Monthly Archives: April 2009

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

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

video: Friedrich Hayek Interviewed by John O’Sullivan

A videotaped interview with Friedrich Hayek from 1985:

Posted in Biography, Interview, Video | 1 Comment

quote: Hayek on the “Price Stabilizers”

A priceless — and timeless — quotation from Friedrich Hayek: It is a curious fact that the general disinclination to explain the past boom by monetary factors has been quickly replaced by an even greater readiness to hold the present … Continue reading

Posted in Monetary Theory, Price Stability | 1 Comment

macro: Don Boudreaux on Hayekian Boom & Bust Theory

A great “Econtalk” discussion between Russ Roberts and Don Boudreaux on the macroeconomics of the business cycle.  (streaming or mp3)

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interview: Friedrich Hayek on John Maynard Keynes – Part 1

John Maynard Keynes knew very little economics — Friedrich Hayek drops that bomb and more in his 1978 UCLA Oral History interview with Leo Rosen: ROSTEN: … this was the period, of course, when John Maynard Keynes was coming into … Continue reading

Posted in Biography, Interview, Keynes | 1 Comment

interview: Friedrich Hayek on John Maynard Keynes – Part II

Did John Maynard Keynes know the work of Knut Wicksell, did he read Schumpeter, what economics did he know?  Friedrich Hayek answers these questions and more in an interview with Leo Rosten: ROSTEN:  … Is it true that he said, … Continue reading

Posted in Biography, Interview, Keynes | Comments Off on interview: Friedrich Hayek on John Maynard Keynes – Part II