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Hayek the Economist and Social Philosopher: A Critical Retrospect

4.0 out of 5 stars 1 customer review
ISBN-13: 978-0312129026
ISBN-10: 0312129025
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Product Details

  • Hardcover: 352 pages
  • Publisher: Palgrave Macmillan (December 15, 1997)
  • Language: English
  • ISBN-10: 0312129025
  • ISBN-13: 978-0312129026
  • Product Dimensions: 8.8 x 5.7 x 1.4 inches
  • Shipping Weight: 1.4 pounds
  • Average Customer Review: 4.0 out of 5 stars  See all reviews (1 customer review)
  • Amazon Best Sellers Rank: #11,642,408 in Books (See Top 100 in Books)

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Format: Hardcover
Frowen has edited an interesting collection of essays covering Hayek's work on such topics as his general philosophy, his political and social philosophy,his approach to analyzing the role played by knowledge,information,partial knowledge and ignorance,his interactions with and critical assessments of Keynes's approach to capital theory,as well as Hayek's understanding of how society is able to solve the question of the economic coordination of individual decision making problems intertemporally.I will concentrate the rest of the review on the essays(#1 and #11) contributed by Desai and Steele,as well as the comments of Holscher(who does a superb job in demonstrating the importance of the banker in making the credit available to the entreprenuer in order for him to even attempt to innovate),Chick,and Steele.A major error is made by Steele when he states that the "...General Theory incorporates no theory of capital".(p.258).Keynes's theory of capital is the standard analysis one finds specified in all current principles textbooks under the heading of Production Possibilities Frontier(PPF) or Curve analysis.In the 1930's-1940's this was called the Transformation Curve.Outside of one oblique reference on page 156,none of the author's of any of the essays mention this analysis when discussing Hayek's work and/or Keynes's work or the differences between Keynes and Hayek.This is the main problem with Desai's essay.The reader has no way of comparing the different positions of Keynes and Hayek because no yardstick is specified.This deficiency can be remedied by the use of the production possibilities frontier concept.There are two PPF's- the static and the dynamic.Read more ›
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