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Here is the problem with applying Hayek's Austrian economic theory. Monopoly.
Hayek didn't substantively address capital monopoly and additionally, his endorsement of regulation is a counter-point to his own theory. The fact of the matter is that the very people that endorse his economic theory are against government regulation of the market. Regulation is a critical component of his theory.
Here are some very real facts about the US economy. The wealthy control 87-90% of capital assets. In order for Hayek's theory to work in real world application, demand must be a driver. In this sense he proves Keynes basic point that consumer spending drives a successful economy.
The consumer class only controls 10-15% of the capital assets in the US and based on that fact alone it should be obvious that they (we) don't have any economic power in comparison to the wealthy. I am not saying that it is impossible... however, the odds of success are now much lower than before the onset of corporations and the central banking system. It is why so many businesses fail from lack of capital. It isn't just because they didn't have a good idea... in many cases, it is the result of insurmountable market competition and/or means to get the idea started.
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