Leo Rosten interviews Friedrich A. Hayek (Part III)

Dr. Hayek challenges modern methodologies in economics, emphasizing the importance of theory over data. He describes the failure of governments to manage the money supply, the development of observed business cycles, and the morality of the market. The limits of politicians relying on advice from economists as well as the importance of legal positivism in shaping laws are also examined. Finally, he discusses changes he would like to see made to the U.S. Constitution and the influence of modern anthropology.