Brad DeLong Goes the Full Hayekian

In order to explain today’s economic troubles, uber-Keynesian Brad DeLong resorts to Don Boudreaux’s Hayek-inspired metaphor of puzzle piece coordination.

UPDATE:  Much more on DeLong and macro-economic coordination from Steve Horwitz.  Highly recommended.

Housing bust stalls labor “recalculation”

Someone send an email to Arnold Kling about this.

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A system of market determined prices is .. indispensable [as a mechanism which makes] us adapt our activities to events and circumstances of which we cannot know. — F. A. Hayek

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