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CFA Institute Complements Hayek

March 3, 2006

Unfortunately, it doesn't look like the CFA Level I Program Curriculum actually has much of Hayek's economics in it, but it does pay a tribute to him in a highlight box:

Outstanding Economist
Friedrich A. von Hayek (1899 - 1992)

Remarkably, the writings of this 1974 Nobel Prize recipient spanned seven decades. His work on knowledge and markets both enhanced our understanding of the competitive process and highlighted the fatal defects of central planning. He also made major contributions in areas as diverse as monetary theory, law and economics, business cycles, and capital theory.

I'm reading their Economics and Financial Statement Analysis textbook, so when I'm done with it (which might be a while), I'll give an update on how good their economics section is. On the bright side, just over-viewing it, it does seem to do a good job on mechanical issues (like how the fed increases the money supply). Having finished their textbook on Ethics and Statistics, I must say that from an Austrian perspective, I'm pleased with their treatment of statistics — for the most part, a very careful and thorough treatment. They note the different types of data that one can have (think ordinal vs. cardinal, but split out into a few more categories), and are careful to note, among other things, that correlation does not mean causation. They also point out problems with data-bias in collecting information, and with using statistical summaries of past information in our analysis of the possible future.

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