Reply To: Rothbard and Hayek


In the short biography of Hayek by Peter Klein that you linked to, he mentioned the Hayekian triangle. What is it, how does it work, and how useful is it?

I’ll admit that I’m hesitating more and more with studying Hayek. I initially liked him, but lately i’m becoming more and more doubtful as I’m seeing more differences between him and Mises.

In the last live session(question #9 about this was from me), you did recommend studying Hayek, but as for me, the extent of my economic knowledge comes from reading Austrian economic books and listening to economic lectures here and at, Recognizing and understanding where and how Hayek went wrong would be difficult if not impossible on my own.

Has anyone taken Hayek’s ideas such as the knowledge problem, ect and correctly applied them to the Misesian economic framework?

Either I’m unnecessarily making a big deal out of it and I should study him, carefully, or maybe I should stay away from Hayek until later on when i’m much more fluent in Austrian Economics.