UNEMPLOYMENT — THE HAYEKIAN VISION VS THE FRIEDMAN VISION

Arnold Kling comes up with The Quote of the Day:

People are not employed by “the Walrasian system of general equilibrium equations.” They are employed by entrepreneurs.

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Random Quote

[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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