Hayeking

JKSCHW at aol.com JKSCHW at aol.com
Sun Apr 23 15:15:20 PDT 2000


In a message dated 00-04-23 14:16:16 EDT, Michael P. wetires << Justin,

Hayek gives a compelling case for the efficiency of capitalism, but he does so by

ruling out and assuming away essential features of capitalism. For example,

although in parts of his business cycle theory he emphasizes durable goods -- in

the restricted sense of referring to roundabout production methods -- but he

never addresses the problem of durable capital goods when dealing with the way

markets and prices supposedly coordinate the production system.

-- >>

But I am not interested in H's case for capitalism, and the level of abstraction at which I think he got things deeply right about efficiency, planning, and markets is much higher than the level you are discussing here. Nothing in my Hayekianism depends at on on his business cycle theory or his views about durable capital goods. --jks



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