Barack Obama and some on his economic team claim to be students of Hayek. But as Université du Québec economist Pierre Lemieux points out, Obama’s new plan to “regulate” the macroeconomy is premised on purely magical thinking where government bureaucrats have an impossible God-like knowledge of market relations, and where bureaucrats and politicians have a . . . → Read More: pierre lemieux: Obama As Student Of Hayek = FAIL
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The tautological propositions of pure equilibrium analysis are not directly applicable to the explanation of social relations. — F. A. Hayek
