Friedrich Hayek: Why Intellectuals Drift Towards Socialism

1974 Nobel Laureate in Economics. Many libertarians probably attribute the concept of the free market to Hayek and some of his followers. Milton Friedman became a free market economist for his research into the price mechanism. Hayek and others identified the price mechanism as the way that information is signaled to individuals in the economy. This is a short clip. For more from Hayek, I recommend the Road to Serfdom.