Frydman & Goldberg on Robert Lucas & F. A. Hayek

By Greg Ransom, on April 20th, 2011%

From Roman Frydman and Michael Goldberg’s new book Beyond Rational Markets: Asset Price Swings, Risk, and the Role of the State:

The problem that haunts the Rational Expectations Hypothesis is the same one that doomed socialist planning: no fully predetermined mechanism that drives market outcomes can, in principle, be uncovered. Basing the explanation of market . . . → Read More: Frydman & Goldberg on Robert Lucas & F. A. Hayek

Comments are closed   1945, Frydman, Knowledge Problem, Limits to Knowledge, Lucas, Macroeconomics, Rational Expectations

BLOG POST OF THE YEAR

By Greg Ransom, on December 6th, 2010%

Arnold Kling explains the “rational expectations” revolution in macroeconomic science.

Comments are closed   Rational Expectations
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I recommend [F. A. Hayek's The Sensory Order] to your attention as an exercise in profound thinking by a man who simply considers knowledge for its own sake. What impressed me most is his understanding that the key to the problem of perception is to comprehend the nature of classification. Taxonomists have struggled with this problem many times, but I think von Hayek considered this problem in a broader sense. — Gerald Edelman
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