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A generation ago Keynesian economics was dead and buried, abandoned even by the most influential Keynesian economist of them all, John Hicks. It had been killed by the re-discovery of Hayek (by Robert Lucas , Alex Leijonhufvud, and John Hicks, among others), by Milton Friedman — and by stagflation. Keynesian economics was rejected by the . . . → Read More: ammo: Arm Against the Keynesian Counter-Revolution
Leading economists answer Barack Obama and his false claims about the “stimulus”, in a full page ad running in the NY Times and the Wall Stree Journal.
ABSTRACT: “F.A. Hayek’s broad research program has led some to conclude that his impact on economics has been minimal. This citation study examines the frequency of Nobel laureates cited by other laureates in the official Prize Lectures to understand how elite economists influence other elite economists. It finds that Hayek is the second most frequently . . . → Read More: article: Hayek’s Influence on Nobel Prize Winners
As an introduction to his new EconTalk discussion with Robin Hansen, George Mason University economists Russ Roberts writes the following: As far as I know, no prominent market-oriented economist has come out in favor of a trillion dollar increase in government spending as a way to improve the economy. Every market-skeptical economist that I have . . . → Read More: A Reply to Russ Roberts on the Scientific Status of Macroeconomics
Quotable: “The 1926 article does, however, take a different view from the 1945 article with regard to the explanatory sufficiency of equilibrium theory. The two sides the socialist calculation debate also differed on how much relevance the general-equilibrium approach has for understanding the factor pricing of a real-world market economy. In 1926 Hayek in Wieserian . . . → Read More: article: “Editor’s Introduction” to Collected Works of F.A. Hayek, Vol. 11
Quotable: “Hayek and I met quite by chance in February 1977. He had left Salzburg after having secured an appointment as Emeritus Professor at Freiburg University, and had come there a little ahead of time to see about, among other things, the acquisition of a secretary. At exactly the same time I was looking for . . . → Read More: book: “A Life of Friedrich August von Hayek”
Quotable: “The Austrian economist Friedrich A. Hayek came to the London School of Economics as a visiting professor in fall of 1931, and secured a permanent position as the Tooke Chair of Economic Science and Statistics the following year. From late 1933 onwards, he toiled fitfully over a big book on capital theory, an endeavour . . . → Read More: book: “Studies on the Abuse and Decline of Reason”
Quotable: “About a half century ago Friedrich Hayek, in The Constitution of Liberty, wrote that a free society depends more than any other on people being held responsible for their actions. In a free society individuals act according to their own plan — making their own decision about what they are going to produce, how . . . → Read More: mag: Hayek on Responsibility
Friedrich Hayek with students in 1948. This photo accompanies the London Telegraph blog entry “Financial crisis shows why we should admire Friedrich Hayek” posted by Philip Booth.
ABSTRACT: “Contrary to some accounts, the Hayek–Robbins (“Austrian”) theory of the business cycle did not prescribe a monetary policy of “liquidationism” in the sense of passive indifference to sharp deflation during the early years of the Great Depression. There is no evidence that Hayek or Robbins influenced any “liquidationist” in the Hoover administration or the . . . → Read More: article: “Did Hayek and Robbins Deepen the Great Depression?”
The Mont Pelerin Society celebrates it’s 60th anniversary with a meeting in Tokyo this September with a special focus on Technology and Freedom.
Let’s start with some quotes. I’ll be updating this posting through the month. Hayek on Keynes as an economist: “His ideas were rooted entirely in Marshallian economics, which was in fact the only economics he knew.” (Collected Works, Vol. 9. p. 241) “[H]is aim was always to influence current policy, and economic theory was for . . . → Read More: Hayek on Keynes
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