The problem with experts isn’t that individuals can have superior judgement to others, or that one can earn authority through judicious study and successful action. The problem is an institutional one, and institutional problems demand institutional solutions. In the case of the Levy/Peart and Koppl stories, the problem results from monopoly expertise that produce systemic incentives and social epistemology which is distortionary from the perspective of correct policy response.
Read the whole post. Pointer from Don Boudreaux.
According to Amazon, Cambridge University Press is pricing the Levy and Peart book at $35 for the paperback and $110 for the hardcover. Price discrimination with a vengeance.