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

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The general fact that booms have always appeared with a great increase of investment, a large part of which proved to be erroneous [is part of the basis for asserting that expectations regarding the future can be systematically mistaken]. — F. A. Hayek

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