Hayek’s advice on the limits of, and lack of knowledge to make accurate predictions and policy about complex phenomena does not just apply to economics. As I reread this article, it reminded me of the unscientific nature of the climate change alarmists, and their pretense of knowledge. Some highlights from the article.
“It seems to me that this failure of the economists to guide policy more successfully is closely connected with their propensity to imitate as closely as possible the procedures of the brilliantly successful physical sciences – an attempt which in our field may lead to outright error.
This brings me to the crucial issue. Unlike the position that exists in the physical sciences, in economics and other disciplines that deal with essentially complex phenomena, the aspects of the events to be accounted for about which we can get quantitative data are necessarily limited and may not include the…
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