Calculation and Knowledge

Displaying 371 - 380 of 685
Israel M. Kirzner

But the centrality of the knowledge-corrective character of the market process for both Mises and Hayek cannot seriously be doubted. Whatever the differences between a Hayekian articulation of the market process and a Misesian articulation, the centrality of the notion of the corrective process for both, is the crucially important circumstance.

Friedrich A. Hayek

Competition is a process of the formation of opinion: by spreading information, it creates that unity and coherence of the economic system which we presuppose when we think of it as one market.

Murray N. Rothbard

Hence, it is scientifically meaningless to say that the "probability of Jerry Ford being elected in 1976 is three-eighths," since elections are not homogeneous events repeated a large number of times. And yet a large amount of modern social science and of its mathematizing rests on this faulty view of probability theory.

Jeffrey A. Tucker

"The state has only one role in the novels and it is entirely negative: it makes and enforces the fugitive slave laws."

David Gordon

If pushed too far, Cowen's line of thought could lead to an undue subjectivism, in which people's perceptions and classifications, rather than what actually occurs, would be the sole issues of importance.