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« Gary Becker and Economic Imperialism | Main | A Dialogue on William Easterly's The Tyranny of Experts at the World Bank »

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"Those meagre resources would have surely been squandered if at the time the foundations and individuals would have demanded that the resources be spent on policy relevant research rather than on basic research as what Hayek engaged in."

This is very, very important.

Nice celebration of Hayek! He was a giant!

There is still some resistance to Hayek's Ricardo Effect, but I show on my blog how to use tools taught in mainstream micro and macro to prove it. rdmckinney.blogspot.com

Pete, any idea what the Miami event was at which he was speaking? Was it an academic conference or perhaps more a convening of benefactors?

In any case, I would think those in the business of securing funding for research (whether university-based or think tanks) would do well to crib from Buchanan's pitch on the payoff of supporting theoretical work.

An in honor of Hayek I think Austrian economists who ignore his Ricardo Effect ought to reconsider. I show on my latest blog post how mainstream econ textbooks teach it without knowing it.

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