Category Archives: Knowledge Problem

Frydman & Goldberg on Hayek & Rational Expectations

Two more economists weigh in on the “what is wrong with macroeconomics” question: The economics literature is full of different models, each one assuming that it adequately captures how all rational market participants make decisions. Although the free-market Chicago school, … Continue reading

Posted in Knowledge Problem, Macroeconomics | 1 Comment

Distributed Knowledge & The Medical Economy

Jennifer Rubin discovers both Hayek’s knowledge problem and Hayek’s distributed knowledge and discovery procedure solution.  Did she read John Stossel or The Constitution of Liberty?

Posted in Knowledge Problem | 3 Comments

john stossel: The Medical Economy & The Knowledge Problem

John Stossel weighs in on the brain-dead arrogance of  President Obama & the U.S. Congress: focus on the spectacle of that handful of men and women daring to think they can design the medical marketplace. They would empower an even … Continue reading

Posted in Knowledge Problem | 2 Comments

Hayek & the “Global Warming” Scare

Energy regulation economist Robert Murphy weighs in: Fans of Austrian economist Friedrich Hayek — who warned against the “pretense of knowledge” — should be even more concerned about the sheer audacity of the field of climate economics. After all, it … Continue reading

Posted in Knowledge Problem, Limits to Knowledge, Scientism | 4 Comments

pierre lemieux: Obama As Student Of Hayek = FAIL

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 … Continue reading

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