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 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

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

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

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:

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

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Random Quote

I liked Keynes, and in many ways admired him, but do not think he was a good economist. — F. A. Hayek

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