UNEMPLOYMENT — THE HAYEKIAN VISION VS THE FRIEDMAN VISION

By Greg Ransom, on February 3rd, 2011%

Arnold Kling comes up with The Quote of the Day:

People are not employed by “the Walrasian system of general equilibrium equations.” They are employed by entrepreneurs.

Comments are closed   equilibrium, unemployment, Walras

Why the boom & bust creates unemployment

By Greg Ransom, on September 6th, 2010%

Jerry O’Driscoll explains how a competent understanding of the phenomena requires Hayekian thinking.

Comments are closed   Boom & Bust, unemployment

Hayek on Keynes, Britain, wage rates & deflation during the British Depression of the 20s & 30s

By Greg Ransom, on July 7th, 2010%

Comments are closed   Deflation, gold, Keynes, unemployment, unions, Video   ,  

How Hoover’s Wage & Cartelisation Policies Caused the Great Depression

By Greg Ransom, on October 18th, 2009%

UCLA economist Lee Ohania points out that in late 1929 and early 1930 a Depression-level industrial employment crash occurred before any serious deflation or banking panic hit the U.S. economy:

Economists cite monetary contraction (Friedman and Schwartz, 1963) and banking panics (Bernanke, 1983) as important determinants of the Depression, but industry was significantly depressed before . . . → Read More: How Hoover’s Wage & Cartelisation Policies Caused the Great Depression

One comment - (Comments are closed)   Boom & Bust, Great Depression, unemployment
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Hayek’s ideas that the price system is a consolidator of information and a distributor of knowledge, as well as simply a way of assuring efficiency and exchange, is probably as penetrating and original an idea as microeconomics produced in the 20th century. — Lawrence Summers
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