Abstract
F. A. Hayek’s works abound with his criticism of overconfidence in cognitive abilities of individual human mind. I refer to this overconfidence as ‘utopian thinking’ and I explore its various manifestations in economic theory. Building on Hayek’s insights, I ask whether economists recognize limits to scientific explanation, whether they acknowledge fallibility of expert knowledge and to what extent are they overconfident with respect to their own theories. Overall, I find that economists’ thinking is largely non-utopian, even though the Hayekian critique is sometimes applicable.
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