HAYEK & MISES — COMPARE & CONTRAST

Richard Ebeling and I have an extended discussion in the comments section of a post by Steve Horwitz, hashing out the commonalities shared by Friedrich Hayek and Ludwig Mises — and the differences which distinguish the work of each economist.

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Rational behavior is not a premise of economic theory .. the basic contention of theory is rather that competition will make it necessary for people to act rationally in order to maintain themselves. — F. A. Hayek

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