Hayek’s Knowledge Problem Wielded Like a Scalpel

Michael Giberson As previously mentioned here at KP, I cringe when I see Hayek’s “knowledge problem” insight wielded as a rhetorical club. Yet when wielded with subtlety the knowledge problem is, like a rapier, a quite delicate and forceful weapon. Carefully deployed it is the editorialist’s scalpel. So, contrary to the sidebar chatter, I did … More Hayek’s Knowledge Problem Wielded Like a Scalpel

Russ Roberts on Japan, Summers, and the Broken Window

Lynne Kiesling As an update on my post yesterday morning about Japan, Larry Summers, and the broken window: here’s Russ Roberts weighing in on Summers and the broken window fallacy, from Friday afternoon. Russ’ post also has some links that are worth following, and the comment thread has a worthwhile conversation in it.