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“It is one of the oldest facts known to economic theory that changes in the quantity of money, or changes in the ‘velocity of circulation’ (or the ‘demand for money’), will deflect the rate of interest from its equilibrium position and may keep it for considerable periods above or below the figure determined by the . . . → Read More: Hayek on Money Disturbing Equilibrium
We have to bring the empirical factor of learning into the frame of the logic of choice in order to turn economics into a science not merely of individual action but what happens in the market. — F. A. HAYEK
There never is a moment when an open society that wants to remain such does not need the wisdom of Friedrich Hayek, the Nobel Prize-winning economist who said: “The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.” – George Will – “How . . . → Read More: quote: George Will on Hayek & a Free Society
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