[OPE-L:4740] Re: opposition to Hayek

Michael Perelma (michael@ecst.csuchico.edu)
Sat, 12 Apr 1997 08:53:05 -0700 (PDT)

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Gerald Levy wrote:
> Riccardo: what do you think Marxists can learn from the Austrians?

I am not Riccardo, but let me chip in anyway. Hayek can be useful in
small doses, but lethal when infused in larger portions.

Hayek's critique of equilibrium theory shows a glaring problem in
neo-classical economics.

More important, Hayek's theory shows the importance of allowing popular
input into the planning process -- although everybody on pen-l realizes
how contentious specifying the exact nature of this popular input.

Michael Perelman
Economics Department
California State University
Chico, CA 95929
Tel. 916-898-5321
E-Mail michael@ecst.csuchico.edu