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“The general fact that booms have always appeared with a great increase of investment, a large part of which proved to be erroneous [is part of the basis for asserting that expectations regarding the future can be systematically mistaken].” — F. A. Hayek
From a 1977 interview: ” I think it is certainly true that ending an inflation need not lead to that long-lasting period of unemployment like the 1930s, because then the monetary policy was not only wrong during the boom but equally wrong during the Depression. First, they prolonged the boom and caused a worse depression, . . . → Read More: Hayek on the Fed & the Great Depression
The paper can be downloaded here. ABSTRACT — “Myopia and Optimal Growth: A Rational Reconstruction of F.A. Hayek’s Capital Theory” by Arash Molavi Vasséi, U. of Hohenheim: This paper provides a systematic translation of F.A. Hayek’s informal exposition of capital theory in “Utility Analysis and Interest” and The Pure Theory of Capital into a model. . . . → Read More: Hayek’s Capital Theory Re-Constructed in Mathematical Model Form
Let’s compare Stephen Williamson’s account of “New Monetarism” with Hayek’s account of the expansion and contraction of the supply of various types of monies, near monies, shadow monies, and money-substitute assets of changing liquidity. Here’s Williamson: A New Monetarist thinks that, under current circumstances (a large stock of excess reserves, and the interest rate on . . . → Read More: Stephen Williamson’s “New Monetarism” = F. A. Hayek’s Monetary Economics in a New Bottle with a New Label
An important new paper from philosopher Edward Feser.
An important piece from George Selgin.
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