Scientism and the pretense of knowledge

Over the last week or so, two different economics blogs have said that the lecture Friedrich von Hayek gave when he won the “Economics Nobel” back in ’74 is mandatory reading. The Keynesian “stimulus” is going to lead to massive runaway inflation, and neither the dunderheads at the pink papers nor governments are the least bit bothered. And that’s why Hayek’s lecture is important-

The particular occasion of this lecture, combined with the chief practical problem which economists have to face today, have made the choice of its topic almost inevitable. On the one hand the still recent establishment of the Nobel Memorial Prize in Economic Science marks a significant step in the process by which, in the opinion of the general public, economics has been conceded some of the dignity and prestige of the physical sciences. On the other hand, the economists are at this moment called upon to say how to extricate the free world from the serious threat of accelerating inflation which, it must be admitted, has been brought about by policies which the majority of economists recommended and even urged governments to pursue. We have indeed at the moment little cause for pride: as a profession we have made a mess of things…

Here it is – “The Pretence of Knowledge.”

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