Friedrich August von Hayek referred to by his initials F. A. Hayek, was an Anglo-Austrian economist and philosopher best known for his defence of classical liberalism. Hayek shared the 1974 Nobel Memorial Prize in Economic Sciences with Gunnar Myrdal for his "pioneering work in the theory of money and economic fluctuations and penetrating analysis of the interdependence of economic and institutional phenomena". Hayek was a major social theorist and political philosopher of the 20th century and his account of how changing prices communicate information that helps individuals co-ordinate their plans is regarded as an important achievement in economics, leading to his Nobel Prize. Hayek served in World War I and said that his experience in the war and his desire to help avoid the mistakes that had led to the war drew him into economics. Hayek lived in Austria, Great Britain, the United States and Germany and became a British subject in 1938, he spent most of his academic life at the London School of Economics, the University of Chicago and the University of Freiburg.
Hayek was appointed a Companion of Honour in 1984 for "services to the study of economics". He was the first recipient of the Hanns Martin Schleyer Prize in 1984, he received the Presidential Medal of Freedom in 1991 from President George H. W. Bush. In 2011, his article "The Use of Knowledge in Society" was selected as one of the top 20 articles published in The American Economic Review during its first 100 years. Friedrich August von Hayek was born in Vienna to August von Felicitas Hayek, his father, from whom he received his middle name, was born in 1871 in Vienna. He was a medical doctor employed by the municipal ministry of health with a passion for botany, about which he wrote a number of monographs. August von Hayek was a part-time botany lecturer at the University of Vienna, his mother was born in 1875 to a wealthy land-owning family. As her mother died several years prior to Hayek's birth, Felicitas received a significant inheritance, which provided as much as half of her and her husband's income during the early years of their marriage.
Hayek was the oldest of three brothers and Erich, who were one-and-a-half and five years younger than him. His father's career as a university professor influenced Hayek's goals in life. Both of his grandfathers, who lived long enough for Hayek to know them, were scholars. Franz von Juraschek was a leading economist in Austria-Hungary and a close friend of Eugen Böhm von Bawerk, one of the founders of the Austrian School of Economics. Hayek's paternal grandfather, Gustav Edler von Hayek, taught natural sciences at the Imperial Realobergymnasium in Vienna, he wrote works in the field of biological systematics, some of which are well known. On his mother's side, Hayek was second cousin to the philosopher Ludwig Wittgenstein, his mother played with Wittgenstein's sisters and had known him well. As a result of their family relationship, Hayek became one of the first to read Wittgenstein's Tractatus Logico-Philosophicus when the book was published in its original German edition in 1921. Although he met Wittgenstein on only a few occasions, Hayek said that Wittgenstein's philosophy and methods of analysis had a profound influence on his own life and thought.
In his years, Hayek recalled a discussion of philosophy with Wittgenstein when both were officers during World War I. After Wittgenstein's death, Hayek had intended to write a biography of Wittgenstein and worked on collecting family materials and assisted biographers of Wittgenstein, he was related to Wittgenstein on the non-Jewish side of the Wittgenstein family. Since his youth, Hayek socialized with Jewish intellectuals and he mentions that people speculated whether he was of Jewish ancestry; that made him curious, so he spent some time researching his ancestors and found out that he has Jewish ancestors which date back five generations. Surname Hayek is German spelling of Czech surname Hájek. Hayek displayed an intellectual and academic bent from a young age, he read fluently and before going to school. At his father's suggestion, as a teenager he read the genetic and evolutionary works of Hugo de Vries and August Weismann and the philosophical works of Ludwig Feuerbach. In school, Hayek was much taken by one instructor's lectures on Aristotle's ethics.
In his unpublished autobiographical notes, Hayek recalled a division between him and his younger brothers who were only a few years younger than him, but he believed that they were somehow of a different generation. He preferred to associate with adults. In 1917, Hayek joined an artillery regiment in the Austro-Hungarian Army and fought on the Italian front. Much of Hayek's combat experience was spent as a spotter in an aeroplane. Hayek was decorated for bravery. During this time, Hayek survived the 1918 flu pandemic. Hayek decided to pursue an academic career, determined to help avoid the mistakes that had led to the war. Hayek said of his experience: "The decisive influence was World War I. It's bound to draw your attention to the problems of political organization", he vowed to work for a better world. At the University of Vienna, Hayek earned doctorates in law and political science in 1921 and 1923 and studied philosophy and economics. For a short time, when the University of Vienna closed he studied in Constantin von Monakow's Institute of Brain Anatomy, where Hayek spent much of his time staining brain cells.
Hayek's time in Monakow's lab and his deep interest in the work of Ernst Mach
The law or principle of comparative advantage holds that under free trade, an agent will produce more of and consume less of a good for which they have a comparative advantage. Comparative advantage is the economic reality describing the work gains from trade for individuals, firms, or nations, which arise from differences in their factor endowments or technological progress. In an economic model, agents have a comparative advantage over others in producing a particular good if they can produce that good at a lower relative opportunity cost or autarky price, i.e. at a lower relative marginal cost prior to trade. One does not compare the monetary costs of production or the resource costs of production. Instead, one must compare the opportunity costs of producing goods across countries. David Ricardo developed the classical theory of comparative advantage in 1817 to explain why countries engage in international trade when one country's workers are more efficient at producing every single good than workers in other countries.
He demonstrated that if two countries capable of producing two commodities engage in the free market each country will increase its overall consumption by exporting the good for which it has a comparative advantage while importing the other good, provided that there exist differences in labor productivity between both countries. Regarded as one of the most powerful yet counter-intuitive insights in economics, Ricardo's theory implies that comparative advantage rather than absolute advantage is responsible for much of international trade. Adam Smith first alluded to the concept of absolute advantage as the basis for international trade in The Wealth of Nations: If a foreign country can supply us with a commodity cheaper than we ourselves can make it, better buy it off them with some part of the produce of our own industry employed in a way in which we have some advantage; the general industry of the country, being always in proportion to the capital which employs it, will not thereby be diminished but only left to find out the way in which it can be employed with the greatest advantage.
Writing several decades after Smith in 1808, Robert Torrens articulated a preliminary definition of comparative advantage as the loss from the closing of trade: f I wish to know the extent of the advantage, which arises to England, from her giving France a hundred pounds of broadcloth, in exchange for a hundred pounds of lace, I take the quantity of lace which she has acquired by this transaction, compare it with the quantity which she might, at the same expense of labour and capital, have acquired by manufacturing it at home. The lace that remains, beyond what the labour and capital employed on the cloth, might have fabricated at home, is the amount of the advantage which England derives from the exchange. In 1817, David Ricardo published what has since become known as the theory of comparative advantage in his book On the Principles of Political Economy and Taxation. In a famous example, Ricardo considers a world economy consisting of two countries and England, which produce two goods of identical quality.
In Portugal, the a priori more efficient country, it is possible to produce wine and cloth with less labor than it would take to produce the same quantities in England. However, the relative costs of producing those two goods differ between the countries. In this illustration, England could commit 100 hours of labor to produce one unit of cloth, or produce 5/6 units of wine. Meanwhile, in comparison, Portugal could commit 90 hours of labor to produce one unit of cloth, or produce 9/8 units of wine. So, Portugal possesses an absolute advantage in producing cloth due to fewer labor hours, England has a comparative advantage due to lower opportunity cost. In the absence of trade, England requires 220 hours of work to both produce and consume one unit each of cloth and wine while Portugal requires 170 hours of work to produce and consume the same quantities. England is more efficient at producing cloth than wine, Portugal is more efficient at producing wine than cloth. So, if each country specializes in the good for which it has a comparative advantage the global production of both goods increases, for England can spend 220 labor hours to produce 2.2 units of cloth while Portugal can spend 170 hours to produce 2.125 units of wine.
Moreover, if both countries specialize in the above manner and England trades a unit of its cloth for 5/6 to 9/8 units of Portugal's wine both countries can consume at least a unit each of cloth and wine, with 0 to 0.2 units of cloth and 0 to 0.125 units of wine remaining in each respective country to be consumed or exported. Both England and Portugal can consume more wine and cloth under free trade than in autarky; the Ricardian model is a general equilibrium mathematical model of international trade. Although the idea of the Ricardian model was first presented in the Essay on Profits and in the Principles by David Ricardo, the first mathematical Ricardian model was published by William Whewell in 1833; the earliest test of the Ricardian model was performed by G. D. A MacDougall, published in Economic Journal of 1951 and 1952. In the Ricardian model, trade patterns depend on productivity differences; the following is a typical modern interpretation of the classical Ricardian model. In the interest of simplicity, it uses notation and definitions, such as opportunity cost, unavailable to Ricardo.
The world economy consists of two countries and Foreign, which produce wine and cloth. Labor, the only factor of production, is not internationally. We denote the labor force in Home by
Rose Director Friedman known as Rose D. Friedman, was a free-market economist and co-founder of the Milton and Rose D. Friedman Foundation. Rose Friedman attended Reed College and transferred to the University of Chicago, where she received a Bachelor of Philosophy degree. After this she began to study for a doctorate in economics at the University of Chicago and completed all work necessary for the Ph. D. except for writing the dissertation. In her youth, she wrote articles with Dorothy Brady on consumption, she received an honorary LL. D. in December 1986 from Pepperdine University. She is believed to have been born the last week of December, 1910, she was born in Ukraine, to the Director family, prominent Jewish residents. She was married to her frequent collaborator, Milton Friedman, who won the 1976 Nobel Prize in Economics, her brother, Aaron Director, was a professor at the University of Chicago Law School and one of the founders of the economic analysis of law. With Milton, she co-wrote two books on economics and public policy, Free to Choose and Tyranny of the Status Quo, their memoirs Milton and Rose D. Friedman, Two Lucky People, which appeared in 1998.
Together they founded EdChoice, with the aim of promoting the use of school vouchers and freedom of choice in education. She co-produced the PBS television series, Free to Choose, assisted her husband in writing his 1962 political philosophy book Capitalism and Freedom; when Milton received his Medal of Freedom in 1988, President Ronald Reagan said jokingly in his speech that Rose was known for being the only person to have won an argument against Milton. The Friedmans have two children and David. Law and economics The Friedman Foundation In Memoriam: Rose Friedman by Guy Sorman Appearances on C-SPAN
David D. Friedman
David Director Friedman is an American economist, legal scholar, libertarian theorist. He is known for his textbook writings on microeconomics and the libertarian theory of anarcho-capitalism, the subject of his most popular book, The Machinery of Freedom. Besides The Machinery of Freedom, he has authored several other books and articles, including Price Theory: An Intermediate Text, Law's Order: What Economics Has to Do with Law and Why It Matters, Hidden Order: The Economics of Everyday Life, Future Imperfect. David Friedman is the son of Milton Friedman, he graduated magna cum laude from Harvard University in 1965, with a bachelor's degree in chemistry and physics. He earned a master's and a Ph. D. in theoretical physics from the University of Chicago. Despite his career, he never took a class for credit in either economics or law, he is a professor of law at Santa Clara University, a contributing editor for Liberty magazine. He is an atheist, his son, Patri Friedman, has written about libertarian theory and market anarchism seasteading.
In his book The Machinery of Freedom, Friedman sketched a form of anarcho-capitalism where all goods and services including law itself can be produced by the free market. Friedman advocates an incrementalist approach to achieve anarcho-capitalism by gradual privatization of areas that government is involved in privatizing the law itself. In the book, he states his opposition to violent anarcho-capitalist revolution, he advocates a consequentialist version of anarcho-capitalism, arguing for anarchism on a cost-benefit analysis of state versus no state. It is contrasted with the natural-rights approach as propounded most notably by economist and libertarian theorist Murray Rothbard. Friedman is a longtime member of the Society for Creative Anachronism, where he is known as Duke Cariadoc of the Bow, he is known throughout the worldwide society for his articles on the philosophy of recreationism and practical historical recreations those relating to the medieval Middle East. His work is compiled in the popular Cariadoc's Miscellany.
He is sometimes credited with founding longest-running SCA event, the Pennsic War. He is a long-time science fiction fan, has written two fantasy novels and Salamander, he has spoken in favor of a non-interventionist foreign policy. 1988. Cariadoc's Miscellany. 1990. Price Theory: An Intermediate Text. Southwestern Publishing. 1996. Hidden Order: The Economics of Everyday Life. ISBN 0887308856. 2000. Law's Order: Why It Matters. Princeton Univ. Press. ISBN 0691090092 2005. "The Case for Privacy" in Contemporary Debates in Applied Ethics. Wiley-Blackwell. 2008. Future Imperfect: Technology and Freedom in an Uncertain World. ISBN 0521877326 2015; the Machinery of Freedom. ISBN 978-1507785607 2019. Legal Systems Very Different from Ours. Harald, 2006 Salamander, 2011 Homepage Appearances on C-SPAN David D. Friedman speech at Authors@Google David D. Friedman at the Internet Speculative Fiction Database Booknotes interview with Friedman on Hidden Order: The Economics of Everyday Life, October 20, 1996. David D. Friedman publications indexed by Google Scholar
Economic growth is the increase in the inflation-adjusted market value of the goods and services produced by an economy over time. It is conventionally measured as the percent rate of increase in real gross domestic product, or real GDP. Growth is calculated in real terms - i.e. inflation-adjusted terms – to eliminate the distorting effect of inflation on the price of goods produced. Measurement of economic growth uses national income accounting. Since economic growth is measured as the annual percent change of gross domestic product, it has all the advantages and drawbacks of that measure; the economic growth rates of nations are compared using the ratio of the GDP to population or per-capita income. The "rate of economic growth" refers to the geometric annual rate of growth in GDP between the first and the last year over a period of time; this growth rate is the trend in the average level of GDP over the period, which ignores the fluctuations in the GDP around this trend. An increase in economic growth caused by more efficient use of inputs is referred to as intensive growth.
GDP growth caused only by increases in the amount of inputs available for use is called extensive growth. Development of new goods and services creates economic growth; the economic growth rate is calculated from data on GDP estimated by countries' statistical agencies. The rate of growth of GDP per capita is calculated from data on GDP and people for the initial and final periods included in the analysis of the analyst. In national income accounting, per capita output can be calculated using the following factors: output per unit of labor input, hours worked, the percentage of the working age population working and the proportion of the working-age population to the total population. "The rate of change of GDP/population is the sum of the rates of change of these four variables plus their cross products."Economists distinguish between short-run economic changes in production and long-run economic growth. Short-run variation in economic growth is termed the business cycle. Economists attribute the ups and downs in the business cycle to fluctuations in aggregate demand.
In contrast, economic growth is concerned with the long-run trend in production due to structural causes such as technological growth and factor accumulation. Increases in labor productivity have been the most important source of real per capita economic growth. "In a famous estimate, MIT Professor Robert Solow concluded that technological progress has accounted for 80 percent of the long-term rise in U. S. per capita income, with increased investment in capital explaining only the remaining 20 percent."Increases in productivity lower the real cost of goods. Over the 20th century the real price of many goods fell by over 90%. Economic growth has traditionally been attributed to the accumulation of human and physical capital and the increase in productivity and creation of new goods arising from technological innovation. Further division of labour is fundamental to rising productivity. Before industrialization technological progress resulted in an increase in the population, kept in check by food supply and other resources, which acted to limit per capita income, a condition known as the Malthusian trap.
The rapid economic growth that occurred during the Industrial Revolution was remarkable because it was in excess of population growth, providing an escape from the Malthusian trap. Countries that industrialized saw their population growth slow down, a phenomenon known as the demographic transition. Increases in productivity are the major factor responsible for per capita economic growth – this has been evident since the mid-19th century. Most of the economic growth in the 20th century was due to increased output per unit of labor, materials and land; the balance of the growth in output has come from using more inputs. Both of these changes increase output; the increased output included more of the same goods produced and new goods and services. During the Industrial Revolution, mechanization began to replace hand methods in manufacturing, new processes streamlined production of chemicals, iron and other products. Machine tools made the economical production of metal parts possible, so that parts could be interchangeable.
See: Interchangeable parts. During the Second Industrial Revolution, a major factor of productivity growth was the substitution of inanimate power for human and animal labor. There was a great increase in power as steam powered electricity generation and internal combustion supplanted limited wind and water power. Since that replacement, the great expansion of total power was driven by continuous improvements in energy conversion efficiency. Other major historical sources of productivity were automation, transportation infrastructures, new materials and power, which includes steam and internal combustion engines and electricity. Other productivity improvements included mechanized agriculture and scientific agriculture including chemical fertilizers and livestock and poultry management, the Green Revolution. Interchangeable parts made with machine tools powered by electric motors evolved into mass production, universally used today. Great sources of productivity improvement in the late 19th century were railroads, steam ships, horse-pulled reapers and combine harvesters, steam-powered factories.
The invention of processes for making cheap steel were important for many forms
Game theory is the study of mathematical models of strategic interaction between rational decision-makers. It has applications in all fields of social science, as well as in computer science, it addressed zero-sum games, in which one person's gains result in losses for the other participants. Today, game theory applies to a wide range of behavioral relations, is now an umbrella term for the science of logical decision making in humans and computers. Modern game theory began with the idea regarding the existence of mixed-strategy equilibria in two-person zero-sum games and its proof by John von Neumann. Von Neumann's original proof used the Brouwer fixed-point theorem on continuous mappings into compact convex sets, which became a standard method in game theory and mathematical economics, his paper was followed by the 1944 book Theory of Games and Economic Behavior, co-written with Oskar Morgenstern, which considered cooperative games of several players. The second edition of this book provided an axiomatic theory of expected utility, which allowed mathematical statisticians and economists to treat decision-making under uncertainty.
Game theory was developed extensively in the 1950s by many scholars. It was explicitly applied to biology in the 1970s, although similar developments go back at least as far as the 1930s. Game theory has been recognized as an important tool in many fields; as of 2014, with the Nobel Memorial Prize in Economic Sciences going to game theorist Jean Tirole, eleven game theorists have won the economics Nobel Prize. John Maynard Smith was awarded the Crafoord Prize for his application of game theory to biology. Early discussions of examples of two-person games occurred long before the rise of modern, mathematical game theory; the first known discussion of game theory occurred in a letter written by Charles Waldegrave, an active Jacobite, uncle to James Waldegrave, a British diplomat, in 1713. In this letter, Waldegrave provides a minimax mixed strategy solution to a two-person version of the card game le Her, the problem is now known as Waldegrave problem. In his 1838 Recherches sur les principes mathématiques de la théorie des richesses, Antoine Augustin Cournot considered a duopoly and presents a solution, a restricted version of the Nash equilibrium.
In 1913, Ernst Zermelo published Über eine Anwendung der Mengenlehre auf die Theorie des Schachspiels. It proved that the optimal chess strategy is determined; this paved the way for more general theorems. In 1938, the Danish mathematical economist Frederik Zeuthen proved that the mathematical model had a winning strategy by using Brouwer's fixed point theorem. In his 1938 book Applications aux Jeux de Hasard and earlier notes, Émile Borel proved a minimax theorem for two-person zero-sum matrix games only when the pay-off matrix was symmetric. Borel conjectured that non-existence of mixed-strategy equilibria in two-person zero-sum games would occur, a conjecture, proved false. Game theory did not exist as a unique field until John von Neumann published the paper On the Theory of Games of Strategy in 1928. Von Neumann's original proof used Brouwer's fixed-point theorem on continuous mappings into compact convex sets, which became a standard method in game theory and mathematical economics, his paper was followed by his 1944 book Theory of Games and Economic Behavior co-authored with Oskar Morgenstern.
The second edition of this book provided an axiomatic theory of utility, which reincarnated Daniel Bernoulli's old theory of utility as an independent discipline. Von Neumann's work in game theory culminated in this 1944 book; this foundational work contains the method for finding mutually consistent solutions for two-person zero-sum games. During the following time period, work on game theory was focused on cooperative game theory, which analyzes optimal strategies for groups of individuals, presuming that they can enforce agreements between them about proper strategies. In 1950, the first mathematical discussion of the prisoner's dilemma appeared, an experiment was undertaken by notable mathematicians Merrill M. Flood and Melvin Dresher, as part of the RAND Corporation's investigations into game theory. RAND pursued the studies because of possible applications to global nuclear strategy. Around this same time, John Nash developed a criterion for mutual consistency of players' strategies, known as Nash equilibrium, applicable to a wider variety of games than the criterion proposed by von Neumann and Morgenstern.
Nash proved that every n-player, non-zero-sum non-cooperative game has what is now known as a Nash equilibrium. Game theory experienced a flurry of activity in the 1950s, during which time the concepts of the core, the extensive form game, fictitious play, repeated games, the Shapley value were developed. In addition, the first applications of game theory to philosophy and political science occurred during this time. In 1979 Robert Axelrod tried setting up computer programs as players and found that in tournaments between them the winner was a simple "tit-for-tat" program that cooperates on the first step on subsequent steps just does whatever its opponent did on the previous step; the same winner was often obtained by natural selection. In 1965, Reinhard Selten introduced his solution concept of subgame perfect equilibria, which further refined the Nash equilibrium. In 1994 Nash and Harsanyi became Economics Nobel Laureates for their contributi
Jacob Viner was a Canadian economist and is considered with Frank Knight and Henry Simons to be one of the "inspiring" mentors of the early Chicago School of Economics in the 1930s: he was one of the leading figures of the Chicago faculty. Paul Samuelson named Viner as one of the several "American saints in economics" born after 1860. Viner was born to a Jewish family in 1892 in Quebec, to Romanian immigrant parents, he earned his undergraduate degree at McGill University in 1914. He received a PhD at Harvard University, where he wrote his dissertation, under trade economist Frank W. Taussig. Viner was a professor at the University of Chicago from 1916 to 1917 and from 1919 to 1946. At various times, Viner taught at Stanford and Yale Universities and twice went to the Graduate Institute of International and Development Studies in Geneva, Switzerland. In 1946 he left for Princeton University, where he remained until his retirement, in 1960, he was a member of the Institute for Advanced Studies in Princeton from 1947 to 1948 and a permanent member there from 1950 to 1970.
Nobel laureate Milton Friedman studied under Viner. Viner played a role in government, most notably as an advisor to Secretary of the Treasury Henry Morgenthau Jr. during the administration of Franklin Roosevelt. During World War II, he served as co-rapporteur to the economic and financial group of the Council on Foreign Relations' "War and Peace Studies" project, along with Harvard economist Alvin Hansen. Viner was a noted opponent of John Maynard Keynes during the Great Depression. While he agreed with the policies of government spending pushed by Keynes, Viner argued that Keynes's analysis was flawed and would not stand in the long run. Known for his economic modeling of the firm, including the long- and the short-run cost curves, his work is still used today. Viner is further known for having added the terms "trade creation" and "trade diversion" to the canon of economics in 1950, he made important contributions to the theory of international trade and to the history of economic thought. While he was at Chicago, Viner co-edited the Journal of Political Economy with Frank Knight.
His work, Studies in the Theory of International Trade, discusses the history of economic thought and is a historical source for the Bullionist controversy in 19th-century Britain. Viner spoke at the Conference on Atomic Energy Control in 1945, stating "that the atomic bomb was the cheapest way yet devised of killing human beings" and that atomic bombs "will be peacemaking in effect," making him the founder of nuclear deterrence. "Some Problems of Logical Method in Political Economy", 1917, JPE "Price Policies: the determination of market price", 1921. Dumping: A problem in international trade, 1923. Canada's Balance of International Indebtedness: 1900–1913, 1924. "The Utility Concept in Value Theory and its Critics", 1925, JPE. Viner, Jacob. "Adam Smith and Laissez-Faire". Journal of Political Economy. 35: 198–232. Doi:10.1086/253837. JSTOR 1823421. Frederick C. Mills. "The Present Status and Future Prospects of Quantitative Economics". American Economic Review. 18: 28–45. JSTOR 1811547. "Mills' Behavior of Prices", 1929, QJE "Costs Curves and Supply Curves," Zeitschrift für Nationalökonomie, 3, pp. 23–46.
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