VIDEO — JAMES BUCHANAN & F. A. HAYEK DISCUSS THE LIMITS OF ECONOMICS

NGRAM — SCIENTISM

The modern notion of “scientism” was introduced by Friedrich Hayek and Karl Popper in the mid-1940s, in Hayek’s journal Econometrica.

Is Hayek incompatible with Duflo?

You decide.

Worth a Read

“The Myth of the Model” by Max Borders.

HT Politics & Prosperity.

YouTube: Robert Bork & Hayek on The Intellectuals

Transcript:

BORK: Doctor Hayek, I think that if there’s one area in which I disagree with you slightly, it is about — We were discussing the intellectuals, and I guess it is that I see something a little more sinister about them [laughter] than you do. Isn’t it significant that, as you watch the . . . → Read More: YouTube: Robert Bork & Hayek on The Intellectuals

“Blinded by Scientism” by Edward Feser

Edward Feser is in the first rank of philosophers working in field of Hayek studies today.  He has an excellent new essay titled “Blinded by Scientism” in Public Discourse and republished as “Hayek and Scientism” in The City in flash and PDF versions.   A bit of Feser:

Conservatives, more than anyone else, should be wary . . . → Read More: “Blinded by Scientism” by Edward Feser

Arnold Kling on the Pseudo-Science of Macroeconometrics

Few economists have a sophisticated theoretical education in macroeconometric modeling — many are the equivalent of children playing with a computer game they really don’t understand.  Arnold Kling is not one of these.  In a series of essays Kling has been sharing a practitioner’s inside view of the lost knowledge of a generation which had . . . → Read More: Arnold Kling on the Pseudo-Science of Macroeconometrics

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 is rather absurd to argue about the impacts of present tax policies on global temperatures . . . → Read More: Hayek & the “Global Warming” Scare

letter: F.A. Hayek to Joan Robinson, March 1941

A letter from Friedrich Hayek to Joan Robinson, dated March 10, 1941, quoted in Konstantinos Repapis’s paper “Hayek’s business cycle theory during the 1930’s: A critical account of its development:

“My present pre-occupation with what may seem altogether different problems [than technical issues of the business cycle] may suggest to you that I am running . . . → Read More: letter: F.A. Hayek to Joan Robinson, March 1941

pdf: Carl Menger’s Classic on How Social Science Is Done

The most important book ever written on the explanatory strategy of  the social sciences — and the book which most influenced Hayek’s own explanatory strategy in economics — is now available free on the internet in pdf format:  Carl Menger, Investigations into the Method of the Social Sciences with Special Reference to Economics.  To call . . . → Read More: pdf: Carl Menger’s Classic on How Social Science Is Done

crisis: Maybe Economists Show Know Something More Than The Hot Fashion Of the Moment In Mathematics

Quote Of The Day:

Mr. Laidler believes that macroeconomists have a great deal to learn from studying the history of their field. I read several of his excellent books on the history of monetary theory, linked here and here. It seems to me that scholars like David Laidler occupy an increasingly marginal place in modern . . . → Read More: crisis: Maybe Economists Show Know Something More Than The Hot Fashion Of the Moment In Mathematics

barron’s: Economics Isn’t a Hard Science

Quotable:

“When Friedrich Hayek won the Nobel Prize for economics in 1974, he embarrassed many economists by noting their failures. Speaking in the midst of a great inflation that caused a greater loss of stock-market wealth in the U.S. than the Great Depression, he noted that the inflation was “brought about by policies which . . . → Read More: barron’s: Economics Isn’t a Hard Science

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Random Quote

The limitations of knowledge with which [the economist is] concerned is not a limitation which science can overcome. — F. A. Hayek

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