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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Socialism is based on the lack of understanding of what it is to which we owe the available wealth that socialists hope to redistribute. — F. A. Hayek

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