Monthly Archives: February 2011

HAYEK IS EFFECTIVELY BLACKBALLED FROM THE AMERICAN UNIVERSITY

Friedrich Hayek is almost universally recognized as one of the most profound and influential thinkers of the modern period. But a person could throw rocks for a month on any campus in America and not hit a professor with any … Continue reading

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GRAPH OF THE DAY

From John Taylor’s Getting Off Track via The Everyday Economist.

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HAYEKIAN MACRO IN ONE SENTENCE

“Slumps can occur because discovery takes time.”  —  Arnold Kling

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DONALD RUMSFELD — KNOWN AND UNKNOWN

Political memoirs do not get better than this. And Rumseld is as competent, ethical, and wise as top government officials come — the best of a generation. In this memoir Rumsfeld very effectively takes the reader into the policy making … Continue reading

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MACROECONOMISTS GETTING REAL?

Will wonders never cease? The Reis and Woodford’s heterogeneous expectations conference at Columbia University. Abstract: Conventional models in both macroeconomics and finance are based on the hypothesis of rational expectations, under which all agents are assumed to have common expectations, … Continue reading

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PAUL EHRLICH VS THE KNOWLEDGE PROBLEM

The self-beclowned Chicken Little of the environmental movement takes a break from soothsaying to wrestle with fact of distributed knowledge — Steven Hayward has the story: I’ve debated Ehlich twice .. I once had a fairly serious argument with him … Continue reading

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