Week In Review: May 13, 2017

By: Mises Institute
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This week we honored the legacy of F.A. Hayek, who would have turned 118 this week. While Hayek is no longer with us, his ideas live on. His skepticism of the intellectual elite, so seem increasingly prone to fall into the trap of scientism, is as prescient now as when he reluctantly won his Nobel Prize. 

This is why, as Jeff Deist noted this week, it’s still so important to read the works of the true legends of the Austrian school. Scholars such as Hayek, Ludwig von Mises, Carl Menger, and Murray Rothbard:

We don’t revere dead economists to maintain their place in some academic hierarchy, or to satisfy an atavistic desire for an unchanging intellectual order. We revere them because their ideas still have purchase, because their work yields knowledge that is sorely needed today. We read them and promote them in order to understand the world as it is, filled with billions of purposeful but often irrational human actors. We need dead economists to save us from ourselves and to refute the stubborn myths of collectivism. We need them most of all because their work and their insights are far superior to those of most economists alive today. There is no “New Economics,” only new academic work that painstakingly advances the the knowledge bequeathed to us.

This week on Mises Weekends, Bob Murphy joins Jeff to discuss the work of Hayek’s colleague at the University of Chicago, Milton Friedman, and the economics of the Chicago School. At its heart, Bob explains, monetarism is a cousin of Keynesianism—one advocates fiscal stimulus, the other monetary stimulus. Both go astray when it comes to money, and both fail to see the trees in the macro forest. Bob explains why in this great discussion of the differences between the Austrian and Chicago schools.

Allan H. Meltzer, RIP by Joseph T. Salerno
A Tribute to F.A. von Hayek by Ludwig von Mises

 

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