Chapter
The Curious Task of Economics with Hayek
19:25 - 24:30 (05:05)
Economist Friedrich Hayek argues that the task of economics is to show people how little they actually know about what they think they can design. He cautions against people with grand theories of how the world works, comparing them to chess players who move people around without considering their individual autonomy.
Clips
Economist Russel Roberts emphasizes that economics cannot accurately predict the future, despite attempts to do so, as it is not a precise science like astronomy.
19:25 - 22:20 (02:54)
Summary
Economist Russel Roberts emphasizes that economics cannot accurately predict the future, despite attempts to do so, as it is not a precise science like astronomy.
ChapterThe Curious Task of Economics with Hayek
Episode#613: Russ Roberts on Lessons from F.A. Hayek and Nassim Taleb, Decision-Making Insights from Charles Darwin, The Dangers of Scientism, Wild Problems in Life and the Decisions That Define Us, Learnings from the Talmud, The Role of Prayer, and The Journey to Transcendence
PodcastThe Tim Ferriss Show
Economist Friedrich Hayek believed that the main role of economics is to warn people that their designs may not work out as they intended.
22:20 - 24:30 (02:10)
Summary
Economist Friedrich Hayek believed that the main role of economics is to warn people that their designs may not work out as they intended. He warned against the man of system who moves people around like chess pieces, ignoring their own individual agency and the law of unintended consequences.