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Persistent link: https://www.econbiz.de/10003279757
-Keynes debate, the book introduces the main themes of Hayek’s thought. These include the division of knowledge, the importance of … with political discretion. Key to understanding Hayek's development as a thinker is his emphasis on the knowledge problem … that economic decision makers face and how alternative institutional arrangements either hinder or assist them in …
Persistent link: https://www.econbiz.de/10012396909
Persistent link: https://www.econbiz.de/10001687179
When there are binding price controls, there are shortages and the allocation of goods across consumers may not be efficient. In general, the misallocation costs of price controls are first order, while the classic welfare losses due to undersupply are second order. This paper presents an...
Persistent link: https://www.econbiz.de/10012472591
In recent years, comparative economics experienced a revival, with a new focus on comparing capitalist economies. The theme of the new research is that institutions exert a profound influence on economic development. We argue that, to understand capitalist institutions, one needs to understand...
Persistent link: https://www.econbiz.de/10012469090