HAYEKIAN MACRO IN ONE SENTENCE

“Slumps can occur because discovery takes time.”  –  Arnold Kling

HAYEK QUOTE OF THE DAY

“Individualism believes that, if left free, men will often achieved more than individual human reason could design or foresee.” — F. A. Hayek

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Random Quote

It is not so well known that it [Keynes's and my own Hayek-inspired move from thinking in terms of price-levels and the rate of interest to thinking in terms of inputs and outputs] is matched by a movement from Hayek to Harrod. I once asked Harrod what had put him on to the construction of his so-call ‘dynamic’ theory; he said, to my surprise, that it was thinking about Hayek. — John Hicks

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