Article Image
IPFS News Link • Senate/Senators

Rand Paul Is Right About Experts

• https://www.zerohedge.com, Tyler Durden

Friedrich Hayek was famously skeptical of experts because they have a tendency to stretch beyond their expertise and make claims, recommendations, or policies that are beyond the narrow confines of their expertise. They also tend to collapse social problems into frameworks and models that seem easy to manipulate but that leave out a lot of important on-the-ground knowledge that, Hayek argued, is of a kind that is inaccessible to an outside observer. In short, it is easy to mistake a model for the actual underlying reality. It is just as easy to identify important considerations and act as if they are the only

In a 2014 book, William Easterly highlighted and criticized The Tyranny of Experts (I reviewed it for Regulation here). His subtitle is revealing and relevant to the present moment: "Economists, Dictators, and the Forgotten Rights of the Poor." Experts can identify facts and make recommendations, certainly, but they're not well-positioned to know the specific trade-offs and decisions people should make in light of what they know.


CrytoHippie