Hayek's "The pretence of knowledge"

Lecture to the memory of Alfred Nobel (about 5 pages) given by Friedrich August von Hayek on 11 December 1974 on being awarded the Sveriges Riksbank Prize in Economic Sciences.

The lecture highlights differences between the types of results that can be expected from the social and physical sciences, and dangers of using coercive powers in an attempt at controlling outcomes in the social field.

Hayek uses these remarks as a criticism of demand-side policies to combat unemployment, and of the macro-economic theories on which such policies are based.

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