Tag Archives: Hayek

The structure of Production

It is an essential feature of our modern “capitalistic” system of production that at any moment a far larger proportion of the available means of production is employed to provide consumer’s goods for some more or less distant future than … Continue reading

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Prices as a system of communicating knowledge

The price system is just one of those formations which man has learned to use…after he had stumbled upon it without understanding it. Through it, not only a division of labor, but also a coordinated utilization of resources based on … Continue reading

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Why we have recessions

Inflation has, of course, many other bad effects, much more grave and painful than is realized by most people who have not lived through a serious inflation. But the effect that is most devastating, and at the same time the … Continue reading

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Why we need entrepreneurs

The entrepreneurial function, the striving of entrepreneurs after profits, is the driving force of the market economy…The only source from which an entrepreneur’s profits stem is his ability to anticipate better than other people the future demand of the consumers…He … Continue reading

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Major Economic Schools of Thought

In the physical sciences, there is a large body of theory which has been widely accepted as correct. The disagreements are found only in very new concepts, like dark matter in space or global warming. Eventually these disputes are resolved … Continue reading

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