Expert failure is especially likely where experts hold monopoly power and where they are insulated from the consequences of their predictions and actions. This is due to the lack of contestation over ideas and their interpretation, as well as perverse incentives due to a disjoint between actions and consequences
– Austrian Economics: An Introduction by Chris Coyne and Abby Hall
Christopher Coyne is Professor of Economics at George Mason University and the Associate Director of the F. A. Hayek Program for Advanced Study in Philosophy, Politics, and Economics at the Mercatus Center.
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