“I can date my own personal ‘revolution’ rather exactly to May or June 1933. It was like this. It began .. with Hayek." — John Hicks
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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The empirical observation that prices do tend to correspond to costs was the beginning of economic science. — F. A. Hayek
The empirical observation that prices do tend to correspond to costs was the beginning of economic science.
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