Monthly Archives: October 2009
The Rule of Fixed Law vs. The Arbitrary Personal Rule of Federal Bankers & Bureaucrats
Lawrence White drills down to fundamentals (pdf): at the core of the “rule of law” concept, as I understand it, is the liberal principle of non-discretionary governance that stands in contrast to the arbitrary or discretionary rule of men in … Continue reading
Posted in Federal Reserve, Rule of Law
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“Deflation .. Prolonged The Depression” — New Friedrich Hayek Interview
Now in English: Conversations with Great Economists: Friedrich A. Hayek, John Hicks, Nicholas Kaldor, Leonid V. Kantorovich, Joan Robinson, Paul A.Samuelson, Jan Tinbergen by Diego Pizano. Originally published in Spanish as Dialogos Con Economistas Eminenes, (Mexico) Fondo de Cultura Economica, … Continue reading
Posted in Deflation, Great Depression, Hayek Studies, Interview, Milton Friedman
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MEMO: Ludwig Mises on Hayek’s “Mont Pelerin Society” Proposal
From Ludwig Mises’ memo titled “Observations on Professor Hayek’s Plan” (pdf) dated Dec. 31, 1946: The weak point in Professor Hayek’s plan is that it relies upon the cooperation of many men who are known for their endorsement of interventionism. … Continue reading
Posted in Mises, Mont Pelerin
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William Easterly – The Paradox of Poverty: A Solution
“What must we do to end world poverty? At last, an answer” by William Easterly: OK, that’s too good to be true. There has been a search for sixty years for the right answer. Now most economists confess ignorance how … Continue reading
Posted in Development Econ
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It’s a Non-Stop Hayek-Bashing Party at the Guardian
Today’s ONION-esque entry comes from a woman named Madeleine Bunting: the story is now familiar of how Friedrich Hayek and his associates produced the intellectual roadmap for both Thatcher and Reagan, and the notions cooked up in Chicago – such … Continue reading
Posted in Anti-Hayek BS
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How Hoover’s Wage & Cartelisation Policies Caused the Great Depression
UCLA economist Lee Ohania points out that in late 1929 and early 1930 a Depression-level industrial employment crash occurred before any serious deflation or banking panic hit the U.S. economy: Economists cite monetary contraction (Friedman and Schwartz, 1963) and banking … Continue reading
Posted in Boom & Bust, Great Depression, unemployment
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