We begin with an economic model of science according to which signals concerning scientific reputation both serve to coordinate the plans of individuals in the scientific domain and ensure that the knowledge that emerges from interactions between scientists and the environment is reliable...

It is generally accepted that F.A. Hayek gave up the business cycle as an object of theoretical investigation following the publication of 1941's The Pure Theory of Capital. The present paper aims to cast a shade of doubt upon this received view. Many of Hayek's philosophical writings bear...

We begin with an economic model of science according to which signals concerning scientific reputation both serve to coordinate the plans of individuals in the scientific domain and ensure that the knowledge that emerges from interactions between scientists and the environment is reliable...