Brief overview of Hayek's Nobel Price Theory
Not directly startup related, but it never hurts to understand the basics of economy. Thomas E. Woods gives us something to think about the current stimulus packages, interest rates, bailouts etc. According to the Austria School of Economics it's all completely wrong. Reality seams to support this long suppressed theory nowadays.
The video is the second half of the speech Why You've Never Heard of the Great Depression of 1920 without the story of the 1920 depression, just Friedrich von Hayek's theory overview.
Thomas E. Woods, Jr., is a senior fellow at the Ludwig von Mises Institute. He holds a bachelor’s degree in history from Harvard and his master’s, M.Phil., and Ph.D. from Columbia University. He is the author of nine books, including two New York Times bestsellers: Meltdown: A Free-Market Look at Why the Stock Market Collapsed, the Economy Tanked, and Government Bailouts Will Make Things Worse and The Politically Incorrect Guide to American History.