Here is a letter to a new reporter:
I was offended by what you called my “excessive hostility to mild industrial policy,” an extremism believed only by von Mises’s apostles, which limited the ability of government planners to figure out how to allocate resources for improvement. “The Health of the Economy.”
Here’s a pop quiz: Who wrote the following?
Competition is inevitable because there is scarcity; Some classification must be done. if so Price competition is restricted or prohibited; Political There will be a competition of one kind or another. Through free interaction between producers and consumers, it is possible to confirm prices for consumers. When scarce goods and services are divided by priceless political criteria, value to consumers becomes unknown.
Answer: The above paragraph was written by the late UCLA economists Armen Alchian and William R. It is Allen, none of whom can be accused of being an apostle to anyone, and certainly not to Moses. This passage is found on page 416 of Alchian and Allen. Universal economics (This is the 2018 version of their popular textbook, University Economics) – a book that does not mention Miss in its 716 pages.
But I’m sure Alchia and Allen welcomed it. Mrs – And Hayek (and, later, Don Lavoie) – a brilliant demonstration of trying to improve the overall economy by allocating wealth without knowing market signals. But this acceptance was not the most “extreme” position. This was based on a widely accepted appreciation of the unattainable complexity of the modern market economy—an appreciation shared not only by self-styled “Austrian” economists, but also by many economists. Milton Friedman, Ronald Koz, Harold Demses, Vernon Smith, Thomas SowellAnd Deirdre McCloskey.
Donald J. Boudreaux
Professor of Economics
Martha and Nelson Getchell Chair for the Study of Free Market Capitalism at the Mercatus Center
George Mason University
Fairfax, VA 22030
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