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Shyamal Banerjee/Mint

A reform strategy built on more predictable, rules-based fiscal, monetary and regulatory policies will help restore economic prosperity. That will be a daunting task, of course, but as they undertake the necessary changes, reformers should pay close attention to what the great economist and philosopher Friedrich A. Hayek wrote in the middle years of the last century.

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The Wall Street Journal

Edited excerpts. John Taylor is professor of economics at Stanford and a senior fellow at the Hoover Institution. His book, “First Principles: Five Keys to Restoring America’s Prosperity" (Norton 2012), was awarded the 2012 Hayek prize by the Manhattan Institute. This op-ed is adapted from his Hayek Prize Lecture delivered on 31 May.

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