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 readers will know, Hayek thought that David Hume’s political philosophy was one of the most important intellectual developments in the classical liberal heritage. David Hume was also a source of inspiration for the work of James Buchanan and his schools of public choice economics and constitutional political economy. Continue reading

What Is a Model?

by Gene Callahan

I’ve been pondering this point a bit lately, and this seems like a good place to share my musings and get some feedback. The main questions I’ve been pondering are things like, ‘How is a model “accurate”?’ ‘What makes something a model of one thing and not another?’ ‘How do we know how to “use” the model in some activity?’

Let’s consider a blueprint for a house. It consists of some blue lines on white paper. You give it to me, ignorant of building practice, and tell me ‘Build this right here’, and indicate a piece of ground. I see there is a scale conversion on the blueprint, say, 1 inch = 3 feet. I figure out the requisite enlargement of the figure — then I go and paint a white rectangle on the ground of that size, and proceed to paint blue lines on it. Continue reading