‘The Pretense of Knowledge’

Fifty years after Bretton Woods, we’re in an inflationary spiral with the Federal Reserve trying to curb demand while Congress spends more money. It’s hard not to wonder whether this is owing to the dollar having been left in the hands of economists.

AP/Charles Harrity
Friedrich Von Hayek on 'Meet the Press' in 1975. AP/Charles Harrity

“ . . . the economists are at this moment called upon to say how to extricate the free world from the serious threat 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 pursue. We have indeed at the moment little cause for pride: as a profession we have made a mess of things.”

Have an account? Log In

To continue reading, please select:

Limited Access

Enter your email to read for FREE

Get 1 FREE article

Continue with
or
Unlimited Access

Join the Sun for a PENNY A DAY

$0.01/day for 60 days

Cancel anytime

100% ad free experience

Unlimited article and commenting access

Full annual dues ($120) billed after 60 days

By continuing you agree to our
Privacy Policy and Terms of Service.
Advertisement
The New York Sun

© 2025 The New York Sun Company, LLC. All rights reserved.

Use of this site constitutes acceptance of our Terms of Use and Privacy Policy. The material on this site is protected by copyright law and may not be reproduced, distributed, transmitted, cached or otherwise used.

The New York Sun

Sign in or  Create a free account

or
By continuing you agree to our Privacy Policy and Terms of Use