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.

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