“PhD Standard” Failure Displays Pretense of Knowledge in Full Bloom

from Wealth Cycles

For too long, the economy has been run by people with lots of letters behind their names—all of whom are certain they know better than the markets and even better than history. They are the academic elite running the Federal Reserve and other central banks worldwide, arguably the most powerful, influential group of people in the world. There’s just one problem: Their solutions aren’t working.

In his Nobel prize acceptance speech aptly titled The Pretense of Knowledge, Austrian economist Friedrich A. Hayek said:

The recognition of the insuperable limits to his knowledge ought indeed to teach the student of society a lesson of humility which should guard him against becoming an accomplice in men’s fatal striving to control society – a striving which makes him not only a tyrant over his fellows, but which may well make him the destroyer of a civilization which no brain has designed but which has grown from the free efforts of millions of individuals.

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