These are contradictory statements. They are logically incompatible. In 1929 Hayek sets up the revolutionary problem situation—the contrast between causal phenomena outside of logic & planned phenomena inside deductive logic—which he resolves in his 19
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@FriedrichHayek Hayek wasn't proposing to reduce cycle theory to Walrasian GE, b/c, among other reasons, money, which isn't explicable w/in GE theory, is essential for cycle theory. But he argued that cycle theory had to be developed w/in a GE framework. S
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RT @david_glasner: @D_Kuehn @JaycobYes I discuss all of this in chapter 9 (Say's Law and the Classical Theory of Depressions) of my book St…