Monthly Archives: June 2009

law: Hayek & the “Many-Minds” Argument in Legal Theory

From Harvard Law professor Adrian Vermeule’s paper “Many-Minds Arguments in Legal Theory”: B. Evolution and Hayek In legal theory, evolutionary many-minds arguments are likely to focus either on Hayek or Burke, whose ideas on this subject overlap to some degree. … Continue reading

Posted in Evolution & Selection, Law | 2 Comments

macro: Why Does Hayek Advocate Explanding Money to Avoid a “Secondary Depression”

In his recent Hayek vs Keynes article, when Mario Rizzo says, “Hayek probably should have emphasized more that his theory implied the need to avoid a “secondary deflation” during the bust period.  Increases in the demand to hold money should … Continue reading

Posted in Macroeconomics, Monetary Theory | 2 Comments

macro: Hayek vs Keynes Still Matters

New York University’s Mario Rizzo: Robert Skidelsky wrote in the Financial Times that recent debates among economists are a rerun of the disagreements between John Maynard Keynes and the U.K. Treasury in the early 1930s. To a certain extent this … Continue reading

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econ: What’s Wrong With This Picture?

Have at it boys and girls: When you teach a graduate course in price theory, you typically are teaching solutions to a “constrained optimization” problem.  Thus the calculus along with Lagrangean multipliers and all that.  Those who think there’s too … Continue reading

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biography: Hayek’s Introduction to Mises’ Memoirs

From F. A. Hayek’s “Introduction” to Ludwig von Mises’ Memoirs (pdf): He became estranged from his cohorts and fellow students when he turned away from the advancing ideas of social policy. Twenty-five years later I could still feel the emotion … Continue reading

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bust: How America Has Replayed Every Mistake in the Japanese Playbook

From Reason magazine: Although private financial institutions played a key role in the booms and busts of both Japan and the U.S., monetary policy was a critical root cause. In both cases, the central bank helped set off a boom … Continue reading

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