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

By Greg Ransom, on April 20th, 2011%

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 mechanism that drives market outcomes can, in principle, be uncovered. Basing the explanation of market . . . → Read More: Frydman & Goldberg on Robert Lucas & F. A. Hayek

Comments are closed   1945, Frydman, Knowledge Problem, Limits to Knowledge, Lucas, Macroeconomics, Rational Expectations

Hayek & the “Global Warming” Scare

By Greg Ransom, on July 6th, 2009%

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 is rather absurd to argue about the impacts of present tax policies on global temperatures . . . → Read More: Hayek & the “Global Warming” Scare

4 comments - (Comments are closed)   Knowledge Problem, Limits to Knowledge, Scientism

interview: 1936 — Hayek’s Breakthrough Year

By Greg Ransom, on April 27th, 2009%

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 Alfred Marshall.  For Hayek, the modern marginalist economics of Menger, Knight, Wieser, and Jevons looked . . . → Read More: interview: 1936 — Hayek’s Breakthrough Year

Comments are closed   Alfred Marshall, Division of Knowledge, Interview, Keynes, Limits to Knowledge, Local Knowledge

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

By Greg Ransom, on March 4th, 2009%

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:

In his prescient critique that central planning must fail in principle, Friedrich Hayek emphasized that . . . → Read More: finance: Roman Frydman & Michael Goldberg on Hayek, Mathematics, Wall Street & Financial Regulations

Comments are closed   Limits to Knowledge, Mathematics, Regulations
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Random Quote

Our predictive capacity of the specific things which the economic system will do at a particular date is limited in exactly the same fashion in which our biological knowledge is largely limited if our task were to predict what a living organism will do at a particular date. — F. A. Hayek
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