Just found this gem – F.A. Hayek’s speech at the Nobel Banquet on 10 December 1974. Hayek’s Prize Lecture, “The Pretense of Knowledge” is a classic work chastising the mainstream of the economics profession for their fatal conceits, but this quick candid speech captures the dangers of such social prestige gained by economists. Nobel Laureates must not be regarded as demagogues to be praised, lest we follow Paul Krugman into neomercantilist chaos. I particularly enjoy the Marshall quote.
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If you haven’t seen this already, then I take profound joy in being the first to show you this masterpiece. It is funny, witty, and entirely accurate. It’s instructive to those who are unfamiliar with economics, but if you understand the fineries the Austrian vs. Keynesian theories of the business cycle, you will be greatly rewarded with inside jokes and witticisms. Enjoy!
Source (and hopefully more of these in the future!): http://econstories.tv/boombust/home.html
