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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The most intelligent defender of capitalism in the modern period is Friedrich Hayek. — Irving Kristol

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