Former U.S. Federal Reserve Chair Ben Bernanke listens to a question at the Brookings Institution, Monday, Oct. 10, 2022, in Washington. Bernanke has been awarded the Nobel Prize in economic sciences along with two others. Alex Brandon/AP Photo.

Central bankers need a lesson in humility

Technocratic economists need to learn what Hayek knew: trying to micromanage an economy often does more harm than good. Understanding the limits of human knowledge is an antidote to overconfidence and overreach.