blogs: What _Is_ The Track Record of The Economists?

Economist Craig Newmark suggests that the discipline of economics recommends itself over other social sciences on the basis of its better “track record”.

But let’s take a closer look.  What we find is that much of the best economics has been work done by economists attempting to overcome the massively influential fallacies of other economists:  . . . → Read More: blogs: What _Is_ The Track Record of The Economists?

ammo: Arm Against the Keynesian Counter-Revolution

A generation ago Keynesian economics was dead and buried, abandoned even by the most influential Keynesian economist of them all, John Hicks.  It had been killed by the re-discovery of Hayek (by Robert Lucas , Alex Leijonhufvud, and John Hicks, among others), by Milton Friedman — and by stagflation.  Keynesian economics was rejected by the . . . → Read More: ammo: Arm Against the Keynesian Counter-Revolution

A Reply to Russ Roberts on the Scientific Status of Macroeconomics

As an introduction to his new EconTalk discussion with Robin Hansen, George Mason University economists Russ Roberts writes the following:

As far as I know, no prominent market-oriented economist has come out in favor of a trillion dollar increase in government spending as a way to improve the economy. Every market-skeptical economist that I have . . . → Read More: A Reply to Russ Roberts on the Scientific Status of Macroeconomics

article: “Editor’s Introduction” to Collected Works of F.A. Hayek, Vol. 11

Quotable:

“The 1926 article does, however, take a different view from the 1945 article with regard to the explanatory sufficiency of equilibrium theory. The two sides the socialist calculation debate also differed on how much relevance the general-equilibrium approach has for understanding the factor pricing of a real-world market economy. In 1926 Hayek in Wieserian . . . → Read More: article: “Editor’s Introduction” to Collected Works of F.A. Hayek, Vol. 11

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In some fields [science] has developed important theories which give us much insight into the general character of some phenomena, but will never produce predictions of particular events or a full explanation, simply because we can never know all of the particular facts which according to these theories we would have to know in order to arrive at such concrete conclusions. — F. A. Hayek

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