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DVD Review: The Hayek Prophecies

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F. A Hayek is a well respected economist years after his death. His book Road to Serfdom has had a profound effect on generations of economists and political thinkers since its publication in 1944. The noble laureate is a hero to free market types world-wide and this DVD aims to show why. A re-packaging of sorts of an interview initially released in the ’80s with a modern introduction via the original interviewer. The fact the well renowned investment manager and CEO Kenneth J. Gerbino can see himself dressed as he is in the video, complete with afro and sideburns shows how much he cares about Hayek’s message.

Entitled the The Hayek Prophecies this release aims to explain how
profound Hayek was over 20 years ago about the state in which the U.S. and the world finds itself in today. This key question is what would Hayek do were he President of the U.S. rather than Ronald Reagan at the time of the interview. Needless to say one of his first targets would have been to reduce the size of government to a 1/3 of its then size (much smaller than it is now). He warns of excessive debt and government using inflation to pay for things they can or should not afford.

The one caveat to viewers of this documentary is that the combination of Hayek’s thick German accent and the less than perfect audio quality means that subtitles might be apt. Even with a good audio set up its necessary to pay close attention to get the subtitles of what Hayek has to say.

What was interesting was his description of his friendship with Keynes a man whose economic philosophy could be no further away from Hayek.

In short this is a fascinating insight into the mind of Hayek and his advice is just as apt in 2011 as it was all those years ago.

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