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Brad DeLong — Must-Read: Samuel Bowles, Alan Kirman, and Rajiv Sethi: Friedrich Hayek and the Market Algorithm

Summary:
Does anyone else see a parallel between Hayek's view of markets as information systems that generate natural spontaneous order and intelligent design arguments in evolutionary theory, harkening back 18th century Deism?The point of the paper is that while Hayek was on to some good things, he let his liberal ideology run away with him, making claims that are not substantiated by his economic work.WCEG — The EquitablogMust-Read: Samuel Bowles, Alan Kirman, and Rajiv Sethi*: Friedrich Hayek and the Market Algorithm Brad DeLong * We thank Jeffrey Friedman, David Glasner, Gordon Hanson, and Timothy Taylor for their contributions to this essay and the Santa Fe Institute for providing an ideal environment for the collaboration that resulted in this paper.

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Does anyone else see a parallel between Hayek's view of markets as information systems that generate natural spontaneous order and intelligent design arguments in evolutionary theory, harkening back 18th century Deism?

The point of the paper is that while Hayek was on to some good things, he let his liberal ideology run away with him, making claims that are not substantiated by his economic work.

WCEG — The Equitablog
Must-Read: Samuel Bowles, Alan Kirman, and Rajiv Sethi*: Friedrich Hayek and the Market Algorithm
Brad DeLong

* We thank Jeffrey Friedman, David Glasner, Gordon Hanson, and Timothy Taylor for their contributions to this essay and the Santa Fe Institute for providing an ideal environment for the collaboration that resulted in this paper.
 
Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

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