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 first job as an economist had Hayek up to his eyeballs in the collection and . . . → Read More: interview: Hayek on Statistics & Macroeconomic Explanation

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In some fields [science] has developed important theories which give us much insight into the general character of some phenomena, but will never produce predictions of particular events or a full explanation, simply because we can never know all of the particular facts which according to these theories we would have to know in order to arrive at such concrete conclusions. — F. A. Hayek

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