Hayek vs Arrow & Debreu

By Greg Ransom, on May 4th, 2010%

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

5 comments - (Comments are closed)   Arrow, Debreu, Information, Local Knowledge

econ: From Hayek -> Hicks -> Arrow

By Greg Ransom, on June 29th, 2009%

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

Comments are closed   Arrow, Hicks, History of Economics
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The concept of equilibrium and the methods we employ in pure analysis have a clear meaning only when confined to the analysis of the actions of a single person. — F. A. Hayek
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