Hayek turned out to be right. Friedman rode his coat-tails, saying the exact same things as him only three decades later. He got all the credit that Hayek deserved for destroying Keynes (which he did while Keynes was actually still alive, so there.) Hayek lived to see the fail of the Soviet Union, something he predicted for the precise reason it fell back in the '40s. He's a BAMF is what I'm saying.
And the Chicago school made a lot of errors in judgment. They differed with the Austrian school on the Federal Reserve. The Austrians hated that the Federal Reserve controls the interest rate and not the free market. And the housing boom and bust proved the Austrians right on that point. Unfortunately, those who hold the Austrian torch today are all of the "uncle you only see during family get-togethers" crazy.
I noticed there doesn't seem to be a "politics" section on this forum. Might you point me in the right direction?
Whaaat was that. Perhaps there really should be a section for politics and debates xD I didn't understand anything you just said! I'm gonna blame it on my norwegianess.