I Love This Video! — Economics is NOT a science like physics & astronomy

I would just add: economics IS a science, like Darwinian biology, global brain theory, and other essentially complex sciences.

BOOK: The Foundations of Evolutionary Economics by Carsten Herrmann-Pillathn

From Chapter One, “Ontology”:

Evolution is emerging as a central theoretical term bridging mainstream and heterodox economics. This points towards the naturalization of economics.  However, in spite of the adherence to physicalist models in mainstream economics, it remains essentially a Geisteswissenschaft, because its underlying theory of mind is mentalistic, in the sense of Cartesian dualism. . . . → Read More: BOOK: The Foundations of Evolutionary Economics by Carsten Herrmann-Pillathn


Russ Roberts chats with Freeman Dyson.


Richard Ebeling and I have an extended discussion in the comments section of a post by Steve Horwitz, hashing out the commonalities shared by Friedrich Hayek and Ludwig Mises — and the differences which distinguish the work of each economist.

Bruce Caldwell has joined the Advisory Board of the Institute for New Economic Thinking

An excellent and appropriate choice.  Congratulations to Bruce.

More Caldwell at the Soros Conference

On the problem of theory selection in economics:

I was initially attracted to Hayek not for his politics or his view on markets, but for what he had to say about the limitations of economics. Hayek developed his ideas about the dispersion of knowledge during the socialist calculation debate of the 1930s. His ideas led . . . → Read More: More Caldwell at the Soros Conference

Responses to John Cochran’s reply to Paul Krugman’s Attack

From philosopher Alex Rosenberg and economists Bob Murphy and Mario Rizzo.

hayek quotes: Sound Public Policy Depends On Sound Economic Science

From F. A. Hayek’s “Principles or Expediency?”:

What helpful insight science can provide for the guidance of policy consists in an understanding of the general nature of the spontaneous order, and not in any knowledge of the particulars of a concrete situation, which it does not and cannot possess. The true appreciation of what science . . . → Read More: hayek quotes: Sound Public Policy Depends On Sound Economic Science

hayek quote: What Does Social Theory Study?

Friedrich Hayek opposed the view of Lionel Robbins, Ludwig Mises and most textbooks which identifies “human action” or “human behavior” as the subject matter of economic science.  Instead, Hayek shares the view of Carl Menger and Adam Smith which identifies undesigned social order as the object of explanation in social science:

The discovery that there . . . → Read More: hayek quote: What Does Social Theory Study?

audio: Bruce Caldwell on Friedrich Hayek & 20th Century Economics

Here’s a great discussion on the economics of Friedrich Hayek (mp3) placed in the context of the history of economics and philosophy of science.  The speaker is Bruce Caldwell, author of Hayek’s Challenge.

Follow FriedrichHayek on Twitter

Random Quote

Friedrich Hayek was arguably the greatest social scientist of the twentieth century. By the time of his death, his fundamental way of thought had supplanted the system of John Maynard Keynes — his chief intellectual rival of the century — in the battle since the 1930s for the minds of economists and the policies of governments. — Julian Simon

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