Category Archives: Uncertainty

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

Posted on April 16, 2009 by Greg Ransom

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 … Continue reading →

Posted in Division of Knowledge, Economics, Frank Knight, Uncertainty | 5 Comments