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Humility, Economics and Bank Regulation

Hester Pierce of the Mercatus Centre at George Mason University has published a really interesting piece in the American Banker on the need for bank regulators to have humility - click here to read it (hat tip  - Graham Brownlow). This is a lesson that F. A. Hayek tried to teach the economics profession several decades ago.

Academics can go one of  two ways when it comes to humility. One way is for them to have an exaggerated view of themselves and their abilities - the ego takes over and they think that they know best. The second way is that the more they learn about the world around them, the more they realise that they do not understand it and the more humble they become.

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