dunnettreader + hayek   36

Frank Knight - Laissez Faire: Pro and Con (1967) | JSTOR - Journal of Political Economy
Laissez Faire: Pro and Con
Frank H. Knight
Journal of Political Economy
Vol. 75, No. 6 (Dec., 1967), pp. 782-795
Anti-Hayek cia Schleisser
Downloaded via iPhone to DBOX
political_culture  social_sciences-post-WWII  political_philosophy  Hayek  downloaded  political_economy  jstor  laisser-faire  article  market_fundamentalism  post-WWII 
august 2016 by dunnettreader
Robert Waldmann - DeLong on Hayek, Smith, and Smith - May 2016
Brad answers a question raised by Noah with thoughts on Friedrich and Adam. I totally lost all self control in his comments section and waste even more pixels…
Instapaper  economic_theory  macroeconomics  markets  market_fundamentalism  Hayek  Friedman_Milton  Keynes  Smith  emergence  knowledge  information-markets  prices  Popper  from instapaper
may 2016 by dunnettreader
Brad DeLong - That Friedrich von Hayek Was Inconsistent and That Milton Friedman Was Running a Con on His Ideological Allies - August 2015 (replay)
That Friedrich von Hayek Was Inconsistent and That Milton Friedman Was Running a Con on His Ideological Allies Are Not to Their Benefit : Hoisted from the Archives from Two Years Ago
Hayek  Friedman_Milton  intellectual_history-distorted  Pocket  from pocket
august 2015 by dunnettreader
Special Issue - Michael Oakeshott | Cosmos + Taxis, Vol 1, Issue 3, 2014
Editorial Note - Gene Callahan and Leslie Marsh *-* (1) The Critique of Rationalism and the Defense of Individuality: Oakeshott and Hayek - Chor-Yung Cheung *-* (2) Jane Jacobs’ Critique of Rationalism in Urban Planning - Gene Callahan and Sanford Ikeda *-* (3) Oakeshott on Modernity and the Crisis of Political Legitimacy in Contemporary Western Liberal Democracy - Noël O’sullivan. &-* (4) Oakeshott and the Complex Ecology of the Moral Life - Kevin Williams. *-* (5) Homo Ludens and Civil Association: The Sublime Nature of Michael Oakeshott’s Civil Condition - Thomas J. Cheeseman *-* (6) The Instrumental Idiom in American Politics: The ‘City on the Hill’ as a Spontaneous Order - Corey Abel *-* (7) Dogmatomachy: Ideological Warfare - David D. Corey. *-* Oakeshott on the Rule of Law: A Defense - Stephen Turner -- downloaded pdf to Note
journal  Academia.edu  article  political_philosophy  political_economy  judgment-political  political_culture  legitimacy  democracy  liberalism  Oakeshott  Jacobs_Jane  emergence  social_order  rationalist  modernity  Hayek  rule_of_law  Weber  fact-value  civil_society  associations  individualism  ideology  polarization  downloaded 
august 2015 by dunnettreader
Andy Denis - A Century of Methodological Individualism - 2010 UK History of Economic Theory Conference
Draft -- He has been writing a series looking at what he describes as reductionist vs holistic ontologies, focusing on different usages of Methodological Individualism. Reductionists include Malthus (later writings), Ricardo, utilitarians, early marginalists, Menger (the "grand-daddy" though he didn't use the term), Schumpeter (who introduces the term in 1908), Mises, Friedman and Lucas et al. Holistic includes Smith, Keynes and Hayek. The full-blown reductionists make the heroic (but usually inexplicit) assumption that when each individual acts in his own interests ("properly understood" adds Mises) maximizing his own utility, that since society is nothing but the sum of individuals, the aggregate *social interests* will be maximized. Those who take a holistic view can't employ this sleight of hand, so they need another mechanism at the society level operating to ensure unintended consequences will be socially beneficial (Smith's invisible_hand, Hayek's evolutionary selection) Or their Keynes, facing the fact that there's no mechanism that ensures socially beneficial outcomes from the actions of self-interested individuals. Interesting bibliography as well as textual analysis. Note that Schumpeter embraces an atomistic version of MI for "pure theory" of economics, but following Weber would assign to other social sciences the links between individual behavior and social structures.
Scribd  social_theory  ontology-social  equilibrium  intellectual_history  18thC  19thC  20thC  Smith  Malthus  Ricardo  Menger  Austrian_economics  Schumpeter  Mises  Hayek  Friedman_Milton  Keynes  Weber  Marxist-analytical  individualism-methodology  emergence  bibliography 
april 2015 by dunnettreader
F.A. Hayek - "Richard Cantillon." [1931] - The Journal of Libertarian Studies (1985) | Mises Institute
Hayek, Friedrich A. "Richard Cantillon." Journal of Libertarian Studies 7, No. 2 (1985): 217–247. -- Introduction and textual comments written for Hella Hayek's 1931 German translation of Cantillon's "Essai", Micheál Ó Súilleabháin, trans. -- In economics, just as in other sciences, it is by no means an exceptional occurrence to find that, no sooner has a "new" doctrine made its mark, than earlier, completely forgotten writers are discovered who perceived those newly accepted ideas with brilliant insight in their own day and set them down in their writings. In our field Oresmius, Monchretien, Barbon, Rae, W. F. Lloyd, Cournot Jennings, Long- field, and Gossen are just a few of the best-known instances of this kind. In scarcely any field, however, will one find a case similar to that of Cantillon's Essai sur la nature du commerce en général, which, having greatly influenced the molding of a science and fully articulated it for the first time, was at once entirely forgotten and remained in obscurity for roughly a century until, rediscovered by accident, its second emergence proved sensational. -- downloaded pdf to Note
article  intellectual_history  18thC  19thC  20thC  Cantillon  Hayek  economic_theory  political_economy  Austrian_economics  marginalists  downloaded 
february 2015 by dunnettreader
F.A. Hayek - Individualism and Economic Order - Books | Mises Institute
If you are looking to acquaint yourself with F.A. Hayek's perspective on economic theory — beyond his business cycle and monetary studies of the inter-war years — this is the best source. The collection appeared in 1947, before he moved on toward broader cultural and social investigations. It contains his most profound work on the liberal economic order, and his most penetrating reflections on economic phenomena -- published U of Chicago 1958 -- downloaded pdf to Note
books  etexts  intellectual_history  20thC  entre_deux_guerres  Austrian_economics  Hayek  social_theory  economic_theory  liberalism  socialism  communism  fascism  individualism  capitalism  market_fundamentalism  markets  prices  coordination  coordination-governments  political_economy  political_philosophy  downloaded 
february 2015 by dunnettreader
F.A. Hayek - The Use of Knowledge in Society (1945) | Mises Institute
Text of article -- This article was first published in American Economic Review, Vol. XXXV, No. 4 (September 1945), pp. 519–30. -- downloaded as pdf to Note
article  Hayek  Austrian_economics  social_theory  social_order  social_process  emergence  complex_adaptive_systems  coordination  information  information-markets  downloaded 
february 2015 by dunnettreader
F.A. Hayek - A Free Market Monetary System and The Pretense of Knowledge - Books | Mises Institute
Here are two of Hayek's greatest essays in one volume. The book begins with Hayek's most excellent essay on money. It is also his most radical. He plainly says that central banks cannot be reformed. There can never be sound money so long as they are in charge. He calls for their complete abolition, no compromises accepted. He wants the market in charge of money from top to bottom. His words predicting crisis followed by wild swings in valuation are up to the minute. He also relates the quality of money with the recurrence of crisis, showing an excellent application of Austrian theory. Hayek was deeply influenced by Mises, and this shows here in the area of money. The second essay is "The Pretense of Knowledge," his shocking Nobel speech that explained why the very idea of government in our times is unintellectual, presumptuous, and untenable. He is as critical of socialism as he is of interventionism. He shows that the state is not capable of doing all that it is charged with doing, and why conceding it any role in social and economic management is dangerous to liberty. -- copyright Mises Institute 2009 -- downloaded pdf to Note
books  etexts  20thC  Hayek  intellectual_history  economic_theory  social_theory  Austrian_economics  monetary_policy  central_banks  gold_standard  epistemology-social  information-markets  economic_policy  downloaded 
february 2015 by dunnettreader
Paul A. Lewis - The Emergence of 'Emergence' in the Work of F.A. Hayek: An Historical Analysis (revised Jan 2015) :: SSRN
King's College London - Department of Political Economy -- presented at Cambridge Realist Workshop -- This paper addresses a puzzle in the history of economic thought. The puzzle is simply stated: Hayek’s analysis of the mind arguably relies heavily on the philosophical notions of emergence and emergent properties. However, Hayek invokes the philosophical notion of emergence explicitly only once, and then relatively late in his career (in his 1964 paper on ‘The Theory of Complex Phenomena’.) The question arises, therefore, of where lie the origins of Hayek’s use of the notions of emergence and emergent properties. This paper attempts to solve this puzzle by examining the history of Hayek’s use of the concept of emergence, implicit or otherwise, and attempting to identify the sources through which notions of ‘emergence’ and ‘emergent properties’ entered his thought in general and, in particular, his theoretical psychology. -- Number of Pages in PDF File: 46 -- Keywords: Hayek, emergence, emergent properties, theoretical psychology -- downloaded pdf to Note
paper  SSRN  intellectual_history  20thC  Hayek  Austrian_economics  economic_theory  social_theory  ontology-social  equilibrium  social_order  social_process  emergence  complex_adaptive_systems  coordination  markets-psychology  mind  psychology  downloaded  EF-add 
february 2015 by dunnettreader
Paul A. Lewis - Hayek, Social Theory and the Contrastive Explanation of Socio-Economic Order (2013. Critical Review Vol. 25, Nos. 3-4.) :: SSRN
Lewis, Paul A., Hayek, Social Theory and the Contrastive Explanation of Socio-Economic Order (2013). Critical Review Vol. 25, Nos. 3-4. Available at SSRN: http://ssrn.com/abstract=2535073 or http://dx.doi.org/10.2139/ssrn.2535073 -- King's College London - Department of Political Economy -- Hayek’s later work on the possibility of socio-economic order in decentralized market economies is an exercise in contrastive causal explanation as conceptualized by realist social theorists and philosophers. This interpretation of Hayek’s work lends support to the view that Hayek’s post-1960 writings can be thought of as an example of comparative institutional analysis. It also provides a means of reinforcing Hayek’s own efforts to establish the scientific credentials of his work. -- Number of Pages in PDF File: 19 -- Keywords: Hayek, Austrian economics, scientism, ontology, comparative institutional analysis-- downloaded pdf to Note
paper  SSRN  intellectual_history  20thC  Hayek  Austrian_economics  economic_theory  social_theory  ontology-social  institutional_economics  scientistism  economic_sociology  critical_realism  comparative_economics  markets  markets-structure  downloaded  EF-add 
february 2015 by dunnettreader
Paul A. Lewis and Peter Lewin, review essay - Orders, Orders, Everywhere … on Hayek's "The Market and Other Orders" (revised Jan 2015) :: SSRN
Paul A. Lewis, King's College London - Department of Political Economy -- Peter Lewin, University of Texas at Dallas - School of Management - Department of Finance & Managerial Economics -- This paper is a review essay of the latest volume of The Collected Works of F.A. Hayek, entitled 'The Market and other Orders.' The paper examines the development of Hayeks' ideas about order, as manifested in the essays collected in this volume. Issues examined include: Hayek's accounts of the market and the mind as spontaneous orders; his reliance in those accounts on the notion of emergence; his account of complex systems, in particular his vision of the world as consisting of many different, hierarchically-organised, and interacting, complex orders, of which the market is but one; his analysis of cultural evolution as occurring via a process of group selection; his preference for the notion of 'order' over that of 'equilibrium'; and the relation of his ideas on complexity to those of modern complexity theorists. -- Number of Pages in PDF File: 46 -- Keywords: Hayek, Austrian economics, spontaneous order, complexity, emergence -- downloaded pdf to Note
paper  SSRN  intellectual_history  20thC  Hayek  Austrian_economics  economic_theory  social_theory  ontology-social  equilibrium  social_order  social_process  emergence  complex_adaptive_systems  coordination  markets-psychology  preferences  economic_sociology  economic_culture  downloaded  EF-add 
february 2015 by dunnettreader
Paul A. Lewis - Hayek: From Economics as Equilibrium Analysis to Economics as Social Theory (Dec 2014 - Forthcoming in The Elgar Companion to Hayek. ) :: SSRN
King's College London - Department of Political Economy -- Forthcoming in R. Garrison and N.P. Barry (ed., 2014), The Elgar Companion to Hayek. Cheltenham: Edward Elgar. -- This paper outlines the development of Hayek's account of the working of decentralised economies, focusing in particular on his move away from using the notion of economic equilibrium towards an emphasis on the notion of 'order'. -- Number of Pages in PDF File: 24 -- Keywords: Hayek, order, equilibrium, ontology, Austrian economics. -- downloaded pdf to Note
paper  SSRN  intellectual_history  20thC  Hayek  Austrian_economics  economic_theory  social_theory  ontology-social  equilibrium  social_order  downloaded  EF-add 
february 2015 by dunnettreader
Paul A. Lewis - An Analytical Core for Sociolgy: A Complex, Hayekian Analysis (2014, Review of Behavioral Economics, Forthcoming) :: SSRN
Lewis, Paul A., An Analytical Core for Sociolgy: A Complex, Hayekian Analysis (November 11, 2014). Review of Behavioral Economics, Forthcoming. Available at SSRN: http://ssrn.com/abstract=2522810 -- King's College London - Department of Political Economy -- This paper develops a Hayekian perspective on Herbert Gintis, and Dirk Helbing's, attempts to develop a unified analytical approach to the social sciences. Like Hayek, Gintis and Helbing view both the economy, and also the human mind, as a complex adaptive system. Their emphasis on emergence, on group selection, on the social relations that structure people’s interactions, and on the importance of motivations stemming from so-called 'social preferences', sees them develop themes present in Hayek's own work, often in ways that build on and strengthen Hayek's own analysis. However, Gintis and Helbing's continued commitment to a model of people as maximising their expected utility, and to general equilibrium theory, arguably leaves them less able than Hayek to do justice to the importance of innovation, novelty and radical uncertainty in the economic process. -- Number of Pages in PDF File: 24 -- Keywords: Gintis, complexity, evolution, emergence, Hayek, reductionism, behavioral economics, equilibrium, order, uncertainty. -- downloaded pdf to Note
paper  SSRN  social_theory  Hayek  Gintis  complexity  complex_adaptive_systems  evolution-as-model  evolution-social  evolutionary_biology  evolution  emergence  behavioral_economics  behavioralism  evolution-group_seledtion  rationality-economics  rational_choice  rationality-bounded  utility  social_order  uncertainty  reductionism  equilibrium  Innovation  economic_theory  economic_sociology  downloaded  EF-add 
february 2015 by dunnettreader
Friedrich August von Hayek - Prize Lecture: The Pretence of Knowledge -- Nobel Prize 1974
MLA style: "Friedrich August von Hayek - Prize Lecture: The Pretence of Knowledge". Nobelprize.org. Nobel Media AB 2014. Web. 9 Aug 2014. <http://www.nobelprize.org/nobel_prizes/economic-sciences/laureates/1974/hayek-lecture.html> -- uses stagflation to attack demand side theories with a hint of liquidationism -- more interesting is his take on Popper and limits to positivism and quantitative methodologies -- can theirize certain patterns and examine empirical evidence re those patterns, but can't predict quantitative outcomes -- though stresses complexity, seems to be an issue of incomplete data (by definition inaccessible since it's in the heads of masses of heterogeneous agents reacting to their own, constantly changing, limited information) rather than emergent properties and complexity dynamics
intellectual_history  20thC  post-WWII  social_sciences-post-WWII  economic_theory  markets  information-markets  Labor_markets  unemployment  inflation  economic_policy  demand  empiricism  uncertainty  epistemology  positivism  quantitative_methods  philosophy_of_science  philosophy_of_social_science  Popper  Hayek  determinism  emergence  equilibrium  complexity  EF-add  scientism  scientific_method  sociology_of_knowledge 
august 2014 by dunnettreader
Hayek on Prediction in the Social Sciences | Social Democracy for the 21st Century: A Post Keynesian Perspective: August 2014
Lord Keynes looking at Hayek's 1974 Nobel lecture -- If Hayek is saying here that the natural sciences could exactly predict everything about the game given enough information (including presumably the brain states of human players), then he is committed to the view that the world is completely deterministic, and that our uncertainty about it is merely epistemic and caused by the insuperable difficulties of gathering enough information for calculations. In contrast to this, Post Keynesians emphasise the ontological nature of uncertainty, and this commits them to a philosophical position quite different from that of Hayek. The notion of “spontaneous ordering forces” that bring order to markets (like Smith’s “invisible hand” metaphor) seems overrated too. “Spontaneous ordering forces” must be understood as emergent properties. That complex social and economic systems can display emergent properties that result in greater stability is not in doubt, but other emergent properties (e.g., the outcome of the paradox of thrift or distress selling in a market crash) can also be highly deleterious and destabilising. Hayek badly neglected such destabilising forces in his rhetoric about markets. -- see bookmark for html of lecture on Nobel Prize site
20thC  intellectual_history  economic_theory  macroeconomics  microeconomics  markets  information-markets  equilibrium  emergence  laisser-faire  Hayek  uncertainty  probability  determinism  Post-Keynesian  philosophy_of_science  philosophy_of_social_science  scientism  scientific_method  scientific_culture  EF-add 
august 2014 by dunnettreader
Robert M. Solow, review essay - Hayek, Friedman, and the Illusions of Conservative Economics | New Republic - Dec 2012
Review essay of The Great Persuasion: Reinventing Free Markets since the Depression By Angus Burgin -- starting in late 1930s - Good Hayek vs Bad Hayek and lots on Uncle Milton - Solow doesn't think much of the influence of the Mont Pèlerin Society and sees a lot of contingency in the political rise of Thatcher and Reagan -- but agrees re Friedman's effective sales job of anti-intellectual and anti-empirical extreme dogma
books  reviews  intellectual_history  political_history  20thC  entre_deux_guerres  post-WWII  conservatism  laisser-faire  right-wing  Hayek  Friedman_Milton  mixed_economy  capitalism  EF-add 
august 2014 by dunnettreader
Richard Marshall interview with Johanna Oksala - Foucault’s freedom » 3:AM Magazine - August 2014
Johanna Oksala is a political philosopher who broods on Foucault, thinks that its time people stopped thinking in terms of continental vs analytic, thinks about Foucault and freedom, on Foucault, politics and violence, on Chantal Mouffe’s compelling ideas,on state violence, on why neoliberal rationality must be resisted, and on political spirituality. She’s out there making windows where there were once walls…
books  political_philosophy  Foucault  freedom  subject  neoliberalism  capitalism  revolutions  Iran  violence  Hayek  Mouffe  EF-add 
august 2014 by dunnettreader
Greg Hill - "FROM HAYEK TO KEYNES: G.L.S. Shackle and Our Ignorance of the Future" - Critical Review (2004) | bepress
Greg Hill, City of Seattle -- G.L.S. Shackle stood at the historic crossroads where the economics of Hayek and Keynes collided. Shackle fused these opposing lines of thought in a macroeconomic theory that draws Keynesian conclusions from Austrian premises. In Shackle’s scheme of thought, the power to imagine alternative courses of action releases decision makers from the web of predictable causation. But the continuous stream of spontaneous and unpredictable choices that originate in the subjective and disparate orientations of individual agents denies us the possibility of rational expectations, and therewith the logical coherence of market equilibrium through time. -- Suggested Citation - Greg Hill. "FROM HAYEK TO KEYNES: G.L.S. Shackle and Our Ignorance of the Future" Critical Review (2004). Available at: http://works.bepress.com/greg_hill/5 -- downloaded pdf to Note
intellectual_history  economic_theory  macroeconomics  equilibrium  rational_expectations  decision_theory  Keynesian  Hayek  Austrian_economics  probability  uncertainty  causation-social  determinism  downloaded  EF-add 
july 2014 by dunnettreader
Jeremy Waldron - The Hamlyn Lectures 2011: The Rule of Law and the Measure of Property (2011) :: SSRN
NYU School of Law, Public Law Research Paper No. 11-47 -- The idea in these lectures is to discuss the relation between property and the rule of law in a deeper way than this has been discussed in the past, ...that reflects realistic understanding of how property rights are created and modified. -- our thinking about the rule of law needs to focus on all the ways in which property is non-Lockean in its origin, legal status, and moral force. In the course of doing this, I will be looking at some of the rather naive assumptions underlying the tight connection that has been forged between property rights and the rule of law in neo-liberal political economy. And I will argue that we can abandon or modify some of these naive assumptions about property without compromising the very great importance that is properly attached to the ideal of the rule of law. There are three lectures in all. -- Lecture 1 addresses the alleged contrast between (a) the rule of law and (b) rule by law, and the suggestion that property rights might be privileged under (a). -- in the real world even Lockean property has an inescapable public law dimension. Lecture 2... is about the contrast between formal/procedural and substantive views of the rule of law and the dificulties inherent in identifying respect for private property rights as a substantive dimension of the rule of law. ...given the accordion-like expandability of the category of property, this cannot work to privilege property rights over other legal rights etc. Lecture 3 is a defense of legislation, including regulatory and redistributive legislation in light of the rule of law. -- downloaded pdf to Note
article  SSRN  philosophy_of_law  political_philosophy  political_economy  property  property_rights  rule_of_law  regulation  redistribution  Locke-2_Treatises  Hayek  libertarianism  liberty-negative  legislation  property-confiscations  power-asymmetric  social_order  neoliberalism  markets  institutional_economics  downloaded  EF-add 
july 2014 by dunnettreader
Brian Leiter - The Case Against Free Speech (July 2014 working paper) :: SSRN
Free societies employ a variety of institutions — including courts and schools — in which speech is heavily regulated on the basis of its content ... in order to promote other desirable ends, including discovery of the truth. I illustrate this with the case of courts and rules of evidence. Three differences between courts and the polity might seem to counsel against extending that approach more widely. First, the courtroom has an official and somewhat reliable (as well as reviewable) arbiter of the epistemic merits, while the polity may not. Second, no other non-epistemic values of speech are at stake in the courtroom, whereas they are in the polity. Third, the courtroom’s jurisdiction is temporally limited in a way the polity’s may not be. I argue that only the first of these poses a serious worry about speech regulation outside select institutions like courts. I also argue for viewing "freedom of speech" like "freedom of action": speech, like everything else human beings do, can be for good or ill... and thus the central question in free speech jurisprudence should really be how to regulate speech effectively — to minimize its very real harms, without undue cost to its positive values — rather than rationalizing (often fancifully) the supposed special value of speech. In particular, I argue against autonomy-based defenses of a robust free speech principle. I conclude that the central issue in free speech jurisprudence is not about speech but about institutional competence; I offer some reasons — from the Marxist "left" and the public choice "right"— for being skeptical that capitalist democracies have the requisite competence; and make some suggestive but inconclusive remarks about how these defects might be remedied. - No of Pages: 41
paper  SSRN  philosophy_of_law  political_philosophy  free_speech  Mill  Hayek  Adorno  Frankfurt_School  Kant  Kant-ethics  Marx  autonomy  networks-information  evidence  epistemology-social  education  regulation  public_choice  public_sphere  public_opinion  political_participation  competition 
july 2014 by dunnettreader
Chris Dillow - Stumbling and Mumbling: Hayek on desert - Jan 2005
Elizabeth Anderson does a fine job of demolishing, on Hayekian grounds, the idea that people deserve their incomes. And Tyler Cowen gives an excellent reply. The one thing that’s missing are some direct quotes from Hayek himself. Let me fill the gaps. There’s this from volume II of Law, Legislation and Liberty (p71-72 in my copy): " [The function of the price system] is not so much to reward people for what they have done as to tell them what in their own as well as in general interest they ought to do. …To hold out a sufficient incentive for those movements which are required to maintain a market order, it will often be necessary that the return to people’s efforts do not correspond to recognizable merit…In a spontaneous order the question of whether or not someone has done the ‘right’ thing cannot always be a matter of merit." -- lots of quotes and links
political_philosophy  economic_theory  markets  prices  incentives  meritocracy  fairness  libertarianism  Hayek  EF-add 
june 2014 by dunnettreader
Paul Beaudry, Dana Galizia, Franck Portier - Reconciling Hayek's and Keynes' views of recessions | vox , 1 June 2014
Stating the obvious but they've got a model with numbers and charts -- Hayek viewed recessions as working out excessive investments; Keynes viewed them as demand shortages. This column argues that they may not be as mutually exclusive as many think. Recessions may reflect periods of liquidation but this may be associated with inefficient adjustment involving unemployment and precautionary savings. Simulative policy may be desirable even if it delays the full recovery.
paper  economic_theory  economic_models  macroeconomics  economic_growth  investment  credit  Great_Recession  unemployment  Keynes  Hayek  downloaded 
june 2014 by dunnettreader
Edmund Fawcett: Liberalism: The Life of an Idea | Princeton University Press
Using a broad idea of liberalism, the book discusses celebrated thinkers from Constant and Mill to Berlin, Hayek, and Rawls, as well as more neglected figures. Its twentieth-century politicians include Franklin D. Roosevelt, Lyndon Johnson, and Willy Brandt, but also Hoover, Reagan, and Kohl. The story tracks political liberalism from its beginnings in the 1830s to its long, grudging compromise with democracy, through a golden age after 1945 to the present mood of challenge and doubt. Focusing on the United States, Britain, France, and Germany, the book traces how the distinct traditions of these countries converged on the practice of liberal democracy. Although liberalism has many currents, Fawcett suggests that they are held together by shared commitments: resistance to power, faith in social progress, respect for people's chosen enterprises and beliefs, and acceptance that interests and faiths will always conflict. Edmund Fawcett worked at The Economist for more than three decades, serving as chief correspondent in Washington, Paris, and Berlin, as well as European and literary editor. - Introduction downloaded pdf to Note
books  kindle-available  intellectual_history  political_philosophy  liberalism  19thC  20thC  France  British_politics  US_politics  Germany  Mill  Constant  Gladstone  Hayek  Friedman_Milton  Berlin_Isaiah  Oakeshott  Reagan  Thatcher  Mitterand  political_economy  political_culture  franchise  political_participation  pluralism  downloaded  EF-add 
may 2014 by dunnettreader
Elias L. Khalil - Rational, Normative and Procedural Theories of Beliefs: Can They Explain Internal Motivations? I JSTOR: Journal of Economic Issues, Vol. 45, No. 3 (SEPTEMBER 2011), pp. 641-664
This paper offers three-way taxonomy of theories of beliefs. For rational theories, beliefs are determined by given information and updated via Bayes's rule. For normative theory, best represented by Hayek and sociological theory, beliefs are categories that precede information and, in fact, formulate the otherwise impenetrable information. For procedural theory, best represented by Herbert Simon and pragmatic philosophy, while beliefs formulate the information, they can be replaced in response to shocks. While each theory manages to capture one kind of belief, all three largely fail to explain internal motivations that characterize entrepreneurship, innovation, and creativity. The failure arises from the fact that the three theories are about cognitive beliefs (i.e., beliefs about the world), while internal motivations are beliefs concerning self-ability. -- paywall -- large references list quite interesting
article  jstor  paywall  economic_sociology  belief  motivation  action-theory  Bayesian  Hayek  pragmatism  Innovation  creativity  cognition  bibliography 
may 2014 by dunnettreader
K. Sabeel Rahman - Conceptualizing the Economic Role of the State: Laissez-Faire, Technocracy, and the Democratic Alternative | JSTOR: Polity, Vol. 43, No. 2 (April 2011), pp. 264-286
This article contrasts three visions of political economy that appear in the writings of Keynes, Hayek, and Polanyi, and discusses their relevance to current debates over economic policy in the United States. Keynes proposed optimizing market practices through technocratic governance. In recent decades, this influential approach has proven vulnerable to the revival of Hayek's laissez-faire arguments. Polanyi, by contrast, introduced a framework that criticizes both laissez-faire conceptions and the technocratic approach pioneered by Keynes. Because of its emphasis on democratic participation, Polanyi's reasoning provides the building blocks for a new type of contemporary progressive politics. -- see bibliography on jstor information page -- paywall Palgrave
article  jstor  paywall  political_economy  Keynesianism  technocracy  laisser-faire  Hayek  Polanyi_Karl  legitimacy  governance  political_participation  progressivism  EF-add 
february 2014 by dunnettreader
Bruce Caldwell :: George Soros: Hayekian? - Journal of Economic Methodology [Soros special issue] - Volume 20, Issue 4 - Taylor & Francis Online
pages 350-356 -- downloaded pdf to Note -- This paper examines many similarities in the methodological and ontological views of George Soros and Friedrich Hayek. Keywords: George Soros, Friedrich Hayek, Karl Popper, methodology, scientism, knowledge, equilibrium
article  economic_theory  ontology-social  methodology  scientism  scientific_method  epistemology-social  equi  Austrian_economics  Hayek  Soros  Popper  downloaded 
january 2014 by dunnettreader
JW Mason - The Slack Wire: The Interest Rate, the Interest Rate, and Secular Stagnation Dec 2013
In general, I do think the secular stagnation conversation is a real step forward. So it's a bit frustrating, in this context, to see Krugman speculating about the "natural rate" in terms of a Samuelson-consumption loan model, without realizing that the "interest rate" in that model is the intertemporal substitution rate, and has nothing to do with the Wicksellian natural rate. This was the exact confusion introduced by Hayek, which Sraffa tore to pieces in his review, and which Keynes went to great efforts to avoid in General Theory.

The Wicksellian natural rate is the credit-market rate that, in current conditions, would bring aggregate expenditure to the level desired by whoever is setting monetary policy. ?.... The important point for now is "in current conditions." The level of interest-sensitive expenditure that will bring GDP to the level desired by policymakers depends on everything else that affects desired expenditure -- the government fiscal position, the distribution of income, trade propensities -- and, importantly, the current level of income itself. Once the positive feedback between income and expenditure has been allowed to take hold, it will take a larger change in the interest rate to return the economy to its former position than it would have taken to keep it there in the first place.

There's no harm in the term "natural rate of interest" if you understand it to mean "the credit market interest rate that policymakers should target to get the economy to the state they think it should be in, from the state it in now." And in fact, that is how working central bankers do understand it. But if you understand "natural rate" to refer to some fundamental parameter of the economy, you will end up hopelessly confused.
economic_theory  macroeconomics  interest_rates  economic_growth  investment  stagnation  Keynes  Hayek  Sraffa  EF-add 
december 2013 by dunnettreader
Concurring Opinions » Schmayek’s Shutdown - Frank Pasquale -Oct 2013
For the Tea Party, PPACA is a horror, perhaps even a new form of slavery, a threat to liberty even darker than the feudal past Hayek evoked.

But there is another figure just as important to current neoliberal thought as Hayek. Carl Schmitt provided jurisprudential theories of “the emergency” and “the exception” that highlighted the best opportunities for rapid redistribution of wealth upwards. In Never Let a Serious Crisis Go to Waste, Philip Mirowski explains how neoliberal thought, far from advocating a shrinking of the state, in fact sparks a redirection and intensification of its energies. As he puts it, “A primary function of the neoliberal project is to redefine the shape and the function of the state, not to destroy it” (56). Moreover, the “strong state was necessary to neutralize what [Hayek] considered to be the pathologies of democracy” (84). Even a temporary dictatorship can work in a pinch.
US_politics  Hayek  Schmitt  liberalism  reactionary  neoliberalism  libertarianism  conservatism  EF-add 
october 2013 by dunnettreader
Daniel Finn: The moral ecology of markets: on the failure of the amoral defense of markets | T & F Online
Review of Social Economy
Volume 61, Issue 2, 2003, pages 135- 162
Available online: 04 Jun 2010
DOI: 10.1080/0034676032000098192

Many economists have defended capitalism; most have tried to do so within the self-imposed methodological constraint that economists should employ only empirical arguments, not normative ones. This essay examines three classic amoral defenses of capitalism—by Milton Friedman, James Buchanan, and Friedrich Hayek—and argues that each fails on its own terms, since each implicitly incorporates moral presumptions essential to the author's argument. Constructively, the essay proposes that no one can adequately endorse (or critique) markets without making a moral evaluation of their context—their “moral ecology.” Four issues are identified as necessarily addressed in every adequate evaluation of markets. The essay does not endorse any one position on these elements, but argues instead that seemingly incommensurable standpoints on markets—ranging from Marxist to libertarian—actually represent positions on the these four basic issues.

Downloaded pdf to Note
article  political_economy  markets  liberalism  libertarianism  conservatism  Hayek  moral_philosophy  downloaded  EF-add 
august 2013 by dunnettreader
Geoffrey M. Hodgson: The Political Economy of Utopia | T & F Online
Review of Social Economy
Volume 53, Issue 2, 1995, pages 195- 214
Available online: 29 Jul 2006
DOI: 10.1080/00346769500000022

Utopian ideals of communist, socialist, or even individualistic, free market societies have inspired humankind for centuries. Against the notions of "the end of ideology" or "the end of history" this article argues for the legitimacy of utopian discourse, but not by promoting a specific utopian plan. It is shown that even "anti-utopians" such as Marx and Hayek end up promoting a utopia of their own. Instead of rejecting utopianism, what is required is a meta-utopian discourse in which the idea of a perfect society is rejected but the potential and limitations of different kinds of utopias can be measured. Key parameters are outlined via a critical consideration of the writings of Hayek, Malthus, Marx, and Veblen. The idea of evotopia is established to accommodate the elements of novelty and variety which are missing in much utopian thinking.

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article  political_economy  social_theory  19thC  20thC  Marx  Hayek  Veblen  Malthus  ideology  downloaded  EF-add 
august 2013 by dunnettreader
Comparing J.M. Keynes’s and F. Von Hayek’s Differing Definitions of Uncertainty as it Relates to Knowledge: Keynes’s Unavailable or Missing Knowledge Concept Versus Hayek’s Dispersal of Knowledge Concept by Michael Emmett Brady :: SSRN
International Journal of Applied Economics and Econometrics, Volume 19, No.3, July-September 2011, pp.1-20 

J.M. Keynes and F. von Hayek had completely different views about the meaning of the term “uncertainty” as it was related to the concept of knowledge. Keynes viewed uncertainty through his concept of the weight of the argument, V, (a logical operator) and weight of the evidence, w (a mathematical variable). Uncertainty, U, is an inverse function of w so that one can write U=f (w). The existence of complete, relevant knowledge requires that w=1, where w is defined on the closed unit interval [0,1]. A degree of uncertainty occurs if w<1. A w<1 means that the relevant knowledge is not just incomplete but is missing and/or not available to any decision maker. A w=0 means that there is no relevant knowledge. Keynes viewed the case of 0 Hayek’s definition of uncertainty is that relevant knowledge is completely dispersed into small or tiny bits and pieces. All of the total information/knowledge is divided up among the set of decision makers. However, this dispersed knowledge, while scattered, is complete. Market prices concentrate this dispersed knowledge into a form that alert, savvy, knowledgeable entrepreneurs can understand and act on efficiently. Market prices concentrate the relevant knowledge so that uncertainty is eliminated for savvy, smart, alert entrepreneurs. This is equivalent to arguing that w =1 for alert entrepreneurs. 

Keynes’s and Hayek’s definitions of uncertainty directly conflict with each other. Keynes argues that, especially in the case of producer goods, w, while w is not equal to 0, is little, flimsy, vague, ambiguous, small, fluctuating,and tiny. The prices of producer good DO NOT concentrate the knowledge so that savvy, alert entrepreneurs can act on it efficiently. Hayek argues that they do. The conflict over the meaning of uncertainty is insurmountable. The Hayekian outcome is not possible in a world of Keynesian or Knightian uncertainty.

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article  SSRN  intellectual_history  political_economy  20thC  capitalism  economic_models  uncertainty  Keynes  Hayek  markets  downloaded  EF-add 
july 2013 by dunnettreader
Humanity interview with James Ferguson, pt. 2: rethinking neoliberalism | Penn Press: Humanity
Railing against neoliberalism isn't productive or political. Rethinking bottom up development or services sometimes should exploit market mechanisms.
development  anthropology  World_Bank  neoliberalism  Hayek  Keynes 
june 2013 by dunnettreader

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