PRESTOPUNDIT -- "It's a team sport, baby!"

Samuel Brittan examines the thinking behind Britain's decision to say "not now" to the Euro. And he adds this:

Behind the technical discussion there is a more human point. It is what Friedrich Hayek called in his Nobel Prize Address, "the pretence of knowledge". By pretending we know more about the characteristics of the economy than we really do we actually throw away the more modest improvements which our limited knowledge makes possible. It took us the closing decades of the 20th century to learn this lesson; I hope we do not spend the first few decades of the new century in unlearning it.

(via Institutional Economics).

Posted by Greg Ransom