Friedrich August von Hayek’s speech at the Nobel Banquet, December 10, 1974

F.A. Hayek on the importance of humility and limitations of Economics and the social sciences in general.

I feared…the Nobel Prize confers on an individual an authority which in economics no man ought to possess.

This does not matter in the natural sciences. Here the influence exercised by an individual is chiefly an influence on his fellow experts; and they will soon cut him down to size if he exceeds his competence…

I am not sure that it is desirable to strengthen the influence of a few individual economists by such a ceremonial and eye-catching recognition of achievements, perhaps of the distant past.

https://www.nobelprize.org/prizes/economic-sciences/1974/hayek/speech/


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