Monday, July 18, 2005

Initial thoughts on Hayek

I am not far yet in my Hayekian journey. So far I've read two of his pieces on macroeconomics and one on competition. I had mixed responses to the macro essays...the first was about the stagflation of 70's and was a very good take on monetary policy. The second was bizarrely hard to understand. I think it was mostly because he was focusing on concepts that are completely foreign to the macroeconomics I learned. For example, a key part of his model was the ratio of consumer goods to intermediate goods. He talked about "stages of production." Very odd...I am going to revisit that piece to see if I can get any more out of it.

But it is slow reading. Hayek doesn't ramble. Each phrase is an idea, so I find myself reflecting on what he's saying halfway through a sentence. It's dense, not in the sense of "impenetrable," but rather, densely packed. More about the content later.

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