Britain's Prime Minister Liz Truss leaves 10 Downing Street on Oct. 19, 2022. Kin Cheung/AP Photo.

The downfall of Liz Truss settles a post-Brexit battle

On Thursday morning, U.K. Prime Minister Liz Truss took the short, familiar walk out of 10 Downing St. and delivered a minute-long speech announcing her resignation as leader of the U.K. Conservative Party. Her exit from the political scene, and the furious reaction to her economic ideas, could settle the ongoing argument about the post-Brexit direction of the U.K. Tories.

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.