Furthermore, it is during these adaptation period that the market equilibrium shifts from one point to another that the soul of the free market is vivified. Ultimately, in an ever-changing market of needs and human desires offering homogenous products would require a standardization of our indefinite needs and factors of production. Yet economists, according to Hayek, tend to be intolerant for these imperfections, when in actuality, focusing on comparison between an ideal and practical version is without use for the given facts. Hayek’s theories are undermined and treated as philosophical, rather than worthy of being incorporated into textbooks. As Steele in ‘Hayek’s The Pure Theory of Capital for The Elgar Companion to Hayekian Economics’ denotes, Hayek’s theories are regarded as philosophical, rather than appreciated, and applied in the field (Steele, 2008). Keynes’ economic analysis manages to eclipse Hayek’s footnotes on the failures of these mainstream theories, thus leaving his influence visible, solely in sources outside the obligatory literature of economic studies. It worthy of mentioning, that his critiques despite not being mentioned in the majority of theoretical textbooks of economic studies, have been incorporated into the national policies of leaders such as Regan and
Furthermore, it is during these adaptation period that the market equilibrium shifts from one point to another that the soul of the free market is vivified. Ultimately, in an ever-changing market of needs and human desires offering homogenous products would require a standardization of our indefinite needs and factors of production. Yet economists, according to Hayek, tend to be intolerant for these imperfections, when in actuality, focusing on comparison between an ideal and practical version is without use for the given facts. Hayek’s theories are undermined and treated as philosophical, rather than worthy of being incorporated into textbooks. As Steele in ‘Hayek’s The Pure Theory of Capital for The Elgar Companion to Hayekian Economics’ denotes, Hayek’s theories are regarded as philosophical, rather than appreciated, and applied in the field (Steele, 2008). Keynes’ economic analysis manages to eclipse Hayek’s footnotes on the failures of these mainstream theories, thus leaving his influence visible, solely in sources outside the obligatory literature of economic studies. It worthy of mentioning, that his critiques despite not being mentioned in the majority of theoretical textbooks of economic studies, have been incorporated into the national policies of leaders such as Regan and