Worth your time.
Worth your time.
Larry Elliott, economics editor of the Guardian, takes a look at the economics profession and sees a professoriate detached from reality and incapable of fielding an “Fantasy Football” team of living All-Stars to fill out a modern “TEAM KEYNES” or contemporary “TEAM HAYEK”. You’ll find a bit of Elliott’s case quoted below. But I’m not . . . → Read More: fun: Who’s On Your All-Hayekian Fantasy Economics Team?
The Mises Institute has made a free PDF edition of F. A. Hayek’s book Individualism and Economic Order available for download here. The collection includes some of the most influential articles every written in economics.
Table of Contents:
1. Individualism: True and False
II. Economics and Knowledge
III. The Facts of the Social Sciences
IV. . . . → Read More: book: Hayek’s _Individualism and Economic Order_ Now Online in FREE edition
Leftist are being dishonest in their attacks on the legacy of Milton Friedman, but Stephen Moore just has the facts wrong when it comes to Milton Friedman and Federal Reserve monetary policy. Friedman as late as July, 2006 had little but praise and support for Ben Bernanke, Alan Greenspan, and Federal Reserve policy in the . . . → Read More: friedman: Stephen Moore Has the Facts Wrong
In a recent column NY Times writer David Brooks writes the following:
Right-leaning thinkers from Edmund Burke to Friedrich Hayek understood that emotion is prone to overshadow reason. They understood that emotion can be a wise guide in some circumstances and a dangerous deceiver in others. It’s not whether judges rely on emotion and empathy, . . . → Read More: huh?: David Brooks on Hayek & “Emotion” vs. “Reason”
Concise Encyclopedia of Economics editor David Henderson has written a new review of F. A Hayek’s perennial best seller The Road to Serfdom (pdf):
One of Hayek’s chapters that speaks most to today is his “Why the Worst Get on Top.” In it, he explains why the politicians in a totalitarian system will tend to . . . → Read More: david henderson: A Review of _The Road to Serdom_
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
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?
The “Keynesian Solution” recommended by the professors is crippling the economy. A bug or a feature?
Of course, if the real goal is to promote government at the expense of civil society and to create a one-party state in which business success is based on political favoritism, then the stimulus is working exactly as intended.
. . . → Read More: depression economics: The Evidence Is In
Watch the video. Read the article. Quotable:
the main issue with Schiff seems to be that he hasn’t changed his tune — and it isn’t a pleasant tune to listen to. He thinks the “phony economy” of the U.S. is headed for even harder times. He believes that the crisis-fighting measures coming out of Washington . . . → Read More: video: Peter Schiff Interviewed by TIME’s Justin Fox
Jeffery Tucker describes the difficult process of untangling the copyrighted and public domain works of Friedrich Hayek recently undertaken by the Mises Institute, and he goes on to explains how a deal struck between the U. of Chicago Press & Liberty Fund has suddenly unlocked all sorts of rare Hayek gems for a broader popular . . . → Read More: books: Jeff Tucker on Hayek’s Public Domain & Copyrighted Works
English major and Marxist social critic Rob Horning reviews The Myth of the Rational Market: A History of Risk, Reward and Delusion on Wall Street by TIME magazine’s Justin Fox:
Fox’s account of the rational market revolves around the long-held dream of discovering a method to pin down the intrinsic value of an asset—what it . . . → Read More: book: Justin Fox’s _The Myth of the Rational Market_