“Hayek’s Contribution to a Reconstruction of Economic Theory”

A new paper from Herbert Gintis (pdf).

1 comment to “Hayek’s Contribution to a Reconstruction of Economic Theory”

  • Paul

    On Gintis: I think he’s on a fool’s errand. The missing factor in his quixotic attempt to build a closed model of human behavior is imagination and creativity. He doesn’t get Hayek at all: competition is about selection from the artefacts that people have created using their imagination.
    You can’t model imagination!

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Mainstream ‘neoclassical’ economics never clearly brought out what I call the ‘guide’ or ‘signal’ function of prices. — F. A. Hayek

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