ENTREPRENEURS & THE DISCOVERY PROCESS

Brink Lindsey on the natural Hayekians.

podcast: The Hayek-Knight Entrepreneur

Local knowledge, tacit understanding, and the Hayek-Knight entrepreneur vs. Schumpeter’s vision of the entrepreneur as hero and the Neoclassical vision of the entrepreneur as math function — a conversation with economist Amar Bhide.

Highly recommended.  I particularly enjoyed the discussion of financial economics, securitized mortgages, and the ratings agencies.

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The empirical element in economic theory consists of propositions about the acquisition of knowledge. — F. A. Hayek

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