Should a state control the means of production?

The state should not control the means of production due to the innovation and efficiency that arises from private ownership (Shleifer, 1998:135), the necessity for non-regulated prices creating proper indicatators  (Friedman & Friedman, 1980:14) and the dangers of central planning (Hayek, 2007:124). People are more likely to work hard if they are given proper incentives. […]

What led to the rise in acceptance of the views of Friedrich Hayek and the Chicago School?

An economy is ultimately built on trust. If society trusts the system, then the system will remain. In the latter half of the 20th century, after a Golden Age of economic prosperity, the system of many capitalist countries began to collapse[1]. The economic policy of these nations was termed the ‘Keynesian Consensus’ (KC) – a […]