Prices, and Production: Lecture II, Part IV
Published Sat, Jun 6 2009 8:33 PM | laminustacitus
At last we are ready to begin the main problem of this lecture, that is the problem of how a transition to a more capitalistic structure of production, or vice versa, is brought about, and what are the conditions that must be fulfilled for a new equilibrium...
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Prices, and Production: Lecture II, Part III
Published Fri, Jun 5 2009 1:15 AM | laminustacitus
It is now time to add the flow of money into Hayek's theoretical apparatus. While the Hayekian triangle is used to illustrate the movement of goods through the economy's structure of production, it is just as legitimately utilized as a schematic...
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Prices and Production: Lecture II, Part II
Published Mon, Jun 1 2009 4:03 AM | laminustacitus
The most essential feature of the capitalist system of production, as stated in the prior entry, is the fact that at any moment a larger quantity of the original means of production is being employed for the satisfaction of a future time. The raison d'...
Prices, and Production: Lecture II, Part I
Published Sun, May 24 2009 12:25 AM | laminustacitus
Lecture 2: “The Conditions between the Production of Consumers' Goods, and the Production of Producers' Goods” In order to understand how prices influence the amount of goods produced, it is necessary to understand the causes behind...
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An Example of the State of Higher Eduction
Published Wed, Mar 25 2009 10:54 PM | laminustacitus
Among the classes that I am taking at the University of Massachusetts Amherst includes an introduction to political economy, and, ever since the first day of class, it has been not only disappointing, but consisting only in fallacies. Nevertheless, everything...
Prices and Production: Lecture I, Part III
Published Sun, Mar 8 2009 4:27 AM | laminustacitus
Once the historical timeline arrives at Knut Wicksell, it no longer becomes productive chronologically, following the ways by which his theories were transformed. Instead, it is best to assess the errors of the Wicksellian theory, and to follow the necessary...
Towards a Greater Understanding of Say’s Law
Published Wed, Mar 4 2009 5:36 AM | laminustacitus
The most renown theory of the French economist, Jean Baptiste Say (1767-1832), the eponymous Say’s Law has been one of the most important contributions of Classical economics even though it was but a minor facet of Say’s own economics. He...
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Prices and Production, Lecture I: Part II
Published Sun, Mar 1 2009 7:54 PM | laminustacitus
In the first lecture of Prices and Production , Hayek goes on to describing a short history of monetary theory hitherto (bear in mind that the lectures the book was written from were given in 1931). He divided the history into four parts: 1. the history...
Economics, and Judgments of Value
Published Thu, Feb 19 2009 3:38 AM | laminustacitus
Without a doubt, one of the most vexing faults to be found in economic analyses is the inclusion of judgments of value into the inquiry. As an action, a judgment of value is one during which individual expresses his preferences, and, due to the fact that...
Prices and Production, Lecture I: Part I
Published Sun, Feb 15 2009 5:57 AM | laminustacitus
The first lecture of Prices and Production is primarily concerned with the critique of aggregates and contemporary economics, premodern theories of money and interest, the doctrine of forced savings, and the role of the interest rate in respect to keeping...
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Prices and Production: Hayek's Assumption
Published Mon, Feb 9 2009 4:59 PM | laminustacitus
Hayek realized that many of the difficulties involved with the first edition of Prices and Production could not be clarified without rewriting the entire book. Indeed, those obstacles were inherent in the mode of expression that he decided to utilize...
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Prices and Production: A Few Historical Notes
Published Mon, Feb 9 2009 6:31 AM | laminustacitus
Prices and Production arose, not as a book in and of itself, but out of a series of four lectures that Hayek gave during the 1930-1931 session of the LSE about Hayek’s recent contributions to, in his own words, “theoretical economics”...
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"Biography of F.A. Hayek (1899-1992)" by Peter G. Klein
Published Mon, Feb 9 2009 5:40 AM | laminustacitus
Before one begins to read the live-blogging of my study of Hayek's Prices and Production , I highly suggest that Peter G. Klein's splendid little biography of him becomes prioritized for reading.
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Introduction
Published Fri, Feb 6 2009 4:56 PM | laminustacitus
Welcome to my blog: “The Critiques”, I pray that you will enjoy its content as well as find it a well written, and intriguing analysis. This inaugural blog post will be to explain what I intend to do here, and how I shall go about doing it...
A Critique of Externalities
Published Tue, Feb 3 2009 6:57 AM | laminustacitus
“Carried through consistently, the right of property would entitle the proprietor to claim all the advantages which the good’s employment may generate on the one hand and would burden him with all the disadvantages resulting from its employment...
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