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FRIEDRICH HAYEK: THE COMPLETE ECONOMIST
Author(s) -
Steele G. R.
Publication year - 2008
Publication title -
economic affairs
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.24
H-Index - 18
eISSN - 1468-0270
pISSN - 0265-0665
DOI - 10.1111/j.1468-0270.2008.00829.x
Subject(s) - mainstream , perspective (graphical) , persistence (discontinuity) , face (sociological concept) , positive economics , economics , neoclassical economics , mainstream economics , epistemology , sociology , philosophy , political science , mathematics , law , applied economics , social science , engineering , geometry , geotechnical engineering
By the width of his perspective, Hayek presents a challenge. Those who face up to that challenge are changed by the experience. The inevitable conclusion is that mainstream economics is defective by both its self‐indulgent over‐quantification and its persistence in presuming to formulate meaningful relationships between aggregates and averages.