Cass Sunstein on regulatory analysis and the knowledge problem

Cass Sunstein begins: With respect to the past and future of regulation, there are two truly indispensable ideas. Unfortunately, they are in serious tension with one another. Potential solutions lie in three reforms, all connected with democracy itself – but perhaps not quite in the way that most people think. The first indispensable idea is … More Cass Sunstein on regulatory analysis and the knowledge problem

History of thought course video: Hayek and the knowledge problem

Not surprisingly, given the title of this blog and the focus of my research, the last video in the series for my history of economic thought course provides an introduction to Hayek and the knowledge problem. Hayek’s work in the 20th century explored a range of ideas, one of the most important of which was … More History of thought course video: Hayek and the knowledge problem

Happy birthday Hayek!

Lynne Kiesling Today’s Hayek’s birthday, a worthwhile landmark for reflection on his work and why it’s important to read. I assign “The Use of Knowledge in Society” in every class I teach, and I recommend it if you haven’t yet read it. Here Hayek argues that the fundamental economic problem societies face is not the allocation … More Happy birthday Hayek!

An example of what not to do in persuasion

Lynne Kiesling Alex Tabarrok has an excellent post this morning at Marginal Revolution: David Warsh and Paul Krugman try to write Hayek out of the history of macroeconomics. … It is true that many of Hayek’s specific ideas about business cycles vanished from the mainstream discussion under the Keynesian juggernaut but what Krugman and Warsh miss is that … More An example of what not to do in persuasion

Quote of the day: Hayek on expediency and freedom

Lynne Kiesling Pace Don Boudreaux for my shamelessly copying his “quote of the day” meme … my quote of the day is this striking one from Hayek’s essay “Principles or Expediency” (1971): From the insight that the benefits of civilization rest on the use of more knowledge than can be used in any deliberately concerted … More Quote of the day: Hayek on expediency and freedom