Monthly Archives: February 2011
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
From John Taylor’s Getting Off Track via The Everyday Economist.
“Slumps can occur because discovery takes time.” — Arnold Kling
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
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
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