Coming around, coming in circles

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I'm now reviewing Israel Kirzner's Competition, Economic Planning, and the Knowledge Problem for Review of Political Economy. So naturally I'll be posting some thoughts here as I proceed. Here's the first quote I will note:

"Now Mises himself never did focus explicitly on plan-coordination in all of his work; he never did focus on the dispersed character of knowledge, and on the consequent coordination problem. (this does not mean that Mises' seminal insights [on the business cycle and the socialist calculation problem] cannot be faithfully articulated in plan-coordination terms; it merely means that Mises himself never explicitly recognized this possible articulation" ("Hedgehog or Fox," p. 145).

Mises explained to us the calculation problem; Hayek showed us why the problem exists. The whole "dehomogenization" nonsense is purely a marketing driven effort made to differentiate that "hardcore" libertarians at the Mises Institute from the "mushy" Hayekians at GMU.

Comments

  1. Samson Corwell11:50 PM

    The drones at the Mises Institute are eternally doomed to spinning their wheels in mud.

    ReplyDelete

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