Category Archives: Limits to Knowledge

Frydman & Goldberg on Robert Lucas & F. A. Hayek

From Roman Frydman and Michael Goldberg’s new book Beyond Rational Markets: Asset Price Swings, Risk, and the Role of the State: The problem that haunts the Rational Expectations Hypothesis is the same one that doomed socialist planning: no fully predetermined … Continue reading

Posted in 1945, Frydman, Knowledge Problem, Limits to Knowledge, Lucas, Macroeconomics, Rational Expectations | Comments Off

Hayek & the “Global Warming” Scare

Energy regulation economist Robert Murphy weighs in: Fans of Austrian economist Friedrich Hayek — who warned against the “pretense of knowledge” — should be even more concerned about the sheer audacity of the field of climate economics. After all, it … Continue reading

Posted in Knowledge Problem, Limits to Knowledge, Scientism | 4 Comments

interview: 1936 — Hayek’s Breakthrough Year

Hayek consistently asserted that the work of John Maynard Keynes was a retrograde throwback to the backward looking, pre-marginalist, objective cost, distributional thought of the classical British economists, a brand of thinking that had been smuggled into post-marginalist economics by … Continue reading

Posted in Alfred Marshall, Division of Knowledge, Interview, Keynes, Limits to Knowledge, Local Knowledge | Comments Off

finance: Roman Frydman & Michael Goldberg on Hayek, Mathematics, Wall Street & Financial Regulations

Economists Roman Frydman and Michael Goldberg presented a paper exploring the significance of the limits of knowledge and mathematical modeling for financial regulations titled “Emerging from the Financial Crisis” (pdf) at Columbia University Friday, Feb. 20, 2009.  From their paper: … Continue reading

Posted in Limits to Knowledge, Mathematics, Regulations | Comments Off