In this essay, I present a personal essay based on the work of Hayek, most notably concerning his thoughts and discussion on how knowledge cannot be scientifically calculated for use within a centrally planned organisation, which is argued in his own essays 'The Use of Knowledge in Society' (1968) and 'Competition as a Discovery Procedure' (1984). 
 
Check out the show notes page to this episode at economicrockstar.com/hayek where you can receive a transcript of the essay as well as the links to all of the references mentioned during the episode.

072: Friedrich A. Hayek - That Entrepreneurial Knowledge is Situational and Commonsensical, Not Scientific

Economic Rockstar is created for you, the economist, financial analyst, teacher or student. If you are looking to expand your knowledge or awareness, Frank Conway delivers the information you just don't want to miss. Economic Rockstar brings to you each week an economist, financial analyst or business leader who shares their experiences, research interests or ideas. Hear their views on different schools of economic thinking - Chicago, Austrian, Keynesian and Classical, behavioral economics, stock markets, and how economics and finance can be used in our lives. Economic Rockstar interviews top-level lecturers and academics from highly renowned universities, best-selling authors and bloggers, inspirational CEOs and business leaders, as well as amazing and thought-provoking people who have recently discovered economics and  finance and are carving out a career in their new-found passion. Guests in each episode gives us wonderful advice, takeaways and insights that will help you become part of the Economic Rockstar community that will be 'Connecting Brilliant Minds in Economics and Finance'.

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Professor Glenn Hubbard is an American economist and academic. He is currently the Dean of the Columbia University Graduate School of Business, where he is also Russell L. Carson Professor of Finance and Economics. On September 13, 2018 he announced that he would not seek another term in his position as Dean after having served out his current term which ends on June 30, 2019.  Glenn previously served as Deputy Assistant Secretary at the U.S. Department of the Treasury from 1991 to 1993, and as Chairman of the Council of Economic Advisers from 2001 to 2003. Professor Hubbard is a Visiting Scholar at the conservative American Enterprise Institute, where he studies tax policy and health care. Check out the show notes page at www.economicrockstar.com/glennhubbard

175: Glenn Hubbard on Leadership Values, Supply-Side Economics and Manhattanville

Wendy Carlin is Professor of Economics at University College London (UCL), Research Fellow of the Centre for Economic Policy Research (CEPR), London, and Fellow of the European Economic Association. Her research focuses on macroeconomics, institutions and economic performance, and the economics of transition. She is a member of the Expert Advisory Panel of the UK’s Office for Budget Responsibility. She has acted as a consultant for international organizations such as the European Bank for Reconstruction and Development (EBRD), London, and the World Bank. She has co-authored with David Soskice three macroeconomics books. Macroeconomics and the Wage Bargain (1990), Macroeconomics: Imperfections, Institutions and Policies (2006) and Macroeconomics: Institutions, Instability and the Financial System (2015). She is leading an international project – the CORE project – funded by INET on undergraduate economics curriculum reform. The CORE project has published The Economy, which is free on-line at www.core-econ.org. In 2016 Wendy was awarded the CBE for services to economics and public finance.  Check out www.economicrockstar.com/wendycarlin for all books, links and resources mentioned in this episode.  

174: Wendy Carlin on The Core Project, Capitalism, Democracy and Normative Statements

This is an excerpt from a previous conversation that I had with Professor Stephen Wright but was unreleased at the time. We felt it appropriate that it should be released at a time if I ever spoke to Professor Wendy Carlin. This day is coming and now this part of my conversation with Stephen can be released. Check out the links over at www.economicrockstar.com/coreecon. Visit www.core-eco.org to access this amazing website.

173: Stephen Wright on Core Econ as a Learning Resource for Mainstream Economics

This is a reflection on some episodes from 2018. The themes I have chosen looks at growing up in the Great Depression and what to expect in the future with AR and AI, as well as Institutions, Individualism, Cooperation and Reciprocity. Featured episodes are: 123 Vernon Smith on his early childhood years during the Great Depression and how they survived by moving to live on a farm before losing it all, his mother as a socialist and who she voted for in the Presidential elections in 1919 when women were first given the right to vote in the US. 162 Jennifer Burns on Ayn Rand's views on Capitalism, Communism and Christianity and why the individual is better that the collective, the virtues of selfishness, hippies in the 1960s, Objectivism, Existentialism and Nietzche. 147 Ngaio Hotte on Elinor Ostrom’s work on collective action and cooperation to reach mutually beneficial outcomes and how this can relate to natural resource problems as well as Ostrom’s observation of reciprocity in Game Theory. 135 David Zetland on group cooperation to protecting public goods such as the water supply and the environment and how cooperation rewards and benefits groups. 168 Harry Markowitz on growing up with the family grocery store during the Great Depression in an upper middle-class area, using the museums and libraries of Chicago as a teen, Darwin’s ‘Origin of Species’ as an influence and how reading the great philosophers and his self-study of the physical sciences helped with his placement at the University of Chicago. 125 Eugene Fama on his early academic year to the development of the Efficient Market Hypothesis as well as the Benoit Madlebrot's discovery of Louis Bachelier's paper 167 James Kenneth Galbraith on the influences of his father John Kenneth Galbraith on his own academic work in economics and the significance or lack of significance of economics in academia today. 136 Abby Hall on the growth of big government since 9/11 and the militarisation of the domestic police force in the US from the creation of the first US SWAT team during the US occupation of the Philippines in 1898. 149 Soumaya Keynes on why trade should not be blamed for the loss of jobs, the Economic Consequences of Our Grandchildren by Soumaya’s great grand uncle John Maynard Keynes, trade blocs in the 1930s compared to todays global trading systems to remove barriers and maintain peace. 156 Peter Boettke on how F. A. Hayek developed his interest in economics through the Viennese culture and the intellectual hubs which were based on law, philosophy and politics and the mentors he encountered as well as Hayek’s observations of the nature of macro volatility, the growth of government, technology and inhumanity during his life. 163 Kevin Kelly on technology of the future such as AI and AR to help to quantify and track our movements and expressions to help with our decision-making.

172: Best of 2018 Part 2: From the Great Depression to Futurism; Institutions, Individualism and Cooperation

Best of 2018 Part 1 Excerpts from the following episodes feature in this 'Best of 2018 Part1'. 170 Jim Rogers on opportunities in Kazakhstan, Uzbekistan, Venezuela and North Korea 139 Loretta Napoleoni North Korea growth prospects and how they can position themselves in the world economy 155 Lotta Moberg Refugee Cities and SEZs 167 James Kenneth Galbraith on the prospects for the Greek economy 150 Chris Blattman the economic and psychological effects of violence and war esp among children and in communities 169 Jennifer Murtazashvili democrarcy and governance in Afghanistan and the leadership role of women in communities in Uzbekistan 145 Marie Mora Under-represented minority women in economics and the plight of Puerto Ricans in the US 161 Tyler Cowen on art, culture, liberty and prospects of economic growth and welfare in the US, China and India 160 Arjo Klamer  Culture (Japan) and Writing as a means to create personal value 153 Sarah and Steve Writing

072: Friedrich A. Hayek - That Entrepreneurial Knowledge is Situational and Commonsensical, Not Scientific

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