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

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

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[Keynes] knew his Marshall, but very little else. — F. A. Hayek

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