sexta-feira, janeiro 04, 2013

Hayek’s Warning

Hayek’s Warning:
.. Hayek suggested that the creation of the economics prize was a mistake. Unlike the other prizes, Alfred Nobel did not create this one. Ironically — in light of Hayek’s prize-winning work on “the theory of money and economic fluctuations” — the honor had been created by the Swedish central bank.

Hayek said he was grateful, “yet I must confess that if I had been consulted whether to establish a Nobel Prize in economics, I should have decidedly advised against it.” He originally had two reasons for thinking this. The first reason — that it would “accentuate the swings of scientific fashion” — had been demolished, he said, by the selection of one “whose views are as unfashionable as mine are.”(He shared the prize with the statist Gunnar Myrdal, who later called for its abolition because it been given to “reactionaries.”)

And Hayek’s other reason? “It is that the Nobel Prize confers on an individual an authority which in economics no man ought to possess.” ..

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