seminar: Ransom on Hayek 3

In my first two Hayek Seminar postings I highlighted the fact that for Hayek the empirical character of economics science begins with empirical problems in our experience. We witness a constantly repeated pattern in which prices “tend” toward costs. Alternatively, we attempt to impose a system of “just prices” and our attempts to empirical control . . . → Read More: seminar: Ransom on Hayek 3

seminar: Ransom on Hayek 2

What I’m probing right now is Hayek on the spurs to inquiry in economics. One insight I’d like to suggest is the fact that over time the human race loses track of the problems which originally provoked inquiry — and the loss of this original sprur to inquiry can have detrimental and even pathological effects . . . → Read More: seminar: Ransom on Hayek 2

seminar: Ransom on Hayek 1

I’m going to start using this space to teach some Hayek — and perhaps generate a conversation. Please feel welcome to add your own thoughts in the comments section below.

Today’s seminar topic is the empirical nature of economics science.

Hayek in many places talks about how science begins with problems in our experience. Hayek . . . → Read More: seminar: Ransom on Hayek 1

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The price system operates as a sort of instrument of communication leading to the constant tendency towards an order [of fully coordinated individual plans] which is never fully reached .. and prices are the essential conditions of the approach toward that order. — F. A. Hayek

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