Buchanan - One thing has concerned me, and I don't know to whom you attribute it, really -- maybe Hicks(John) is partly responsible -- and that is when once the mathematicians start putting down utility functions, and putting a formula in for utility functions, they have already excluded so much of the problem that, in fact, they neglect what is really going on.
Hayek- Oh I quite agree.
Buchanan- I think that one-- I was just talking to Professor Alchian earlier-- that one of the things -- In a sense I am influenced partly by just reading Shackle(GLS) recently. There has been a tremendous neglect of the notion of, of sort of emergent choice: that we don't really have before us object among which to choose; we create them in the act of choice and then you recognize -- Arbitrage, really, has not become central to economics like it should be, it seems to me. And that is part of this whole subjectivist, Austrian, whatever you want to call it, type of an approach to economics.
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