Caldwell: Hayek's Intellectual Journey

Mar 26, 2024

Join Bruce Caldwell from the Center for History of Political Economy at Duke University as he delves into the profound impact of Friedrich Hayek's theories on modern economics. Explore the evolution of economic institutions, the importance of information in economic decision-making, and Hayek's transition from business cycles to economic calculation and knowledge distribution.

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Introduction

00:00 • 3min

Evolution of Economic Methodology and Intellectual History

03:21 • 30min

Hayek's Intellectual Evolution and Transaction Cost Argument

33:33 • 5min

Market Coordination and Economic Calculation Debate

38:08 • 12min

Hayek's Evolutionary View on Successful Institutions

50:13 • 11min

Exploring the Foundations of Liberal Thought and Challenges in Articulating Ideals

01:01:10 • 4min

Exploring Surge Pricing and Economic Theory

01:05:31 • 3min

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Come along on a journey through the corridors of economic history and methodology with our esteemed guest, Bruce Caldwell from the Center for History of Political Economy at Duke University. Caldwell's personal voyage, from the nuances of economic methodology to his deep dive into Austrian economics, sets the stage for an enthralling discussion on the workings of institutions, transaction costs, and the profound impact of Friedrich Hayek's theories on modern economics. Get ready to unlock the secret meaning behind the unique TIPS acronym within Austrian economics.

We follow Hayek's intellectual transition from his focus on business cycles to the intricate challenges of economic calculation and knowledge distribution. The conversation illuminates the value of information in economic decision-making and highlights the importance of markets in reconciling diverse plans and purposes. Discover how Hayek's 1945 paper reshaped economic thinking, extending its influence beyond the Austrian school and into the realms of neoclassical economics.

Our exploration culminates with an examination of the very fabric holding our economic systems together – institutions. Delve into the evolution of economic institutions with insights from Doug North's intellectual quest and the relevance of Austrian capital theories in understanding economic flexibility.

Links:

Bruce Caldwell, Beyond Positivism https://www.amazon.com/Beyond-Positivism-Bruce-Caldwell/dp/1138834238

Bruce Caldwell and Hansjoerg Klausinger, Hayek: A Life, 1899-1950 https://www.amazon.com/Hayek-Life-1899-1950-Bruce-Caldwell/dp/0226816826/

F.A. Hayek, 1945: The Use of Knowledge in Society, American Economic Review. https://www.econlib.org/library/Essays/hykKnw.html

Michael Munger, "The Socialist Generation Debate" https://www.aier.org/article/the-socialist-generation-debate/

Surge Pricing, NPR. https://www.vox.com/money/24105250/fast-food-restaurants-dynamic-pricing-algorithm-wendys

Hope Center at Duke. https://today.duke.edu/2018/08/duke-center-expands-commitment-history-economics

If you have questions or comments, or want to suggest a future topic, email the show at taitc.email@gmail.com !

You can follow Mike Munger on Twitter at @mungowitz