Hayek vs Arrow & Debreu

A visiting Federal Reserve scholar attempts to explicate the difference between Hayek’s explanatory universe and the Arrow-Debreu explanatory universe using the conceptual language / conceptual straight jacket of . . . Arrow and Debreu:

Arrow and Debreu showed that allocations will be Pareto efficient even in economies in which time and uncertainty are explicitly represented. . . . → Read More: Hayek vs Arrow & Debreu

econ: From Hayek -> Hicks -> Arrow

We know that much of Hick’s work was inspired by Hayek:

“I can date my own personal ‘revolution’ rather exactly to May or June 1933. It was like this. It began . . with Hayek. His Prices and Production is one of the influences that can be detected in The Theory of Wages; it could . . . → Read More: econ: From Hayek -> Hicks -> Arrow

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Random Quote

Abstraction is not something which the mind produces by processes of logic from its perception of reality, but rather a property of categories with which it operates – not a product of the mind but rather what constitutes the mind. — F. A. Hayek

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