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Austrian economist, winner of the 1974 Nobel Prize in Economic Sciences
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  • F. A. Hayek

    Friedrich Hayek (8 May 1899 – 23 March 1992), often referred to as F. A. Hayek, was an Austrian-British economist and philosopher best known for his defense of classical liberalism. Hayek shared the Nobel Memorial Prize in Economic Sciences with Gunnar Myrdal for his "pioneering work in the theory of money and economic fluctuations and ... penetrating analysis of the interdependence of economic, social and institutional phenomena".


    Friedrich August Hayek (1899-1992), The Concise Encyclopedia of Economics
    Includes list of selected works with links to those hosted by the Library of Economics and Liberty
    If any twentieth-century economist was a Renaissance man, it was Friedrich Hayek. He made fundamental contributions in political theory, psychology, and economics. In a field in which the relevance of ideas often is eclipsed by expansions on an initial theory, many of his contributions are so remarkable that people still read them more than fifty years after they were written. ... Hayek was the best-known advocate of what is now called Austrian economics.
    Hayek, Friedrich A. (1889-1992), by Ronald Hamowy, The Encyclopedia of Libertarianism, 12 Aug 2008
    Biographical and bibliographical essay
    F. A. Hayek is quite possibly the most eminent free-market economist and social theorist of the postwar world. He was born in Vienna in 1899 and entered the University of Vienna immediately following the end of the First World War. Hayek took his doctorates in jurisprudence in 1921 and in political theory in 1923. Although his work in economics would earn him the Nobel Prize in 1974, Hayek's interests were far broader. Over the course of a long and productive life, he made significant contributions to a number of disciplines, including political and social theory, psychology, and the history of ideas.


    Friedrich Hayek - The Advocates
    198x300 JPEG, color


    8 May 1899, Friedrich August von Hayek, in Vienna


    23 Mar 1992, in Freiburg, Germany


    Biography of F. A. Hayek (1899-1992), by Peter G. Klein
    Covers Hayek's life and work, and his contributions to economics, in particular to business cycle theory and the use of knowledge, prices and competition as a discovery procedure
    Hayek's life spanned the twentieth century, and he made his home in some of the great intellectual communities of the period. Born Friedrich August von Hayek in 1899 to a distinguished family of Viennese intellectuals, Hayek attended the University of Vienna, earning doctorates in 1921 and 1923. Hayek came to the University at age 19 just after World War I, when it was one of the three best places in the world to study economics (the others being Stockholm and Cambridge, England).
    Laissez Faire Books
    Hayek developed fundamental insights about what's needed for liberty to flourish. He showed that essentials of a free society, like language, markets and legal customs, arise spontaneously and aren't created by government. He identified fatal flaws of government-run economies. ... Born in Vienna, Hayek read Ludwig von Mises' book Socialism (1922) and became convinced that socialism could never fulfill its promises.

    Awards Received

    1974 Nobel Prize in Economic Sciences, by The Royal Swedish Academy of Sciences, Nobel Memorial Prize in Economic Sciences
    Includes curriculum vitae, prize lecture and banquet speech

    Mailing Lists

    List for scholars doing research on Hayek, "without restriction according to interest or professional affiliation"


    Mont Pelerin Society, Founder; President, 1947-61


    Hayek Center for Multidisciplinary Research
    Superseded by "Taking Hayek Seriously" (known then as "Hayek Scholars' Page"). Earlier site had additional resources, including a page devoted to Karl Popper.
    Taking Hayek Seriously
    Blog with links to many resources (written, audio and video) on Hayek

    Web Pages

    F. A. Hayek -
    Short profile and links to essays, videos and other resources about Hayek
    F. A. Hayek, the 1974 Nobel Memorial Prize winner in Economic Sciences, was an economist and philosopher best known for his defense of classical liberalism and free-market capitalism against socialist and collectivist thought.
    Friedrich August von Hayek - Online Library of Liberty
    Includes photo, short biography and links to essays and study guides about Hayek, to audio lectures on his legacy and to various editions of his writings
    Hayek was one of the most important free market economists of the 20th century. He was a member of the 'Austrian school of economics', taught at the London School of Economics, wrote extensively on banking and monetary theory, the socialist calculation debate, and the theory of spontaneous orders.
    Friedrich Hayek - The Advocates
    Biography and picture
    The ideas of Austrian economist F.A. Hayek (1899-1992) had an enormous impact during the late 20th century. Among those who acknowledged his influence have been Nathaniel Branden, Winston Churchill, Ed Crane, Richard Epstein, Antony Fisher, Milton Friedman, F.A. Harper, Vaclav Havel, Henry Hazlitt, Israel Kirzner, Mario Vargas Llosa, Robert Nozick, P.J.O'Rourke, George Orwell, Karl Popper, Virginia Postrel, Leonard Read, Ronald Reagan, Julian Simon, Hernando de Soto, Thomas Sowell and Margaret Thatcher. The Adam Smith Institute named Hayek 'Man of the Century.' The Wall Street Journal included Hayek among the most influential economists of the millennium.


    35 Heroes of Freedom, by Reason, Reason, Dec 2003
    "Eclectic, irreverent" list of individuals "who have made the world a freer, better, and more libertarian place by example, invention, or action", as chosen by Reason editors (includes the unknown martyr of Tiananmen Square and "The Yuppie")
    F.A. Hayek. He mapped the road to serfdom ... and paid a steep price—decades-long professional isolation—for daring to suggest that social democracy had something in common with collectivist tyrannies of the right and left ... Building on the work of that other great Austrian economist, Ludwig von Mises, and combining a respect for inherited wisdom with an understanding that freedom is fundamentally disruptive, Hayek showed that the uncoordinated actions of individuals generate wonders—market prices, language, scientific progress—that the deliberate designs of central planners never could.
    Areopagitica: Milton's Influence on Classical and Modern Political and Economic Thought, by Isaac M. Morehouse, 15 Dec 2009
    Discusses the four sections of Milton's 1644 pamphlet, the reasons for which and the environment in which it was published, and various lessons or parallels that can be made from an economic and political philosophy perspective
    This [third] section [of Areopagitica] is perhaps the earliest form of F. A. Hayek's argument in The Road to Serfdom, in a chapter titled "Why the Worst Get to the Top," where he describes why in activist governments bad people will tend to be attracted to and obtain positions of power. It is here also that Milton touches upon what Hayek called the knowledge problem. That is, there is no way that any one person or group of persons could have enough knowledge to properly order and plan the market of ideas so as to deliver the necessary concepts to the necessary people.
    Biography of Ludwig Lachmann (1906-1990): Life and Work, by Peter Lewin, 1 Aug 2007
    Biographical and bibliographical essay, examining in particular his approach as a teacher and his contributions to the theory of capital and subjectivism
    The LSE ... had attracted a number of very talented rising stars among whom was the Austrian economist Friedrich Hayek ... Hayek ... attempted to incorporate the theory of capital as involving production plans over time along the lines indicated by Böhm-Bawerk. ... From Hayek he had learned about the importance of subjectivism, the importance of the fact that economic value was in the final analysis a matter of individual appraisal. ... Lachmann is fond of quoting Hayek's remark that 'every important advance in economic theory during the last hundred years was a further step in the consistent application of subjectivism' ...
    A Call to Activism, by Margit von Mises, The Free Market, Jun 1984
    Speech delivered on 27 Feb 1984 at a Mises Institute dinner in her honor; relates how she wrote My Years With Ludwig von Mises, then calling her late husband an "activist of the mind" and encouraging others to become likewise
    I must tell you now that there is something I am proud of. And that is that all of my husband's former students, from the Vienna seminar as well as the New York seminar ... Another one of these famous pupils who has always most willingly helped is Nobel-Prize winner Friedrich von Hayek, about whom I wrote so much in My Years With Ludwig von Mises ... Professor Hayek once called my husband "a great radical, an intelligent and rational radical, but nonetheless a radical on the right lines." This was correct, but Ludwig von Mises was also an activist—an activist of the mind.
    Cantillon for Laymen, by Karen De Coster, Mises Daily, 7 Jun 2006
    Discusses in general terms the themes in Richard Cantillon's Essai sur la nature du commerce en général (1755), including a short biographical section
    Friedrich A. Hayek characterized the three parts of the Essai "On Wealth or Production," "On Exchange," and "On International Trade," ... Other economists who unearthed and venerated Cantillon's remarkable contributions were ... Friedrich Hayek, the Nobel Prize winner ... Hayek went so far as to say "this gifted independent observer, enjoying an unsurpassed vantage point in the midst of the action, coordinated what he saw with the eyes of the born theoretician, and was the first person who succeeded in penetrating and presenting to us almost the entire field which we now call economics".
    The Constitution and the Rule of Law, by Jacob G. Hornberger, Aug 1992
    Describes, using some of F. A. Hayek's writings, the concepts that individual rights do not stem from the U.S. constitution, that the latter is meant to "straitjacket" the government and the misunderstood (or forgotten) "rule of law"
    In 1944, Friedrich A. Hayek wrote one of the most thought-provoking books of our time—The Road to Serfdom. Hayek warned that Great Britain and the United States were abandoning their heritage of liberty and adopting the economic principles of the Nazis, fascists, and socialists ... Hayek, who would later win the Nobel Memorial Prize in Economics Science, was vilified as an old-fashioned reactionary ... [S]ome of his greatest contributions have been in the area of law. Among his finest books are The Constitution of Liberty and his three-volume work, Law, Legislation, and Liberty.
    Defending the Undefendable: Walter Block, Twenty Years Later, by Walter Block, Alberto Mingardi, Laissez Faire City Times, 7 Dec 1998
    In addition to discussing Defending the Undefendable, covers issues such as entertainment, Ayn Rand, Hazlitt, the Libertarian Party and Murray Rothbard
    Looking at Defending the Undefendable twenty years later, it holds up well, and it's no wonder why intellectuals as broadly diverse as F.A. Hayek, who said "Defending the Undefendable made me feel that I was once more exposed to the shock therapy by which, more than fifty years ago, the late Ludwig von Mises converted me to a consistent free market position. Some may find it too strong a medicine, but it will still do them good even if they hate it," ...
    Dialectics and Liberty, by Chris Matthew Sciabarra, The Freeman, Sep 2005
    Written ten years after publication of the first two of Sciabarra's "Dialectic and Liberty" trilogy, discusses Hayek's and Rand's dialectical analysis approaches and suggests that such context-keeping analysis is important in radical libertarian theory
    Hayek, who absorbs from Menger an Austrian emphasis on process and spontaneous order, enunciated a profoundly dialectical critique of utopianism ... For Hayek, since no human being can know everything there is to know about society, people cannot simply redesign it anew. Human beings are as much the creatures of their context as they are its creators. Hayek's rejection of utopianism is a repudiation of what he calls "constructivist" rationalism. The utopian relies on a "pretense of knowledge," Hayek argued, in an attempt to construct a bridge from the current society to a future one.
    The Early History of FEE, by Henry Hazlitt, The Freeman, Mar 1984
    Excerpted from Hazlitt's remarks at the Leonard E. Read Memorial Conference on Freedom, November 1983; reprinted in the May 2006 issue, including photos of early FEE senior staff
    Friedrich Hayek, in London, impressed by Read's initiative [of setting up the Foundation for Economic Education], raised the money the next year, 1947, to call a conference at Vevey, Switzerland, of 43 libertarian writers, mainly economists, from half a dozen nations.The group of ten of us from the United States included such figures as Ludwig von Mises, Milton Friedman, George Stigler—and Leonard Read. That was the beginning of the still flourishing and immensely influential Mont Pelerin Society, now with several hundred members from dozens of countries.
    F.A. Hayek accomplished several careers' worth of economic achievements in one lifetime, by Art Carden, 8 May 2017
    Bibliographic essay discussing the diverse scope of Hayek's works
    Hayek was the 20th century's most prominent developer of the Austrian business cycle theory ... As a student, he developed the basis of a cognitive theory, which he revised and published in 1952 ... He wrote extensively on the method of the social sciences ... Throughout the 1950s and 1960s, he developed a body of social theory about knowledge and competition ... Each of these separate bodies of work would constitute a monumental achievement. Hayek did it all over the course of a single career that established him as one of the most important social thinkers of the 20th century.
    Related Topics: The Road to Serfdom, Socialism
    F.A. Hayek, R.I.P., by Ralph Raico, Mar 1992
    Memorial and biographical essay
    Hayek's scholarly and scientific achievements were immense and enduring. They include his contributions to Austrian economics in business-cycle theory and in the great debate on economic calculation under socialism; his discovery of the centrality of the problem of knowledge in society; and his work on the methodology of the social sciences, where he refined and defended methodological individualism. ... By his close collaboration with the most eminent liberal scholars in all parts of the world and his founding of the Mont Perelin Society, Hayek amply demonstrated his dedication and his leadership.
    F.A. von Hayek - Hero of the Day, by John C. LeGere, The Daily Objectivist, 2000
    Biographical profile published by The Daily Objectivist
    In 1944 he dedicated The Road to Serfdom to 'The Socialists of All Parties,' generously presuming that 'they would recoil if they became convinced that the realization of their program would mean the destruction of freedom.' Their schemes, he argued in this sober warning, had already led to tyranny in Germany and Russia, and good intentions would not save them.
    Friedrich A. Hayek (1899-1992), by Peter J. Boettke, The Freeman, Aug 1992
    Lengthy biographical essay, including Hayek's criticism of Keynes and the impact of The Road to Serfdom
    Though his 1974 Nobel Prize was in Economic Science, [Hayek's] scholarly endeavors extended well beyond economics. He published 130 articles and 25 books on topics ranging from technical economics to theoretical psychology, from political philosophy to legal anthropology, and from the philosophy of science to the history of ideas. Hayek ... was an accomplished scholar in each of these fields of inquiry. He made major contributions to our understanding in at least three different areas—government intervention, economic calculation under socialism, and development of the social structure.
    Friedrich the Great, by Virginia Postrel, The Boston Globe, 11 Jan 2004
    Biographical essay, including Hayek's insights on cognitive science and his influence on postmodernism
    Hayek, who died in 1992, was not just any economist. He won the Nobel Prize in economics in 1974. His 1945 article, "The Use of Knowledge in Society," is a touchstone work on the role of prices in coordinating dispersed information. His 1944 bestseller The Road to Serfdom helped catalyze the free-market political movement in the United States and continues to sell thousands of copies a year ... Indeed, Hayek is increasingly recognized as one of the 20th century's most profound and important theorists, one whose work included political theory, philosophy of science, even cognitive psychology.
    The Future and Its Enemies, by Richard Ebeling, Freedom Daily, May 1999
    Review of The Future and Its Enemies (1998) by Virginia Postrel
    One of Hayek's most important and lasting contributions to human understanding has been his development of a theory of spontaneous order. Hayek argued (echoing the 18th-century Scottish moral philosopher Adam Ferguson) that much, if not most, of the social order is "the result of human action, but not of human design." ... Hayek also emphasized that a system of division of labor brings with it a division of knowledge ... His insight into the nature of knowledge in society led Hayek to also highlight that the fundamental role of all forms of competition ... is to serve as a discovery procedure.
    Related Topics: Learning, Virginia Postrel, Society
    Hayek and the Scots on Liberty [PDF], by Gerald P. O'Driscoll, Jr., The Journal of Private Enterprise, 2015
    Explores the influence of the eighteenth-century Scottish moral philosophers, mainly David Hume and Adam Smith, on Hayek's thinking about liberty and concepts such as natural law theory
    Hayek raised freedom to the 'supreme principle.' In his trilogy, Hayek advances the conception of the Scottish philosophers, their Whig allies in politics, the common law tradition, the later contributions of German historians, and, of course, Menger. Hayek (1973a) [Law, Legislation and Liberty, Volume I] provides the most complete and systematic theoretical case for his view of liberty. Some of his ideas on the limitations of knowledge and the emergence of order were developed in his economic work. ... His uniting economic analysis with legal and moral theories was a distinctively Hayekian contribution.
    Related Topics: David Hume, Carl Menger, Adam Smith
    Henry Hazlitt: An Appreciation, by Roy Childs, Richard Ebeling, Nov 1985
    Tribute to Hazlitt on his 91st birthday, reviews his career and works
    When F.A. Hayek's The Road to Serfdom was published by the University of Chicago Press in 1944, the publishers didn't expect much of the book. But when Hazlitt submitted a rave review to the New York Times Book Review, calling it the most important political book of that generation, the editor of the review had it published on page one, launching the book immediately onto the bestseller lists, and its visibility onto every major college campus in America. Needless to add, it was Hayek's book, more than any other, that established the credibility of libertarian ideas to intellectuals and academics alike ...
    Herbert Spencer: Liberty and Unlimited Human Progress, by Jim Powell, The Freeman, Apr 1995
    Biographical profile, highlighting Social Statics and his acquaintance with Andrew Carnegie
    Again and again, Spencer emphasized how extraordinary human progress develops naturally when people are free. Consider this passage from Principles of Sociology:
    ... by spontaneous cooperation of citi-zens have been formed canals, railways, telegraphs ... Knowledge developing into science ... now guides productive activities at large, has resulted from the workings of individuals prompted not by the ruling agency but by their own inclinations ...
    Spencer anticipated the work of Nobel Laureate F.A. Hayek who reminded the world why spontaneous market action, not central planning, is responsible for humanity's most stunning achievements.
    How I Became a Libertarian and an Austrian Economist, by Richard M. Ebeling, 2 May 2016
    Autobiographical essay highlighting the people and events who influenced Ebeling in his path to libertarianism and Austrian economics
    When Hayek won the Nobel Prize in 1974, my professors were flabbergasted ... Some had never heard of him; others only knew him as the author of The Road to Serfdom and they asked what that had to do with "real economics"? ... [T]he especial highlight of these two summers [in 1975 and 1977] was that for both of them Friedrich A. Hayek ... was present as a senior research fellow ... [He] was the epitome of the old world Viennese gentleman, generous with his time, patient with questions many of which he must have heard a hundred times over his long career, and often amusingly self-deprecating ...
    How Star Wars Can Lead America Off the Dark Path, by Dan Sanchez, 4 May 2017
    Examines the first two Star Wars trilogies, drawing parallels to 20th and 21st century U.S. and world history, and draws lessons from the films that could help the United States from "giving in to the dark side"
    As F.A. Hayek explained in The Road to Serfdom, such an impulse toward dictatorship among those "impatient with the impotence of democracy," ... occurs frequently. He argued that it is a function of citizens giving their republics too expansive a mandate for addressing the ills of society through central planning. As Hayek put it:
    "... agreement that planning is necessary, together with the inability of democratic assemblies to produce a plan, will evoke stronger and stronger demands that the government or some single individual should be given powers to act on their own responsibility ..."
    Immortal Keynes?, by Sheldon Richman, The Goal Is Freedom, 23 May 2014
    Examines reasons for the continued acceptance of Keynes' economic prescriptions, surveying Lawrence H. White's The Clash of Economic Ideas: The Great Policy Debates and Experiments of the Last Hundred Years (2012)
    "Hayek, by contrast," White continues,
    objected exactly to the 'never mind why' approach. He considered it an irresponsible search for a superficial fix: "I cannot help regarding the increasing concentration on short-run effects ... not only as a serious and dangerous intellectual error, but as a betrayal of the main duty of the economist and a grave menace to our civilisation."
    Hayek, Robbins, and Mises, in contrast to Keynes, could explain the initial downturn in terms of the malinvestment induced by the central bank's creation of money and its low-interest-rate policies during the 1920s.
    Related Topics: Economics, Unemployment
    Individual Liberty and Civil Society, by Richard Ebeling, Freedom Daily, Feb 1993
    Reflects on Benjamin Constant's lecture "The Liberty of the Ancients Compared with that of the Moderns" on what liberty meant to the ancient Greeks vs. the 19th century Europeans and Americans and about the 20th century reversion to statism
    [C]umulatively these various social worlds of civil society [in which each individual participates], with all the relationships within each of them and between them, create what the Austrian economist Friedrich Hayek called the spontaneous social order. He called it a spontaneous order because the institutions, associations and activities among men that are the elements of this order are not the result of any prior plan or regulated design; instead, they arise, evolve and maintain themselves as a result of the independent actions and interactions of the members of society.
    The Invisible Gnomes and the Invisible Hand: South Park and Libertarian Philosophy, by Paul Cantor, 4 Dec 2006
    General discussion of South Park with more detailed review and discussion of the season 2 "Gnomes" episode
    Hayek noted [the] tendency to misinterpret normal business activities as sinister:
    Such distrust and fear have ... led ordinary people ... to regard trade ... as suspicious, inferior, dishonest, and contemptible ... That a mere change of hands should lead to a gain in value to all participants, that it need not mean gain to one at the expense of the others ..., was ... intuitively difficult to grasp ... Many people continue to find the mental feats associated with trade easy to discount even when they do not attribute them to sorcery, or see them as depending on trick or fraud or cunning deceit.
    Is Edward Snowden a Lawbreaker?, by Sheldon Richman, The Goal Is Freedom, 28 Jun 2013
    Considers, in the light of the writings of Lysander Spooner in his "A Letter to Grover Cleveland", whether Edward Snowden "broke the law" by his disclosures of NSA telephone and internet data collection
    [A] venerable line of thought says legislation is not the same thing as law. (F.A. Hayek drew the distinction, obviously, in Law, Legislation, and Liberty, volume 1: "Unlike law itself, which has never been 'invented' in the same sense, the invention of legislation came relatively late in the history of mankind.") Legislation may reflect the law, but it may also contradict it. In this line of thought, which dates back to antiquity, "law" refers to natural law. Any legislative product that conflicts with the natural law, so this philosophical tradition holds, is no law at all.
    Israel M. Kirzner and the Austrian Theory of Competition and Entrepreneurship, by Richard Ebeling, Freedom Daily, Aug 2001
    Written on occasion of Kirzner's academic retirement at age 71; begins with biographical summary and then focuses on Kirzner's understanding of entrepreneurs in the market "process" and the detrimental effects of government intervention in the market
    Over the years, many internationally renowned economists, including Friedrich A. Hayek, participated in the [Austrian economics] colloquium [at NYU] sessions ... [W]hy should the discovery and earning of such profits be considered "good" from the wider social point of view? Part of Kirzner's answer is a development of Hayek's insight that corresponding to the division of labor in society is an inevitable division of knowledge ... Hayek emphasized that the coordination of the actions of millions of specialized producers and consumers around the global market is brought about through the price system.
    The life and times of F.A. Hayek, who explained why political liberty is impossible without economic liberty, by Jim Powell, 2000
    Lengthy biographical essay, with extensive quotes; alternate version of "The Worst on Top" chapter of The Triumph of Liberty (2000)
    Hayek was an extraordinarily learned man. His knowledge and insights spanned not only economics, for which he was awarded the Nobel Prize in 1974, but also philosophy, history and even psychology ... Stephen Kresge, Editor of The Collected Works of F.A. Hayek, ... likens Hayek's global reputation to that of the physicists Niels Bohr and Albert Einstein ... He was a thin, distinguished-looking man who stood an inch or two over six feet. He had a small gray moustache and, in his later years, neatly-combed white hair. He spoke in a slow, thoughtful manner with a thick Austrian accent.
    Life of Liberty: Robert Nozick, R.I.P., by Richard Epstein, National Review Online, 24 Jan 2002
    Memorial tribute, comparing Nozick to Hayek and discussing some of the arguments he made in Anarchy, State and Utopia
    Hayek was an economist by training who wrote against the backdrop of the failed experiment of European socialism. He championed the decentralized systems of decision-making and rebelled against the planned economy that rested on dubious social calculations. Hayek was not a believer in the power of reason to think our way to sound social conclusions. He believed that markets worked well because prices allowed people to signal to each other as to the value they attached to certain resources, without having to give lengthy explanations as to the uses to which those resources were put.
    Module 11: The "Austrian" Case for the Free Market
    Eleventh module of the Cato Home Study Course, includes link to listen or download audio program (2:56:27), questions and suggested readings
    As F. A. Hayek later noted, 'When Socialism first appeared in 1922, its impact was profound. It gradually but fundamentally altered the outlook of many of the young idealists returning to their university studies after World War I. I know, for I was one of them. ...' ... Hayek devoted great attention to understanding the proper role of law in guaranteeing rights and became convinced that law itself was a discovery process, analogous to the market process. Just as market institutions evolve, so the legal order is the result of an evolutionary process. The market is a spontaneous order that cannot be planned in advance.
    Related Topic: Ludwig von Mises
    Monetary Central Planning and the State, Part 32: Friedrich A. Hayek and the Case for the Denationalization of Money, by Richard M. Ebeling, Freedom Daily, Aug 1999
    Shows the progression of Hayek's thinking on money from 1945 when he was agreeable to central monetary control to 1976 when he advocated a system of private competing currencies
    In April 1945, [Hayek] appeared on an NBC radio broadcast ... Fifteen years later, in his treatise The Constitution of Liberty (1960), [he] argued, "The experience of the last fifty years has taught most people the importance of a stable monetary system ..." ... Another 15 years later ..., [his] views on money and monetary policy radically changed. About a year after being awarded the Nobel Prize ..., he delivered a lecture on "International Money" ... at a conference in Switzerland. In early 1976, it was published ... as a monograph under the title Choice in Currency: A Way to Stop Inflation.
    Money and Banking, by Lawrence H. White, The Encyclopedia of Libertarianism, 15 Aug 2008
    Discusses some of the issues regarding money, whether state- or privately issued, and banking, including central banks, such as the Federal Reserve, fractional reserve banking and free (fully unregulated) banking
    F. A. Hayek reintroduced the idea of the "denationalization of money" in the context of fiat (unbacked) monetary standards. Hayek argued that competition among private producers of fiat money would keep its purchasing power more stable. Other libertarian monetary economists endorse Hayek's call for an end to legal restrictions against private money, but they question his predictions that dozens of distinct monetary units would circulate in parallel in the same economy or that the public would prefer unbacked private money to the more traditional sort of commodity-backed private money.
    Mont Pelerin: 1947-1978: The Road to Libertarianism, by Ralph Raico, Libertarian Review, Jan 1979
    Reviews the presentations and discussions at the 1978 meeting of the Mont Pelerin Society, with an overview of the Society's history and particularly the 1958 meeting which had similar themes
    In addition to presenting material to appear in the third volume of Law, Legislation and Liberty, F.A. Hayek presented a postscript on "The Three Sources of Human Values." He examined the errors of sociobiology, the evolution of self-maintaining complex structures, rules of conduct, the discipline of freedom, and the reemergence of suppressed primordial instincts; and criticized both Marx and Freud ... Hayek set the atmosphere for the rest of the meeting by his optimistic attitude toward the change in the intellectual climate. The intellectual world, he said, is witnessing a reversal of the dominance of collectivist ideas.
    The Mont Pelerin Society's 50th Anniversary, by Greg Kaza, The Freeman, Jun 1997
    Historical and anecdotal essay about the founding of the Mont Pelerin Society and its first meeting, including insights on post World War II Germany
    In 1944, Hayek wrote a seminal book, The Road to Serfdom, which argued that government central planning inevitably led to the rise of the totalitarian socialist state ... After writing [it], Hayek toured the United States. The trip contributed to his decision to issue a call to free-market advocates to meet ... "I have been surprised," Hayek said in his opening address ..., "by the number of isolated men whom I found in different places, working on essentially the same problems and on very similar lines ... they are, however, constantly forced to defend the basic elements of their beliefs ..."
    My Life as a Libertarian, by D. T. Armentano, 21 Jul 2003
    Lengthy autobiographical essay, describing among other things, how he took an interest in antitrust policy and wrote several books and articles on the subject, and his disappointment when attempting to stop Connecticut from imposing a state income tax
    What is notable about [the 1975 Austrian Economics Conference at Hartford], aside from some path-breaking papers by John Hagel and Walter Grinder, among others, is that F.A. Hayek was in attendance for several days. I remember driving him around Hartford in my small Honda. Sadly, although Hayek had recently been awarded a Nobel Prize in Economics, I could not convince either of Hartford's two newspapers to send a reporter up for an interview. Such was the dismal intellectual state of the world in 1975!
    On Keynes as a Practical Economist, by Julian Simon, The Freeman, Aug 1996
    Brief discussion of the predictions made by Keynes, in his 1919 book The Economic Consequences of the Peace, about probable shortages of certain natural resources in the United States and Europe after World War I
    Friedrich Hayek, a Nobel-prize winner and Keynes's greatest opponent of the 1930s—but also a personal friend—said of Keynes much later, however, that 'He was so convinced that he was cleverer than all the other people that he thought his instinct told him what ought to be done, and he would invent a theory to convince people to do it.' ... F. A. Hayek, Hayek on Hayek—An Autobiographical Dialogue edited by Stephen Kresge and Leif Wenar (Chicago: University of Chicago Press, 1994), p. 97.
    Related Topic: Europe
    On the Origins of the Modern Libertarian Legal Movement [PDF], by Roger Pilon, Chapman Law Review, 2013
    Historical survey of libertarian influences on constitutional and other areas of law, from the mid-1970s to recent decisions
    No event precisely marks the rebirth of modern libertarianism—remnants of the classical view endured, to be sure ... But a useful marker is of course the 1944 publication of F.A. Hayek's The Road to Serfdom, a withering critique of central planning. An Austrian economist but in truth a polymath, Hayek would go on to publish broadly philosophical works—The Constitution of Liberty in 1960 and the three-volume Law, Legislation, and Liberty in the 1970s, among much else ...
    Popper, Karl (1902-1994), by Jeremy Shearmur, The Encyclopedia of Libertarianism, 15 Aug 2008
    Biographical essay
    When living in Vienna, Popper was a socialist, and The Open Society reflected its radical character. Nevertheless, both he and F. A. Hayek were struck by strong similarities between some of its features and Hayek's Road to Serfdom. In later years, Popper's views became closer to those of Hayek, and he became convinced that the political pursuit of equality was a danger to liberty. However, ... Popper's political views did not change substantially ... Although he recognized free markets as useful, he did not share Hayek's optimism about the self-coordinating characteristics of a market-based social order.
    Related Topics: Karl Popper, Epistemology, Society
    The Pretense of Regulatory Knowledge, by Sheldon Richman, The Goal Is Freedom, 3 Oct 2008
    Written shortly after the collapse of Lehman Brothers, amidst calls for "re-regulation" of financial markets, contrasts regulation and central planning vs. the market discipline
    F.A. Hayek described the knowledge problem in his seminal 1945 paper, "The Use of Knowledge in Society." There he wrote,
    The peculiar character of the problem of a rational economic order is determined precisely by the fact that the knowledge of the circumstances of which we must make use never exists in concentrated or integrated form but solely as the dispersed bits of incomplete and frequently contradictory knowledge which all the separate individuals possess ... [T]o put it briefly, it is a problem of the utilization of knowledge which is not given to anyone in its totality.
    Private Property and the Rule of Law: Paul Craig Roberts III and The Spirit Of Friedrich Hayek [PDF], by Michael D. White, 1992
    Commentary introducing the 1992 Frank M. Engle Lecture, "'Takings,' the economy, and legal and property rights", delivered by Paul Craig Roberts at The American College, Bryn Mawr, PA, on 11 May 1992
    Another Nobel Laureate, Friedrich Hayek (who was born two years after Frank Engle), now seems ahead of his time for his prescient recognition of the dangers of encroaching government regulation and control. He advocated a climate of freedom for the cultivation of human dignity, prosperity, and economic security. For this reason he was awarded the Presidential Medal of Freedom shortly before he died in March of this year. Hayek was a leader of the Austrian school of economics, which affirmed the philosophical and qualitative nature of economic thought, not just mathematical modeling and statistical analysis.
    Related Topic: Private Property
    Rand, Ayn (1905-1982), by Chris Matthew Sciabarra, The Encyclopedia of Libertarianism, 15 Aug 2008
    Biographical and bibliographical essay, also examining Rand's relationships with several leading thinkers
    By contrast [to Ludwig von Mises], Rand did not take well to the writings of F. A. Hayek. Hayek, a student and associate of Mises and an eventual Nobel laureate in economics, had published The Road to Serfdom in 1944. In her Marginalia, Rand expressed the conviction that Hayek's work was "real poison" because it compromised the case for freedom with various "collectivist" and "altruist" justifications. For Rand, such compromises made Hayek a "pernicious enemy" of the individualist movement; nothing less than a full, moral defense of unadulterated laissez-faire capitalism would do.
    Reading the Literature of Liberty, by Roy A. Childs, Jr., May 1987
    Childs' selection of "great books" on liberty and libertarianism, including works by Hazlitt, Bastiat, Rose Wilder Lane, Nock, Ayn Rand, Friedman, Hayek, Rothbard, Mises and Nozick
    Next I'd recommend the works of F. A. Hayek. His seminal work The Road to Serfdom was first published in 1944 and has become a classic warning against the dangers to freedom inherent in the planned economy; it's as powerful today as the day it was written. Chapters like "Why the Worst Get on Top" and "The End of Truth" are both provocative and chilling. Don't pass this one up! Then move on to not one but two other masterpieces by Hayek: The Constitution of Liberty and the three volume set Law, Legislation, and Liberty. These are among the most richly rewarding books you will ever read.
    Socialism, by Robert Heilbroner, The Concise Encyclopedia of Economics
    Describes socialism by reviewing policies in the USSR from the 1917 revolution to the perestroika of 1987 and then discussing the central planning arguments between Mises, Hayek and Lange
    In the mid-1930s, while the Russian industrialization drive was at full tilt, few raised their voices about its problems. Among those few were Ludwig von Mises ... and Friedrich Hayek, of much more contemplative temperament, later to be awarded a Nobel Prize for his work in monetary theory ... [T]he information ...—"produce this, not that"—needed for a coherent economy ..., Hayek emphasized, emerged spontaneously in a market system from the rise and fall of prices ... Mises called socialism "impossible" ... Hayek added additional reasons of a sociological kind ("the worst rise on top").
    Related Topics: Socialism, Ludwig von Mises, Russia
    Szasz on the Liberal Tradition, by David Gordon, The Mises Review, Sep 2004
    Review of Szasz' book Faith in Freedom: Libertarian Principles and Psychiatric Practices, highlighting his criticisms of J.S. Mill, Mises, Hayek, Rothbard and Nozick
    In like fashion, Hayek's insistence on the rule of law has implications that Szasz finds congenial. The rule of law, as Hayek conceives it, requires that legislation group people in objective categories. Absent this, they stand vulnerable to the arbitrary acts of government agents. If one accepts Szasz's view that there are no objective criteria of mental illness, it at once follows that the law can take no account of it. Hayek declined to draw this conclusion, and Szasz has no patience with his acceptance of the 'doctrinal claim' that those diagnosed as mentally ill bear no responsibility for their actions ...
    The Undiscountable Professor Kirzner, by Roger W. Garrison, The Freeman, Aug 1997
    Review of Kirzner's 1996 Essays on Capital and Interest, a collection of three previously published essays
    The right triangle, which Hayek introduced in his Prices and Production, gave him a leg up on Keynes, who paid no attention to production time. Consumer spending was represented by one leg of the triangle. This macroeconomic magnitude had the attention of both Keynes and Hayek The other leg tracks the goods-in-process ... The Hayekian triangle allows us to show that (1) increased saving can make for more output but only in the more-distant future and (2) monetary expansion can deceive the market and derail the process that would otherwise keep production plans on track with intertemporal consumption preference.
    Up From Freedom: Friedrich von Hayek and the Defence of Liberty, by Richard Ebeling, ama-gi, 1996
    Opens with biographical and bibliographical details and then discusses Hayek's insights. concluding that he was fortunate to witness the collapse of communism which "demonstrated the practical impossibility" of social engineering
    Born on May 8, 1899, Professor Hayek served in the Austro-Hungarian army during the First World War ... At the end of the war, he returned to Vienna and earned a doctorate in law with an emphasis in economics ... In 1929 ... he was invited by the London School of Economics to deliver a series of lectures ... The success of these lectures also resulted in him being appointed the Tooke Professor of Economics and Statistics at the University of London ... In 1950, Hayek moved to the University of Chicago as professor of social and moral philosophy, a position he held until 1962.
    Venezuela Reminds Us That Socialism Frequently Leads to Dictatorship, by Marian Tupy, 4 Apr 2017
    Comments on the political events and economic situation in Venezuela, and Hayek's warnings against central planning
    Last week's episode is only the latest reminder of the tendency of socialism to lead to dictatorship, as identified by the Nobel Prize-winning economist Friedrich Hayek in The Road to Serfdom. In 1944, when he wrote his book, Hayek noted that the crimes of the German [Nazis] and Soviet Communists were, in great part, the result of growing state control over the economy ... Hayek was fortunate enough to live to see the defeat of both ... totalitarian regimes. Unfortunately, there are still places where Hayek's most dire warnings remain relevant. Nicolas Maduro's Venezuela is one such place.
    Related Topics: Socialism, Venezuela, Zimbabwe
    Where Free-Market Economists Go Wrong, by Sheldon Richman, The Goal Is Freedom, 1 Feb 2008
    In view of the early 2008 economic stimulus proposals, admonishes free-market economists and libertarians who fail to point out that the current economic system is not truly a free market but rather a corporatist, government interventionist system
    F.A. Hayek never spoke more wisely than when he said, "What we lack is a liberal Utopia, a programme which seems neither a mere defence of things as they are nor a diluted kind of socialism, but a truly liberal radicalism which does not spare the susceptibilities of the mighty (including the trade unions), which is not too severely practical and which does not confine itself to what appears today as politically possible." ["The Intellectuals and Socialism", The University of Chicago Law Review, Spring 1949]
    Why Intellectuals Still Support Socialism, by Peter G. Klein, Mises Daily, 15 Nov 2006
    Examines the underlying reasons why so many academics support socialist ideas, not reflecting those of the general population, and how this changed from the mid-20th century
    F. A. Hayek offered a partial explanation in his 1949 essay "The Intellectuals and Socialism." Hayek asked why "the more active, intelligent and original men among [American] intellectuals ... most frequently incline toward socialism." His answer is based on the opportunities available to people of varying talents ... Hayek argues that exceptionally intelligent people who favor the market tend to find opportunities for professional and financial success outside the Academy ... Those who are highly intelligent but ill-disposed toward the market are more likely to choose an academic career.


    Liberalism, New Studies in Philosophy, Politics, Economics and the History of Ideas, 1978
    Chapter 9; originally written in 1973 for the Enciclopedia del Novicento; covers both the history of both strands of liberalism as well as a systematic description of the "classical" or "evolutionary" type
    The term [liberalism] is now used with a variety of meanings which have little in common beyond describing an openness to new ideas, including some which are directly opposed to those which are originally designated by it during the nineteenth and the earlier parts of the twentieth centuries ... [T]he political developments of the twentieth century ... has given government, in what we have learnt to call totalitarian systems, farreaching powers ... It is the multiplicity of different and independent agencies prepared to supply the means which enables us to choose the ends which we will pursue.
    The Use of Knowledge in Society, The American Economic Review, Sep 1945
    Explains how particular knowledge is dispersed throughout society, making centralised planning impossible, and how prices empower individuals to achieve decentralised coordination
    Fundamentally, in a system in which the knowledge of the relevant facts is dispersed among many people, prices can act to coördinate the separate actions of different people in the same way as subjective values help the individual to coördinate the parts of his plan. ... The mere fact that there is one price for any commodity ... brings about the solution which (it is just conceptually possible) might have been arrived at by one single mind possessing all the information which is in fact dispersed among all the people involved in the process.
    Related Topic: Prices


    Hayek: A Commemorative Album, by Richard M. Ebeling, Freedom Daily, Jul 1999
    Review of Hayek: A Commemorative Album (1999) compiled by John Raybould
    Hayek was born into a scholarly family and had an interest in the natural sciences from an early age, owing to his father's research into botany. He might very well have specialized in some area of the natural sciences if not for the First World War and its immediate aftermath. He joined the Austrian army in 1917 and fought on the Italian front. When war ended in November 1918, he enrolled as a student at the University of Vienna ... At first torn between psychology and economics, he ended up focusing on the latter after studying with leading members of the Austrian school ...


    Best of Both Worlds: An Interview with Milton Friedman, by Milton Friedman, Brian Doherty, Reason, Jun 1995
    Topics discussed include: the new Congress, flat taxes, the withholding tax, the people who influenced him, what led him to write about policy issues, libertarianism and how his political views have changed over the years
    Friedman: ... Another thing that helped form my policy orientation was when Hayek came to Chicago in 1950. He attracted quite a number of very able students, Sam Peltzman, Ron Hamowy, Ralph Raico, Shirley Letwin. There were quite a group of them. Hayek drew very high quality people ... These were libertarians, all of them, though Hayek would not have labeled himself a libertarian. As you know, he always avoided the term conservative, too. He would call himself an Old Whig ...
    I think the most influential person was Hayek. The effect of The Road to Serfdom was really critical.
    An Interview With David Theroux, by David J. Theroux, Strike The Root, 2 Sep 2003
    Topics discussed include: the Independent Institute, Theroux's life before founding it, possible connection to Thoreau, the Vietnam War, his heroes and influencers, activism, September 11 and book recommendations
    Which people have influenced you the most?
    ... Ideologically, I was earlier particularly influenced by the work of the Nobel Laureate economist F.A. Hayek. In 1970, while I was in the Air Force during the Vietnam War, I stumbled across his essay, "Why I am not a conservative", which had been reprinted from his book, The Constitution of Liberty. I found the essay intriguing, and having free time on my hands, I soon read much of his other work, as well as that of Ludwig von Mises, Milton Friedman, Israel Kirzner, Yale Brozen, and many others.
    The Kirznerian Way: An Interview with Israel M. Kirzner, by Israel Kirzner, Austrian Economics Newsletter, 1997
    Topics discussed include Ludwig von Mises, the Austrian School, equilibrium, entrepreneurship, capital, business cycle theory, time preference, Hayek, Lachmann and Rothbard
    KIRZNER: I recently wrote a paper to accompany the facsimile German edition of Prices and Production. I identified what seemed to me to be elements of Hayek's later work on coordination, miscoordination, and knowledge. I argued that the germs of his later ideas can be traced to this volume, especially his description of the upswing stage of the cycle ... Current investors are making decisions which anticipate the decisions of others down the road, which are in fact not there ... [T]hat is the kind of thing Hayek taught us to look for in analyzing the market process.
    The Peters Principles: An Interview with Tom Peters: The management guru as playground director, provocateur, and passionate defender of open societies., by Tom Peters, Virginia Postrel, Reason, Oct 1997
    Topics discussed include: Peters' public persona, Robert McNamara, Hayek, Silicon Valley, corporate planning, his political views, Republicans vs. Democrats, technological change, nostalgia for the 1950s and the future of business
    Reason: You wrote a Forbes ASAP column about Friedrich Hayek. What do you like about Hayek?
    Peters: The spontaneous discovery idea. As I said ...: The mess is the message. To me that's the joy of ... all economies that work, Hong Kong for the next–whatever it is now–15, 45 days. I am not one of those people who tends to read books multiple times. But [Hayek's 1988 book] The Fatal Conceit I find I can read over. I've probably read it, literally cover to cover, word for word, a half dozen times. Every 18 months or so I go back and read it again just to make sure my religion has not slipped in any way, shape, or form.


    Friedrich Hayek: A Biography
        by Alan Ebenstein, 2001
    Partial contents: Part One: War 1899-1931 - Part Two: England 1931-1939 - Part Three: Cambridge 1940-1949 - Part Four: America 1950-1962 - Part Five: Freiburg 1962-1974 - Part Six: Nobel Prize 1974-1992
    Hayek's Journey: The Mind of Friedrich Hayek
        by Alan Ebenstein, 2003
    Partial contents: Darwinian Evolutionary Theory - German and Viennese Intellectual Thought - The Austrian School of Economics - Ludwig von Mises - Money and Capital - John Maynard Keynes - From Economic Theory to Political Philosophy
    The Legacy of Friedrich von Hayek
        by Peter Boettke (editor), 2000
    Three volumes (Politics, Philosophy and Economics) and 73 articles from contributors including Boettke, Bruce L. Benson, Ronald Hamowy, Steven Horwitz, Israel Kirzner, Fritz Machlup, Michael Polanyi, Mario J. Rizzo and Joseph E. Stiglitz
    Marx, Hayek, and Utopia
        by Chris Matthew Sciabarra, 1995
    Contents: Hayekian Dialectics - Utopian Intentions and Unintended Consequences - Constructivism and Human Efficacy - Capitalism and Dualism - Marxian Dialectics - The Marxian Utopia - The Challenge of a New Left - Utopianism and the Radical Project

    Books Authored

    The Collected Works of F. A. Hayek, Volume II: The Road to Serfdom: Text and Documents: The Definitive Edition
        by Bruce Caldwell (editor), F. A. Hayek, University of Chicago Press, 2007
    The Constitution of Liberty, 1960
    Partial contents: Part I: The Creative Powers of a Free Civilization - II: Freedom and the Law - Coercion and the State - The Safeguards of Individual Liberty - III: Freedom in the Welfare State - The Decline of Socialism and the Rise of the Welfare State
    Related Topic: Liberty
    Defending the Undefendable: The Pimp, Prostitute, Scab, Slumlord, Libeler, Moneylender, and Other Scapegoats in the Rogue's Gallery of American Society
        by Walter Block, F. A. Hayek (commentary), Murray N. Rothbard (foreword), 1976
    Partial contents: The Drug Addict - The Slanderer and Libeler - The Advertiser - The Gypsy Cab Driver - The Inheritor - The Moneylender - The Speculator - The Importer - The Middleman - The Profiteer - The Fat Capitalist-Pig Employer
    Related Topic: Moral Liberty
    The Essence of Hayek, 1984
    A collection of 21 essays, chosen by Chiaki Nishiyama and Kurt Leube (editors)
    The Road to Serfdom, 1944
    Partial contents: The Abandoned Road - The Great Utopia - Individualism and Collectivism - The "Inevitability" of Planning - Planning and Democracy - Planning and the Rule of Law - Economic Control and Totalitarianism - Who, Whom? - Security and Freedom
    Related Topics: The Road to Serfdom, Socialism


    How do you differ from Hayek's interpretation of Mandeville?, by Murray N. Rothbard, 13 Jul 2009
    Short clip of Rothbard responding to Hayek's assessment of Mandeville (note the recording date is probably about two decades earlier than the posting date)
    Related Topic: Bernard Mandeville
    Memoirs of Hayek in Chicago and Rothbard in New York, by Ralph Raico, 1 Aug 2005
    Lecture given at Mises University 2005, Raico reminisces about Murray Rothbard, the forming of the Circle Bastiat, Ayn Rand, F.A. Hayek and many others in the 1950s and early 1960s


    "Fear the Boom and Bust" a Hayek vs. Keynes Rap Anthem, by John Papola, Russ Roberts, 23 Jan 2010
    Hayek and Keynes "debate" economic cycles, using rap lyrics

    Fight of the Century: Keynes vs. Hayek Round Two, by John Papola, Russ Roberts, 27 Apr 2011
    Second episode of the hip-hop music videos featuring Hayek and Keynes, this time in a boxing ring


    A Conversation With Hayek and Buchanan, Part I, by James M. Buchanan, F. A. Hayek, 1978
    The Idea Channel, 52 minutes: "Nobel laureates Hayek and Buchanan engage in a spirited discussion of von Hayek's controversial work, 'Constitution of Liberty'"
    Related Topic: Liberty
    A Conversation With Hayek and Buchanan, Part II, by James M. Buchanan, F. A. Hayek, 1978
    The Idea Channel, 48 minutes: "Nobel laureates Hayek and Buchanan continue their discussion of von Hayek's controversial work, 'Constitution of Liberty'"
    Related Topic: Liberty

    The introductory paragraph uses material from the Wikipedia article "Friedrich Hayek" as of 6 Jul 2018, which is released under the Creative Commons Attribution-Share-Alike License 3.0.