Thursday, March 13, 2008

Most Hayekian Line of the Day

"Financial engineering" and "rule-based" monetary policy, by considering uncertain knowledge to be certain knowledge, are taking us in a hazardous direction.

The above has to be the most Hayekian line I have in paper today. That's from Nobel Laureate Edmund Phelps. More here. And yes, both Hayek and Frank Knight are mentioned.

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