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I think the idea that mainstream economics has absorbed all of Hayeks ideas is false. Yes, information economics has been further developed, but I still don't t
by nickik 10y ago
I think the idea that mainstream economics has absorbed all of Hayeks ideas is false. Yes, information economics has been further developed, but I still don't think they have everything.
Hayeks arguments from "Road to Serfdom" and later books has actually been absorbed in many arguments by political economists and political scientists as well. They are highly sophisticated works of political economy. Of course he often was not the first person to make many of the arguments. People reading the "Road to Serfdom" will quickly find that there are lots and lots of footnotes pointing to obscure Italian political economists and of course people like Hume, Smith and such.