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Steve Horwitz, “Contrasting Conceptions of Capital: Yet Another Look at the Hayek-Keynes Debate”. Abstract: Although much of the debate between Hayek and Keynes is today portrayed in terms of policy differences, those are not the most fundamental divisions between their conceptions of economics. I argue that their economics diverges most significantly in how they understand . . . → Read More: ARTICLE: Horwitz Explains Hayek vs Keynes on Production Goods & Investment
Housing production* is exactly the kind of thing Hayek identified as a time delayed production good which can absorb credit, capital, and leverage in a bandwagon of false expectations, only revealed as structural malinvestments at the end of the artificial boom when credit, inputs, and leverage unavoidably become scarce — and false promises are revealed . . . → Read More: Vernon Smith on housing & the trade cycle
Hayek’s breakthrough year of 1936 was also the year of Frank Knight. Avi Cohen’s article on the Hayek-Knight dust up includes previously unpublished correspondence between Hayek and Knight during this period. Hayek’s take away lesson from his encounter with Knight was that logical constructs involving homogenized capital provided a barrier to understanding both the logic . . . → Read More: Cohen on the Hayek / Knight Capital Controversy.
Robert Vienneau, “Some Capital-Theoretic Fallacies in Garrison’s Exposition of Austrian Business Cycle Theory: A Research Note”. Abstract: “In response to the global economic crisis, some have advocated that economists consider the economics of the Austrian school. This paper examines elements of Roger Garrison’s Time and Money as an exposition of Austrian Business Cycle Theory not . . . → Read More: A Challenge to Garrison’s Version of Hayekian Macro
Abstract. (pdf)
Now on-line in PDF: Friedrich Hayek’s Profits, Interest and Investments and Other Essays on The Theory of Industrial Fluctuations, originally published in 1939 by George Routledge & Sons (London), via the on-line book repository of the Mises Institute. Besides the essay “Profits, Interest and Investments” the book also includes a number of other classic Hayek . . . → Read More: NEW: _Profits, Interest & Investments_ by F. A. Hayek (pdf)
Organization economist Peter Klein on his thesis advisor Oliver Williamson. I found this section of particular interest: the black-box approach to the firm that [once] dominated neoclassical economics omits the critical organizational details of production. An equally serious omission is that production is typically treated as a one-stage process, in which factors are instantly converted . . . → Read More: Klein on Nobel Winner Oliver Williamson and Hayekian Economics
The chairman of the George Mason Econ department has gone back to re-read the classic works of Hayek and Keynes from the 30s and 40s, and reflection on the writings of the two top economists of the last 100 years has inspired some killer op-eds in the popular press. From the Daily Record, March 21, . . . → Read More: hayek v keynes: Don Boudreaux Has Been Re-Reading his Hayek & Keynes
Quotable: Hayek represents Keynes’s idea – that new investment is profitable only when there is an increase in consumers’ demand – as ‘part of the same widespread fallacy to which the businessman is especially prone’ (Hayek, 1978, p. 213). The error lies in applying what holds for a single industry, to industry as a whole: . . . → Read More: capital: G. R. Steele on “The Pure Theory of Capital”
Economist and historian Robert Higgs has an excellent little piece up titled “Recession and Recovery: Six Fundamental Errors of the Current Orthodoxy”. I highly recommend it. From the article: the vulgar Keynesian views the capital stock as “given.” If he thinks about it at all, he considers it a sort of massive inheritance from the . . . → Read More: crisis: Robert Higgs – Six Current Fallacies
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