edmund phelps: The Elite Don’t Understand How Capitalism Works

By Greg Ransom, on April 16th, 2009%

Nobel Prize winner Edmond Phelps channels Friedrich Hayek and re-introduces Frank Knight in a brutal take-down of a failed generation botching up the works because they are fatally ignorant of how a capitalist economy actually works.  What Phelps is too delicate to say is that the elite have been well schooled in their ignorance by . . . → Read More: edmund phelps: The Elite Don’t Understand How Capitalism Works

5 comments - (Comments are closed)   Division of Knowledge, Economics, Frank Knight, Uncertainty

book: Frank Knight’s “Risk, Uncertainty and Profit” available on Google

By Greg Ransom, on March 30th, 2009%

The L.S.E.’s 1933 reprint edition of Frank Knight’s Risk, Uncertainty and Profit is available in full view format and in pdf at Google books.  Knight’s text was used as the standard microeconomics textbook by Lionel Robbins and Friedrich Hayek at the London School of Economic in the 1930s and 1940s.  The editorial note of the . . . → Read More: book: Frank Knight’s “Risk, Uncertainty and Profit” available on Google

2 comments - (Comments are closed)   Frank Knight, L.S.E.
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I recommend [F. A. Hayek's The Sensory Order] to your attention as an exercise in profound thinking by a man who simply considers knowledge for its own sake. What impressed me most is his understanding that the key to the problem of perception is to comprehend the nature of classification. Taxonomists have struggled with this problem many times, but I think von Hayek considered this problem in a broader sense. — Gerald Edelman
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