Is Friedrich von Hayek in some specific, perhaps paradoxical, way a classical liberal paternalist? My answer will be an unsatisfying yes and no depending not only on my interpretation of Hayek, but also on the manifold interpretations one can give to the concepts of paternalism and classical...

The current crisis is like an earthquake for the theoretical foundations of economic policies, which have guided governments and central banks for the last few decades. The efficient market hypothesis and its application to labor markets -'natural rate theory'- dominated interpretations of...