Hayek in Vienna

Friday, November 04, 2005

Homo Oeconomicus?

Don Boudreaux in a funny note on an American driver of old cars remarks in essence that people always think they know the (economic) consequences of their actions but can't really judge them. Basic economic understanding is not widespread either in the U.S. of A. (what is a foreign car, most are made in the U.S. now just not in unionized Detroit but down south) or in Austria where they think saving at 0,5 % for your old age is smart!? See my previous post. The guy we learned about who knows the full situation and acts upon it just doesn't exist. But somehow lots of individuals acting as they see fit create interesting outcomes. Seems Hayek said something like that? Well tomorrow back to some of his letters and since its getting cold and dark and I heard Bing Crosby for the first time this year maybe I'll let you know what Friedrich wished for for Christmas.

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