Some years ago I published a paper on the banking theory and policy views of the important twentieth-century economist Friedrich A. Hayek, entitled “Why Didn’t Hayek Favor Laissez Faire in Banking?” Very recently, working on a new...Show More Summary
In 1973, the US government helped the brutal dictator Augusto Pinochet overthrow Salvador Allende, Chile's democratically elected socialist president, and then leading libertarians like Milton Friedman and Friedrich Hayek flew to Santiago...Show More Summary
In Search of Market Signals in the $450 Million Da Vinci Price contains information, but how much does an outlier art sale say about stocks or the economy? Bloomberg, November 20, 2017 Economist Friedrich Hayek wrote that “priceShow More Summary
I have often argued against Friedrich Hayek's claim that socialism appeals to our evolved instincts, as shaped by our evolutionary history in hunter-gatherer bands, and therefore that capitalism requires a cultural repression of those natural instincts. Show More Summary
Jesús Fernández-Villaverde at VoxEU: On the economics of currency competition: In 1976, Friedrich Hayek published a short pamphlet, The Denationalization of Money. Worried that political constraints in developed countries prevented central banks from tackling the high inflation at that time,...
When I read this by David Glasner, I wonder whether the shift in Hayek's beliefs between the 1930s and the 1980s was an improvement. In the 1930s, he believed in big depressions—"secondary deflation"—as a way of breaking "nominal rigidities", which I understand as the power of labor to resist being forced to accept declines in real wage rates. Show More Summary
(April 19, 2017 08:59 PM, by David Henderson) As I promised, here are some more highlights from Friedrich Hayek's The Constitution of Liberty. The Role of Accidents: Humiliating to human pride as it may be, we must recognize that the advance and even the preservation of civilization are... (0 COMMENTS)
(April 17, 2017 12:46 PM, by David Henderson) At a conference at the Political Economy Research Center in Bozeman, Montana 10 days ago, one of the readings we discussed was "The Creative Powers of a Free Civilization," Chapter 2 of Friedrich Hayek's The Constitution of Liberty. I hadn't... (0 COMMENTS)
As far as I know, Friedrich Hayek never wrote a word about climate change, but two of his most famous works contain arguments that bear directly on this key issue of environmental policy. Judging from what he wrote about the role ofShow More Summary
_[Notes: Hayek and the "Shut Up and Be Grateful You Were Even Born!" Argument: Archive Entry]_: I have long been of the opinion that [Friedrich von Hayek] saw more deeply into why the market economy is so productive--the use of knowledge in society, competition as a discovery procedure, et cetera--than...
Both Friedrich Hayek and Paul Rubin have argued that the liberal social order has emerged through a process of evolution as more adaptive than any other social order. Both Hayek and Rubin have been challenged by some critics who argue...Show More Summary
Cass Sunstein has the list. …progressives need to be reading the best conservative thought — certainly Friedrich Hayek and Milton Friedman, but also more contemporary figures such as Antonin Scalia and Robert Ellickson. The same is true for conservatives, if they hope to learn from progressives. Here are five books with which they might start. [...]
Wikipedia founder Jimmy Wales speaks at Cato about standing up to Chinese censors, Friedrich Hayek’s influence on the encyclopedia’s design, and legislative ignorance [video via David Boaz post, related] Unlikelihood of confusion: NJ’s...Show More Summary
IT IS not quite Keynes-Hayek, but Lin-Zhang is a marvel in its own right. Perhaps the most famous debate in the history of economics was that between John Maynard Keynes and Friedrich Hayek—a clash over the benefits and perils of government intervention that exploded in the 1930s and still reverberates today. Show More Summary
In 1946 the University of Chicago economics department considered the following individuals for job offers: John Hicks, Paul Samuelson, Friedrich A. Hayek, Milton Friedman, Lionel Robbins, A. G. Hart, and George Stigler. The names making...Show More Summary
The title of Steven Horwitz's new book is surprising: Hayek's Modern Family: Classical Liberalism and the Evolution of Social Institutions (Palgrave Macmillan, 2015). This is surprising because Friedrich Hayek and other classical liberal...Show More Summary
(July 4, 2016 11:08 AM, by David Henderson) In Mises' view (later elaborated by his follower Friedrich Hayek), a modern economy is far too complex to be centrally planned. Even putting aside concerns about dictatorship and shirking, a socialist system cannot implement an efficient use of society's scarce... (0 COMMENTS)
[Over at Equitable Growth:] Noah Smith asks a question: Which of Hayek's ideas are now widely accepted? I can't think of any. https://t.co/byp4vG7QLk— Noah Smith (@Noahpinion) May 9, 2016 I agree with Milton Friedman: Milton Friedman:...Show More Summary
Today makrs the anniversary of Friedrich Hayek, one of the most important economists of the 20th century.
Sometimes I wish Friedrich von Hayek was wrong.