cpcfin = Show[cpc23, cpc22]
ebfin = Show[ploteq1, ploteq4,
FrameLabel
{“Total high pr. labour”, “Total middle pr. labour”}]
A note on Hayek
Writing this book got me to read some of Hayek (1984) - finally, and after great misgivings. As a rule, a student of economics should always read up on the Nobel laureates, but Hayek never inspired me. What I read about his work made it uninviting. In Skidelsky’s biography of Keynes he is reduced from a critic of Keynes to someone whom Keynes, exasparated from lack of progress in communication, took along to go and buy old books. Later Hayek got a following of ‘libertarians’ and that was equally unattractive (not to be confused with ‘librarians’ (;-)).
I likely agree with Mark Blaug (1985:90): “In short, everyone agrees with what Hayek means in general but there is a large spectrum of answers to what he means in particular. It will take another generation to fully digest Hayek’s many and multifaceted contributions to economics and indeed social science as a whole.”
What I finally got to read of Hayek actually made me better appreciate part of his work, though the feelings remain mixed.
For starters, it appears that Hayek considers himself to be a ‘whig’ like Gladstone and de Tocqueville, and that he was not too happy with the ‘libertarians’. This is quite a relief to read, and I am sorry that I have entertained such a prejudice for so long. (And: Why can’t reporters be more accurate ?)