I fancy myself a collector of good stories and Pete Boettke told a great one at the recent celebration of the 40th anniversary of F.A. Hayek’s Nobel Prize.
Unfortunately, I think it’s gotten a little buried (along with Vernon Smith’s excellent lecture) on social media and in the blogosphere, due to articles, posts and comments, replying to a certain exchange at the same event, with which a certain circle will already be familiar (see here, here, here, etc.).
So I wanted to pull this story out and give it its due as a short, impactful, illustration of not only important economic principles but of how these principles are sometimes applied in the too often echo-chamber of research/policy economics. I think here he drives directly to the heart of some presumptions that underlie those that think regulatory failure should just be met with shiny, fancy, NEW regulations.
Pete…
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Utopia, you are standing in it! 
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