In this Free To Choose Network archival footage, Friedrich Hayek and James Buchanan discuss one of the most important theoretical problems of economics. Drawing from insights in biology and beyond, both seem to think that current economic theory is rife with problems. Those problems terminate in missing the Austian insight. If they are right, much of today’s economics is mere scientism.
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It’s seem that Hayek understood what many physical scientist learned the hard way: modeling vastly complex systems with an almost infinite number of variables is a fool’s dream.