From Vernon Smith’s 2002 Nobel Banquet Toast ..

“I wish to celebrate . . F.A. Hayek for teaching us that an economist who is only an economist cannot be a good economist; that fruitful social science must be very largely a study of what is not; that reason properly used recognizes its own limitations; that civilization rests on the fact that we all benefit from knowledge that we do not possess (as individuals).”

Read the rest here.

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