On June 25th, the Manhattan Institute awarded the 2014 Hayek Prize to Chicago economist Casey Mulligan, author of The Redistribution Recession: How Labor Market Distortions Contracted the Economy. The book shows how benevolent policies meant to bolster our national economic well-being after the financial crisis have in fact had a perverse effect. Mulligan opens his book by asking an important question: Would the U.S. recession have been deeper if the federal government not intervened with massive stimulus checks and top-down attempts to aid the labor market? The Hayek Prize is one of the most prestigious book awards in the United States. The award honors the legendary Austrian economist F.A. Hayek, and recognizes a recent book that carries forth Hayek’s vision of economic and individual liberty. Hayek also had a formative influence over the Manhattan Institute, which was formed over 30 years ago to fight the battle of ideas from an outside-the-Beltway perspective.
CRITICISM OF GOVERNMENT’S ROLE IN THE GREAT RECESSION WINS HAYEK AWARD
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