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-Keynes debate, the book introduces the main themes of Hayek’s thought. These include the division of knowledge, the importance of … with political discretion. Key to understanding Hayek's development as a thinker is his emphasis on the knowledge problem … that economic decision makers face and how alternative institutional arrangements either hinder or assist them in …
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In 1989, most economists thought the problem of transition was one of allowing prices to float to market clearing levels. After all one of the most observable problems throughout the former socialist economies was the existence of pervasive shortages. Indeed prices did need to be freed up. But...
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