bitcoinwell on Nostr: 52 years ago this week, the Nobel committee gave the economics prize to Friedrich ...

52 years ago this week, the Nobel committee gave the economics prize to Friedrich Hayek. Two months later, at the banquet, he told them he would have advised against creating it.

His reason is on the card. The prize "confers on an individual an authority which in economics no man ought to possess," because an economist's real influence isn't over other economists, it's over "politicians, journalists, civil servants and the public generally."

Fifty-two years on, that authority has a building. One chair, twelve votes, and the price of money for 340 million people, set by the kind of credentialed expert the prize taught everyone to defer to.

Bitcoin's answer is Hayek's, written in code: nobody is competent enough to hold that job, so the job doesn't exist. The supply is a number, not an opinion.

He asked for an oath of humility. Satoshi shipped one.