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CENTREFOLD: How Hayek Got Inflation By The Balls

by Ronald Kitching

The great Nobel Prize winning economist/social scientist F. A. Hayek made a month long lecture tour of Australia in October 1976. There is a bit of an inside story to this tour which so far few know about. Hayek was invited to Australia for a lecture tour by economist Mark Tier. However, Hayek, at that time, had to decline, but as circumstances changed and as he did not know anybody else in Australia, he wrote a note to Sydney Economist/Barrister Roger Randerson, whom he once tutored at The London School of Economics, saying that he could squeeze in a month before going on previously scheduled visits to New Zealand and Japan.

Roger and I were good mates so he rang me with the good news. I then suggested to Roger that he immediately write back to Hayek and ask what his fee would be. I can still quote the answer. Hayek replied saying: Read the rest of this entry