Bingo

Arnold Kling has rediscovered another Hayek insight:

“Most unoccupied houses have close to zero marginal value to the vast majority of consumers, just as most unemployed workers have zero marginal product to the vast majority of firms.”

The distinction between economic and non economic goods seems lost on any economist who has not read Menger, . . . → Read More: Bingo

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[Economists] often forget that the data [which are assumed as 'givens' in their mathematical equations] are purely fictitious, are not available to any single mind, and therefore do not really lead to an explanation of the process we observe. — F. A. Hayek

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