hayek: Scientific vs Pseudo-Scientific Approachs to Macroeconomics

Quotable:

“If the market really achieves a utilization of more information than any participant in this market process possesses, the outcome must depend on more particular facts than the scientific observer can insert into his tentative hypothesis which is intended to explain the whole process.

There are two possible ways in which economists have endeavored . . . → Read More: hayek: Scientific vs Pseudo-Scientific Approachs to Macroeconomics

book: “Studies on the Abuse and Decline of Reason”

Quotable:

“The Austrian economist Friedrich A. Hayek came to the London School of Economics as a visiting professor in fall of 1931, and secured a permanent position as the Tooke Chair of Economic Science and Statistics the following year. From late 1933 onwards, he toiled fitfully over a big book on capital theory, an endeavour . . . → Read More: book: “Studies on the Abuse and Decline of Reason”

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What makes an individual a member of society and gives him claims is that he obeys its rules. — F. A. Hayek

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