*F.A. Hayek and the Modern Economy*

by on January 2, 2014 at 1:41 pm in Books, Economics, Philosophy | Permalink

That is a new volume edited by Sandra J. Peart and David M. Levy.

More than just the usual blah blah blah about Hayek, this book is full of original material.  The book’s home page, with table of contents, is here.

And here is our recent MRUniversity class on Friedrich A. Hayek, and his Individualism and Economic Order.

1 dearieme January 2, 2014 at 2:29 pm

Hayek seems to me to be one of the modest number of twentieth century figures whose work may be “in the top drawer”. I suppose that others might think it derivative, just more footnotes to Smith.
I suspect that Keynes, though undoubtedly a very clever chap indeed, doesn’t quite meet that standard. But I may be quite wrong in that.

2 tt January 2, 2014 at 2:40 pm

“…seems…may…suppose…suspect…But I may be quite wrong in that.”

when you are sure of something, get back to us.

3 dearieme January 2, 2014 at 5:04 pm

Being sure is often a sign of sheer ignorance.

4 tt January 2, 2014 at 5:25 pm

are you sure ?

5 Ari Timonen January 2, 2014 at 7:57 pm

“All models are wrong, but some are useful” – George E.P. Box

All abstractions leak, *especially* those of complex things. Also because of entropy, complexity increases. And some leak in ways it is far from obvious. I know a lot of theories that are “right” but life experience can give a new perspective on these things over time, and it sure has. The Cowenian (Humenian?) skepticism is in my opinion the smartest epistemological position, I wish everyone in the world could understand the deep insight in it. Our emotional maps and thrift for narrative guide our rational brains to abyss.

Also because of Gödel’s incompleteness theorem mathematics itself is probably endless. Not to mention the crazy (quantum) world of physics (how can you even know the table in front of you is real?). And ultimately everything is just a fuzzy neurological pattern of electrons in our, which tells us the illusion of having the “right” model.

But being overconfident can get things done, and confidence is a signal. Things are just complicated beyond complicated.

6 Locke January 2, 2014 at 10:11 pm

Well said.

7 tt January 2, 2014 at 11:05 pm


8 D January 2, 2014 at 3:44 pm

At just $89.00 a copy, who in their right mind could possiblly afford to pass on this bargain?

9 Donald Pretari January 3, 2014 at 12:27 pm

I’m going to buy this book because Human Agency is central to my view of Economics, and I’m much influenced by Hayek. The Price is Cleverly Calibrated as $90 is My Limit for a book about Hayek.

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