Coming around, coming in circles

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

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