Speech / Presentation
Author:
Friedrich A. Hayek
Online Publish Date:
of accelerating inflation which, it must be admitted, has been brought about by policies which the majority of economists recommended and even urged governments to made a mess of things. It seems to me that this failure of the economists to guide policy more successfully is closely connected with their propensity to imitate as can be exhibited only by models made up of relatively large numbers of variables. Competition, for instance, is a process which will produce certain results only if it