOMICS

FISCAL POLICY