Category Archives: Information

THE ECONOMIC CRISIS — WHO MATTERS?

NYU finance professor Viral Acharya points to Hayek, Smith, Arrow, & Diamond. Snippet: Governments intervene in banks and markets when crises take place to save the systemic failure costs. This leads to the lack of a private market for generating … Continue reading

Posted in Boom & Bust, Information | Comments Off

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 … Continue reading

Posted in Arrow, Debreu, Information, Local Knowledge | 5 Comments