📰 Source: mises | Mises Wire

✍️ Original author: Angelo Monaco

Humans seem to love predictability. As a result we seem to choose the comfort of predictable outcomes rather than face the uncertainty of reality. We too often show this in the support we give to false economic prophets who espouse populist industrial policy, socialist central control, or perfection through technology. We could really use someone like the late Austrian School economist Ludwig Lachmann to remind us of the unpredictability of reality. Lachmann spent his entire career attempting to explain economics with an uncompromising focus on radical uncertainty and the subjective meanings

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