HAYEK AND THE CLASSICAL ECONOMISTS WERE RIGHT

The demand for output is not a demand for labor.

ht Instapundit.

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In some fields [science] has developed important theories which give us much insight into the general character of some phenomena, but will never produce predictions of particular events or a full explanation, simply because we can never know all of the particular facts which according to these theories we would have to know in order to arrive at such concrete conclusions. — F. A. Hayek

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