In 1974, when Friedrich Hayek won the Nobel Prize in Economics, he used his acceptance speech to deliver a warning to the world. Do not again fall for “the pretense of knowledge,” he counseled. Hayek was singling out economic policymakers who presume to possess the knowledge needed to confidently predict and design market outcomes, much as engineers precisely predict and design mechanical outcomes. Yet, as Hayek surely recognized, such epistemic arrogance is rampant throughout all social...











