David Hume and Friedrich Hayek: Classical Liberal Giants

by Mario Rizzo I have just discovered the wonderful coincidence that May 7th is David Hume’s birthday and May 8th, as I have known, is Friedrich Hayek’s birthday. It is Hume’s 300th birthday – how amazing that he is still so relevant in a myriad of ways. It is Hayek’s 112th birthday. As most of our … Continue reading David Hume and Friedrich Hayek: Classical Liberal Giants

The Wal-mart Solution

by Jerry O’Driscoll Who should provide disaster relief? Who does provide disaster relief? In the Weekend Wall Street Journal, David Beito of the University of Alabama provides the answer for the victims of the devastating tornado in Tuscaloosa: it’s Wal-mart, churches, students, private individuals and, critically, talk radio. The four Tuscaloosa Clear Channel stations organized … Continue reading The Wal-mart Solution

George Soros, F.A. Hayek, and The Constitution of Liberty

by Mario Rizzo I think George Soros is a good man. To me he seems like a person who wants to make the world a better place. He, like Keynes, is against comprehensive economic planning (ambiguities about “planning” noted) but thinks that financial markets are inherently unstable and thus must be regulated by a nimble … Continue reading George Soros, F.A. Hayek, and The Constitution of Liberty

Hayekian Credit Booms

by Andreas Hoffmann Currently there is an interesting discussion in the blogosphere on how it is possible that in Hayek’s Prices and Production framework consumption and investment can increase at the same time. In my opinion they cannot, or only very slightly, but this is not a problem! Because, 1) the explanation is not one of the … Continue reading Hayekian Credit Booms

Toward a Libertarian-Progressive Alliance

by Roger Koppl Ralph Nader recently appeared on Judge Napolitano’s “Freedom Watch” to herald the rise of a coalition between “libertarian conservatives” and progressives.  Within Congress, he says, both groups put principle above party.  The first episode in this new alliance will be cooperation on the whistleblower bill. Let’s hope it happens! Libertarians and progressives have … Continue reading Toward a Libertarian-Progressive Alliance

Hayek and Keynes Debating in Wonderland

by Thomas McQuade Here’s what Alice might have recited to the Caterpillar, had Charles Dodgson been a 20th century economist of sorts: You are old, Maynard Keynes, and your theory’s askew, It’s easy for one to see through it – Yet everyone thinks that you’ve said something new. Just how did you manage to do … Continue reading Hayek and Keynes Debating in Wonderland

Further Thoughts on The Sensory Order

by Roger Koppl Over at Austrian Addiction, Dan D'Amico responds to my recent post on The Sensory Order.  Dan wants to know "what Hayek's theory of neuorscience is really adding here that a more basic understanding of subjective preferences does not already imply?"  Dan is not the only one with this question.  I think enthusiasts … Continue reading Further Thoughts on The Sensory Order

The Sensory Order

by Roger Koppl Over at Marginal Revolution, Tyler Cowen recently said The Sensory Order is “Hayek's most overrated book.”  In part he was complaining that “many call it his most underrated book.”  Unfortunately, he does not name names.  In any event, Tyler has other gripes including the mistaken suggestion that the science in it was not … Continue reading The Sensory Order

Equality Destroyed in the Name of Equality

by Chidem Kurdas Law and government should treat people equally. This old principle may seem obvious and firmly in place, but in fact it’s much violated. Instead, the focus is on income distribution. Thus Robert H Frank in the NYT points to the bad effects of income inequality – like people spending too much money … Continue reading Equality Destroyed in the Name of Equality

Two Visions Fuel Political Attacks

by Chidem Kurdas Apparently left-liberal pundits are convinced that people oppose government expansion either out of stupidity or cupidity—not, say, out of a sincere belief in freedom. The oft-repeated story is that ignorant and misguided masses are being led by greedy business interests. Paul Krugman’s recent column is one of  many examples in the genre … Continue reading Two Visions Fuel Political Attacks

Anti-Intellectualism and Freedom

by Chidem Kurdas Anti-Intellectualism in American Life by Richard Hofstadter, a historian who died in 1970, is very much part of politics several decades after it was written. The past two years brought many charges of anti-intellectualism by left-liberals against people on the other side of the political divide.  The latest in Hofstadter-inspired critiques is … Continue reading Anti-Intellectualism and Freedom

The Second Austrian Moment

by Mario Rizzo   This is an important time for Austrians. During the Great Depression and for many years thereafter, J.M. Keynes and his followers dominated macroeconomic theory (some say they created it) as well as the conventional wisdom about the historical lessons of the Depression and the New Deal.   We are now witnessing many important … Continue reading The Second Austrian Moment

Understanding Markets: Point/Counter-Point

by Thomas McQuade and Chidem Kurdas Though it should be obvious to all that markets are of immense benefit to humanity, any appreciation of these institutions is almost always hedged with a perceived need to constrain and regulate—in short, to subject them to conscious outside control.  The reasoning is understandable: the unconstrained pursuit of self-interest … Continue reading Understanding Markets: Point/Counter-Point

Still Hearing Defunct Economists in the Air: Krugman’s Misplaced Attack on Hayek

by Richard Ebeling*  On July 9th, Nobel economist and New York Times columnist, Paul Krugman, gave his read on the recently unearthed letters between J. M. Keynes and F. A. Hayek in the London Times in October 1932, which have been posted and discussed on ThinkMarkets. (and in the Wall Street Journal). Krugman insists that Hayek … Continue reading Still Hearing Defunct Economists in the Air: Krugman’s Misplaced Attack on Hayek

F.A. Hayek and Tyler Cowen

Do we have more evidence of the continuing great debate between Hayek and Keynes? In the now "famous" 1932 letter to The Times of London signed by F.A. Hayek, Lionel Robbins, T. E. Gregory and Arnold Plant, we read:  The signatories of the letter referred to [by Keynes, Pigou et al.], however, appear to deprecate … Continue reading F.A. Hayek and Tyler Cowen

Hayek versus Keynes in the Wall Street Journal

by Mario Rizzo The discussion of the Hayek-Keynes letters of 1932 in The Times of London continues in 2010 in the Wall Street Journal in today's issue. The opinion piece is by Jerry O'Driscoll, a frequent blogger at ThinkMarkets. My previous TM discussion is here. Update: For the ungated version of the WSJ article, place the … Continue reading Hayek versus Keynes in the Wall Street Journal