# Brief overview of Hayek's Nobel Price Theory

By [STARTUP MELBOURNE](https://startupmelbourne.com) · 2010-03-17

education

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Not directly startup related, but it never hurts to understand the basics of economy. [Thomas E. Woods](http://www.thomasewoods.com/?ref=startupmelbourne.com) gives us something to think about the current stimulus packages, interest rates, bailouts etc. According to the [Austria School of Economics](http://en.wikipedia.org/wiki/Austrian_School?ref=startupmelbourne.com) 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](http://www.youtube.com/watch?v=czcUmnsprQI&ref=startupmelbourne.com) without the story of the 1920 depression, just [Friedrich von Hayek](http://en.wikipedia.org/wiki/Friedrich_von_Hayek?ref=startupmelbourne.com)'s theory overview.

Thomas E. Woods, Jr., is a senior fellow at the [Ludwig von Mises Institute](http://mises.org/?ref=startupmelbourne.com). 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](http://www.amazon.com/Meltdown-Free-Market-Collapsed-Government-Bailouts/dp/1596985879/ref=sr_1_1?ie=UTF8&tag=lonbay-20&ref=startupmelbourne.com) and [The Politically Incorrect Guide to American History](http://www.amazon.com/Politically-Incorrect-Guide-American-History/dp/0895260476/ref=sr_1_1?ie=UTF8&tag=lonbay-20&ref=startupmelbourne.com).

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*Originally published on [STARTUP MELBOURNE](https://startupmelbourne.com/brief-overview-of-hayeks-nobel-price-theory-1)*