Nicholas Wapshott: The Humble Hayek (3/5)

The transcript discusses Hayek's critique of state planning, emphasizing the importance of the price system as a source of information. It contrasts this with the rational expectations revolution, highlighting Hayek's skepticism of false certainty. The text also covers Hayek's economic arguments against Keynes, noting their limited acceptance and the challenges he faced in academia. Hayek's views on the price mechanism are explored, emphasizing its limitations in constructing a broad economic understanding. Finally, Hayek's Nobel speech is discussed, where he reflects on the modesty required in economics and the flaws of economists.

What is Hayek's main argument against state planners in relation to information?

How does Hayek's view on the price mechanism reflect his understanding of economics?

What does Hayek suggest about the limitations of economists in his Nobel speech?

In what way did Hayek believe humility was important for economists?

What was Hayek's perspective on the certainty of economic predictions?