Category Archives: Explanation

Logic versus empirical problems and causal processes — Hayek’s revolution

Economists do not understand Hayek. They simply don’t. I want here to explain in simple terms what economists don’t get, and what they would grasp if they were to ever understood what Hayek is doing. Thomas Kuhn explains how roadblocks … Continue reading

Posted in Explanation | Comments Off on Logic versus empirical problems and causal processes — Hayek’s revolution

How Hayek Made His Way To His Famed 1936 Copernican Revolution in Economics

The work of Bruce Caldwell and others on nature and significance of Hayek’s solution to the explanatory problem of economics outlined in his 1936 paper “Economics and Knowledge” and developed thereafter has been deeply flawed because because these account grasp … Continue reading

Posted in Explanation | 1 Comment

interview: Hayek on Statistics & Macroeconomic Explanation

Below I’ve posted a conversation between Friedrich Hayek and Leo Rosen from 1978 in which Hayek presents some of his conclusions about the relationships between statistics, probability theory, and macroeconomic explanation. Note well when reading the following that Friedrich Hayek’s … Continue reading

Posted in Biography, Explanation, Probability Theory, Statistics | 1 Comment