Stephen Williamson — Quote of the Day

“I tend not to think about the problem of people forecasting in different ways, as things are hard enough already and I want to focus on other things.”

Stephen Williamson 

2 comments to Stephen Williamson — Quote of the Day

  • Economists set themselves too easy, too useless a task if in tempestuous seasons they can only tell us that when the storm is long past the ocean is flat again. –Keynes

    http://www.reddit.com/r/CafeHayek/

  • Actually, he’s right. There is no market failure. The market succeeded given the information it had. The information it had was distorted by government. Thus, we have an information failure perpetuated by government. Saying this is a market failure is like giving someone rose colored glasses, then saying their eyes have failed because they can’t see green. So Williamson is right: there was no market failure qua markets. There was rational market reaction to misinformation, where the misinformation was supplied by government.

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We have to bring the empirical factor of learning into the frame of the logic of choice in order to turn economics into a science not merely of individual action but what happens in the market. — F. A. Hayek

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