Category Archives: Knowledge Problem
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
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?
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
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
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