January 04, 2004

Friedrich Hayek's banquet speech at the Nobel Prize award dinner, 1974:

Now that the Nobel Memorial Prize for economic science has been created, one can only be profoundly grateful for having been selected as one of its joint recipients, and the economists certainly have every reason for being grateful to the Swedish Riksbank for regarding their subject as worthy of this high honour.

Yet I must confess that if I had been consulted whether to establish a Nobel Prize in economics, I should have decidedly advised against it ...

more.

Posted by Greg Ransom | TrackBack