“Hayek’s Contribution to a Reconstruction of Economic Theory”

A new paper from Herbert Gintis (pdf).

REDISCOVERING HAYEK, PART 2

Here.

ANTHONY HARRINGTON

Rediscovering Hayek.

wikipedia: Pigovian Taxation & The Knowledge Problem

From the Wikipedia entry for “Pigovian Tax”:

A Pigovian tax is considered one of the “traditional” means of bringing a modicum of market forces, and thus better market efficiency, to economic situations where externality problems exist. More recently, particularly in the United States since the late 1970s, and in other developed nations since the 1980s, . . . → Read More: wikipedia: Pigovian Taxation & The Knowledge Problem

seminar: Ransom on Hayek 3

In my first two Hayek Seminar postings I highlighted the fact that for Hayek the empirical character of economics science begins with empirical problems in our experience. We witness a constantly repeated pattern in which prices “tend” toward costs. Alternatively, we attempt to impose a system of “just prices” and our attempts to empirical control . . . → Read More: seminar: Ransom on Hayek 3

seminar: Ransom on Hayek 2

What I’m probing right now is Hayek on the spurs to inquiry in economics. One insight I’d like to suggest is the fact that over time the human race loses track of the problems which originally provoked inquiry — and the loss of this original sprur to inquiry can have detrimental and even pathological effects . . . → Read More: seminar: Ransom on Hayek 2

seminar: Ransom on Hayek 1

I’m going to start using this space to teach some Hayek — and perhaps generate a conversation. Please feel welcome to add your own thoughts in the comments section below.

Today’s seminar topic is the empirical nature of economics science.

Hayek in many places talks about how science begins with problems in our experience. Hayek . . . → Read More: seminar: Ransom on Hayek 1

econ: What’s Wrong With This Picture?

Have at it boys and girls:

When you teach a graduate course in price theory, you typically are teaching solutions to a “constrained optimization” problem.  Thus the calculus along with Lagrangean multipliers and all that.  Those who think there’s too much math in economics don’t deny that this is the problem; they only think that . . . → Read More: econ: What’s Wrong With This Picture?

book: Hayek’s _Individualism and Economic Order_ Now Online in FREE edition

The Mises Institute has made a free PDF edition of F. A. Hayek’s book Individualism and Economic Order available for download here.  The collection includes some of the most influential articles every written in economics.

Table of Contents:

1. Individualism:  True and False

II. Economics and Knowledge

III.  The Facts of the Social Sciences

IV.  . . . → Read More: book: Hayek’s _Individualism and Economic Order_ Now Online in FREE edition

hayek quote: What Does Social Theory Study?

Friedrich Hayek opposed the view of Lionel Robbins, Ludwig Mises and most textbooks which identifies “human action” or “human behavior” as the subject matter of economic science.  Instead, Hayek shares the view of Carl Menger and Adam Smith which identifies undesigned social order as the object of explanation in social science:

The discovery that there . . . → Read More: hayek quote: What Does Social Theory Study?

edmund phelps: The Elite Don’t Understand How Capitalism Works

Nobel Prize winner Edmond Phelps channels Friedrich Hayek and re-introduces Frank Knight in a brutal take-down of a failed generation botching up the works because they are fatally ignorant of how a capitalist economy actually works.  What Phelps is too delicate to say is that the elite have been well schooled in their ignorance by . . . → Read More: edmund phelps: The Elite Don’t Understand How Capitalism Works

schooled: A WSJ Reader Explains Bottom-Up Economics to a Short Statured Former Labor Secretary

A letter in Monday’s Wall Street Journal:

Mr. Reich mischaracterizes the agendas of Ronald Reagan and Barack Obama. Mr. Reich also demonstrates what Friedrich Hayek once called the “fatal conceit.”

Mr. Reich argues that the primary philosophical difference between Messrs. Reagan and Obama is that Reagan tried to advance economic growth with “top-down” policies, while . . . → Read More: schooled: A WSJ Reader Explains Bottom-Up Economics to a Short Statured Former Labor Secretary

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Random Quote

The aim of assigning responsibility is to make man different from what he is or might be. — F. A. Hayek

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