Mark Steyn on regime uncertainty and the rule of law:
Functioning societies depend on agreed rules. If you want to open a business, you do it in Singapore or Ireland, because the rules are known to all parties. You don’t go to Sudan or Zimbabwe, where the rules are whatever the state’s whims happen to . . . → Read More: Mark Steyn Does F. A. Hayek
A phat jam from Russ Roberts & Co. Download the song here.
Hat Tip: CafeHayek. Listen to Russ Roberts’ weekly EconTalk podcast here.
A few notes. Hayek frequently introduced himself as “Hayek — as in High Explosives”. If I made a change, I might add that to the intro.
And Hayek’s friends called him . . . → Read More: The Hayek vs. Keynes Rap — “Fear the Boom and Bust”
It’s deja vu all over again.
This whole thing is well worth reading. But let’s start with The Quote of The Day:
One of the reasons the Federal Reserve gets so much good press is that it’s publishing most of it itself.
Hanke takes on that topic in the second section of his article. But the guts of the piece come . . . → Read More: Hanke Detonates Bernanke on Fed Policy
William White — the economists who saw the future — weighs in on what can be done to fix macroeconomics.
In the section I excerpt below White explains how modern macro will remain broken without inclusion of the economic insights of Nobel winning macroeconomist Friedrich Hayek — work White discusses under the label of “Austrian . . . → Read More: William White — Getting Macro Back on Track
A leverage cycle lies at the heart of Friedrich Hayek’s account of the business cycle, as laid out in Hayek’s Monetary Theory and the Trade Cycle. Heterogeneous agents, asymmetric knowledge, and other limits to markets are bound up in Hayek’s account. (In fact, Hayek’s macroeconomic work on the division of knowledge in the context of . . . → Read More: Leverage Cycle Modeling & Hayekian Macro
New to the Internet — “What Price a Planned Economy” by F. A. Hayek, originally published April, 1938 in the Contemporary Review of London. Remarkably, many of the issues at hand are as fresh as today’s news columns:
in the direction of economic activity, say of transport, or industrial planning, the interests to be reconciled . . . → Read More: “What Price a Planned Economy?” by F. A. Hayek
puts his dark magic to work explicating Labour man / Hegel expert Raymond Plant on Friedrich Hayek and “neoliberalism”. Quotable:
An increase in state power has always been the inner logic of neoliberalism, because, in order to inject markets into every corner of social life, a government needs to be highly invasive. Health, education and . . . → Read More: Lefty Spinmeister John Gray
Intellectuals and Society.
Hayek’s The Road to Serfdom is currently #459 among all books sold at Amazon.com.
Week after week throughout 2009 Hayek’s perennial bestseller was among Amazon’s top 1,000 best sellers, most usually in the #200 – #600 range.
A most remarkable achievement.
Gene Epstein — Requiem for a Failed Messiah:
a bona fide economist, or even just a noneconomist with common sense, would have realized that the Soviet Union was not producing “gross national product” to begin with, much less price-adjusted GNP. In the Soviet system of nonmarket prices, with no capital markets and no competition in . . . → Read More: Paul Samuelson – Master of Economics With the Net Down
Call for Papers: “The Sixth Annual Meeting of the Chinese Hayek Society,” Shue Yan University, Hong Kong, August 6-7, 2010
The Chinese Hayek Society will organize its sixth annual meeting at Shue Yan University in Hong Kong on August 6-7, 2010. The theme of the conference is “The Relevance of F.A. Hayek on China’s Economy . . . → Read More: CALL FOR PAPERS: The Chinese Hayek Society, Aug. 6-7, 2010