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 information on systemic failures, especially in debt markets that are guaranteed by the governments. This . . . → Read More: THE ECONOMIC CRISIS — WHO MATTERS?

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 will be Pareto efficient even in economies in which time and uncertainty are explicitly represented. . . . → Read More: Hayek vs Arrow & Debreu

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In a free society there can be no doubt that some minimum of food, shelter, and clothing can be assured to everybody. — F. A. Hayek

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