By Robert Leeson (eds.)
ISBN-10: 1137328568
ISBN-13: 9781137328564
ISBN-10: 1349336785
ISBN-13: 9781349336784
Read or Download Hayek: A Collaborative Biography: Part 1 Influences, from Mises to Bartley PDF
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Additional info for Hayek: A Collaborative Biography: Part 1 Influences, from Mises to Bartley
Sample text
The origins of Hayek’s third phase of influence are controversial and difficult to document. In the late 1960s, he descended into a lengthy depression which lasted into 1974. According to the Nobel Press statement (9 October 1974) Hayek and Myrdal had ‘always’ been on the list of proposed winners. Hayek’s merits were delineated under the title ‘The Functional Efficiency of Economic Systems’: Hayek’s profundity allowed him to give a ‘warning of the possibility of a major economic crisis before the great crash came in the autumn of 1929’.
Denying externalities was ‘heresy’ – but this heresy became the foundation of renewed faith in market success. This was the only ‘Eureka’ moment of Stigler’s life. Stigler developed a theory of – and strategy for – knowledge construction and destruction (Leeson, 2000a). Stigler implied that Coase’s insights revealed a redundancy in the second generation British School of Economics. Presumably referring to Marshall’s (1890) Principles of Economics, Stigler stated that the ‘Before Coase’ epoch had confused ‘all economists ...
Hayek, F. A. 1945. The Use of Knowledge in Society. American Economic Review, 35 (4): 519–530. Hayek, F. A. 1978. Coping with Ignorance. Imprimus, 7 (7 ) (July, 1–6). Hayek, F. A. 1979. A Period of Muddle Heads. Interview. 33. Hayek, F. A. 1992. The Road from Serfdom: Forseeing the fall. com/issues/july-1992. Hayek, F. A. 1994. Hayek on Hayek: an Autobiographical Dialogue (Chicago: University of Chicago Press). Edited by Stephen Kresge and Leif Wenar. Hicks, J. R . and R . Allen 1934. A Reconsideration of the Theory of Value.
Hayek: A Collaborative Biography: Part 1 Influences, from Mises to Bartley by Robert Leeson (eds.)
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