May 10, 2012

James Buchanan and Friedrich Hayek Interview: Pattern Prediction and Scientism

In this Free To Choose Network archival footage, Friedrich Hayek and James Buchanan discuss one of the most important theoretical problems of economics. Drawing from insights in biology and beyond, both seem to think that current economic theory is rife with problems. Those problems terminate in missing the Austian insight. If they are right, much of today's economics is mere scientism.