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 authority. In shorthand, a political community faces a choice: either “the rule of law” or . . . → Read More: The Rule of Fixed Law vs. The Arbitrary Personal Rule of Federal Bankers & Bureaucrats

“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, 1980.  Preview the book at Google Books here.  Buy the book from Amazon here.

The . . . → Read More: “Deflation .. Prolonged The Depression” — New Friedrich Hayek Interview

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. It is necessary to clarify this point before the meeting starts.

From the Editor’s Note:

. . . → Read More: MEMO: Ludwig Mises on Hayek’s “Mont Pelerin Society” Proposal

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 to raise the rate of economic growth — how to progress more rapidly towards development . . . → Read More: William Easterly – The Paradox of Poverty: A Solution

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 as efficient market hypothesis – have dominated political economy for the last 30 years. Hayek’s . . . → Read More: It’s a Non-Stop Hayek-Bashing Party at the Guardian

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 panics (Bernanke, 1983) as important determinants of the Depression, but industry was significantly depressed before . . . → Read More: How Hoover’s Wage & Cartelisation Policies Caused the Great Depression

NEW: _Profits, Interest & Investments_ by F. A. Hayek (pdf)

Now on-line in PDF:  Friedrich Hayek’s Profits, Interest and Investments and Other Essays on The Theory of Industrial Fluctuations, originally published in 1939 by George Routledge & Sons (London), via the on-line book repository of the Mises Institute.

Besides the essay “Profits, Interest and Investments” the book also includes a number of other classic Hayek . . . → Read More: NEW: _Profits, Interest & Investments_ by F. A. Hayek (pdf)

“Social Justice” — Michael Novak vs. F. A. Hayek

Jay Richards:

Although some folks argue that the phrase “social justice” is so tainted as to be beyond rescue, I think a better strategy is to ask, as does AEI scholar Michael Novak, what is social justice, rightly understood? In his article, “Hayek: Practitioner of Social Justice,” Novak summarizes F.A. Hayek’s famous argument against the . . . → Read More: “Social Justice” — Michael Novak vs. F. A. Hayek

Klein on Nobel Winner Oliver Williamson and Hayekian Economics

Organization economist Peter Klein on his thesis advisor Oliver Williamson.  I found this section of particular interest:

the black-box approach to the firm that [once] dominated neoclassical economics omits the critical organizational details of production. An equally serious omission is that production is typically treated as a one-stage process, in which factors are instantly converted . . . → Read More: Klein on Nobel Winner Oliver Williamson and Hayekian Economics

Elinor Ostrom Endorses Hayek’s Model of Economic Science

See Elinor Ostrom & Charlotte Hess, “Ideas, Artifacts, and Facilities: Information as a Common-Pool Resource”.

Olstrom also frequently cites Hayek’s work on social rules and local knowledge in many of her books & book articles and in her journal publications.

Most frequently Olstrom cites Hayek’s Law, Legislation and Liberty and Hayek’s “The Use of Knowledge . . . → Read More: Elinor Ostrom Endorses Hayek’s Model of Economic Science

Nobels for Ostrom & Williamson Get at Big Thumbs Up From Hayekian Economists

Peter Boettke, Lynne Kiesling, Peter Klein, Vernon Smith, David Henderson, Don Boudreaux, and other Hayekian economists are all applauding the award of the Nobel Prize in Economics to Lin Ostrom and Oliver Williamson.

Here’s Boettke on Ostrom:

We can talk in more depth in the comments on Lin’s great range of work from the analysis . . . → Read More: Nobels for Ostrom & Williamson Get at Big Thumbs Up From Hayekian Economists

Oliver Williamson & Friedrich Hayek

Only a handful of Nobel Prize winners are as well read in the work of Friedrich Hayek as 2009 winner Oliver Williamson.  Note for example the references to Hayek in Williamson’s The Economic Institutions of Capitalism.  Williamson is particularly fond of quoting this passage from one of Hayek’s essays on the nature of explanation:

“Whenever . . . → Read More: Oliver Williamson & Friedrich Hayek

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Random Quote

[What was the most important theoretical breakthrough in economic science?] Of course, Adam Smith brought about a breakthrough. It is impossible to exaggerate his importance. Also, in the 20th century, the theories of John Maynard Keynes and Friedrich Hayek. — Edmund Phelps

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