This interesting tweet relates to the great economist Friedrich Hayek’s warning about the Nobel Peace Prize for economics. He warned that it would be given to economists who do not deserve it (Paul Krugman is certainly one of them).
The entire statement can be read below but one part that truly stands out is this passage: “It is that Nobel Prize confers on an individual an authority in which no man ought to possess.”
What an important statement.
.@rupasubramanya @dineshjoshi18
Remember what Hayek(Economics Nobel 74) said ..
http://t.co/xmn0GljWjU pic.twitter.com/6toHwfNrSx
— Nitin Kapoor (@NitinKapoor2020) July 7, 2015
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I think Milton Friedman had Hayek right when he said he was “an enormous admirer of Hayek, but not for his economics.”