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  • Friedrich Hayek

    Friedrich August von Hayek (1899-1992), often referred to as F. A. Hayek, was an Austrian-British economist, legal theorist and philosopher who is best known for his defense of classical liberalism. Hayek shared the 1974 Nobel Memorial Prize in Economic Sciences with Gunnar Myrdal for their work on money and economic fluctuations, and the interdependence of economic, social and institutional phenomena.1 His account of how changing prices communicate information that helps individuals coordinate their plans is widely regarded as an important achievement in economics, leading to his prize.

    Hayek served in World War I during his teenage years and said that this experience in the war and his desire "to improve social conditions" caused by the war drew him to economics2. At the University of Vienna, he studied economics, eventually receiving his doctoral degrees in law in 1921 and in political science in 1923. He subsequently lived and worked in Austria, Great Britain, the United States and Germany; he became a British subject in 19383. Hayek's academic life was mostly spent at the London School of Economics, and later at the University of Chicago and the University of Freiburg. He is widely considered a leader of the Austrian School of economics, although he also had close connections with the Chicago School. Hayek was also a major social theorist and political philosopher of the 20th century and as the co-founder of Mont Pelerin Society he contributed to the revival of classical liberalism in the post-war era. His most popular work, The Road to Serfdom, has sold over two million copies4.

    Hayek was appointed a Companion of Honour in 1984 for his academic contributions to economics5. He was the first recipient of the Hanns Martin Schleyer Prize in 19846. He also received the Presidential Medal of Freedom in 1991 from President George H. W. Bush7. In 2011, his article "The Use of Knowledge in Society" was selected as one of the top 20 articles published in the American Economic Review during its first 100 years8.

    Biography

    Early years

    Friedrich August von Hayek was born on 8 May 1899 in Vienna to August von Hayek and Felicitas Hayek (née von Juraschek). His father, born in 1871 also in Vienna, was a medical doctor employed by the municipal ministry of health. August was a part-time botany lecturer at the University of Vienna. Friedrich was the eldest of three brothers, Heinrich (1900-1969) and Erich (1904-1986).

    His father's academic life and ambition influenced Hayek's goals later in life9. Both of his grandfathers, who lived long enough for Hayek to know them, were scholars. Franz von Juraschek was a leading economist in Austria-Hungary and a close friend of Eugen von Böhm-Bawerk, one of the founders of the Austrian School. Hayek's paternal grandfather, Gustav Edler von Hayek, taught natural sciences at the Imperial Realobergymnasium (secondary school) in Vienna. He wrote works in the field of biological systematics, some of which are relatively well known.

    On his mother's side, Hayek was second cousin to the philosopher Ludwig Wittgenstein10. His mother often played with Wittgenstein's sisters who had known him well11. As a result of their family relationship, Hayek became one of the first to read Wittgenstein's Tractatus Logico-Philosophicus when the book was published in its original German edition in 192112. In later years, Hayek recalled meeting Wittgenstein when both were artillery officers during World War I13. After Wittgenstein's death, Hayek had intended to publish a biography of Wittgenstein and worked on collecting family materials and later assisted biographers of Wittgenstein14. The Wittgenstein family to which he was related had a secularized Jewish background15. Since his youth, Hayek frequently socialized with Jewish intellectuals and he mentions that people often speculated whether he was also of Jewish ancestry. That made him curious, so he spent some time researching his ancestors and found out that he has no Jewish ancestors within five generations16. The surname Hayek uses the German spelling of the Czech surname Hájek. Hayek traced his ancestry to an ancestor with the surname "Hagek" who came from Prague17.

    Hayek displayed an "intellectual and academic bent from a very young age" and "read fluently and frequently before going to school"18. However, he did quite poorly at school, due to lack of interest and problems with teachers. He was at the bottom of his class in most subjects, and once received three failing grades, in Latin, Greek and mathematics19. He was very interested in theater, even attempting to write some tragedies20, and biology, regularly helping his father with his botanical work21. At his father's suggestion, as a teenager he read the genetic and evolutionary works of August Weismann, and later the philosophical works of Ludwig Feuerbach22. He noted Goethe as the greatest early intellectual influence23. In school, Hayek was much taken by one instructor's lectures on Aristotle's ethics24. In his unpublished autobiographical notes, Hayek recalled a division between him and his younger brothers who were only a few years younger than him, but he believed that they were somehow of a different generation. He preferred to associate with adults25.

    In 1917, Hayek joined an artillery regiment in the Austro-Hungarian Army and fought on the Italian front26. Hayek suffered damage to his hearing in his left ear during the war27. He also was decorated for bravery and survived the 1918 flu pandemic28.

    Hayek then decided to pursue an academic career, determined to help avoid the mistakes that had led to the war. Hayek said of his experience: "[T]he decisive influence ... was really World War I ... I served in a battle in which eleven different languages were spoken. It's bound to draw your attention to the problems of political organization"29. He vowed to work for a better world.

    Education

    At the University of Vienna, Hayek initially studied mostly philosophy, psychology and economics30. The university allowed students to choose their subjects freely and there wasn't much obligatory written work, or tests except main exams at the end of the study31. By the end of his studies Hayek became more interested in economics, mostly for financial and career reasons; he planned to combine law and economics to start a career in diplomatic service32. He earned doctorates in law and political science in November 1921 and early 1923, respectively33.

    For a short time, when the University of Vienna closed he studied in Constantin von Monakow's Institute of Brain Anatomy, where Hayek spent much of his time tracing brain fiber bundles34. Hayek's time in Monakow's lab and his deep interest in the work of Ernst Mach inspired his first intellectual project, eventually published as The Sensory Order (1952)35. It located connective learning at the physical and neurological levels, rejecting the "sense data" associationism of the empiricists and logical positivists36. Hayek presented his work to the private seminar he had created with Herbert Furth called the Geistkreis37.

    During Hayek's years at the University of Vienna, Carl Menger's work on the explanatory strategy of social science and Friedrich von Wieser's commanding presence in the classroom left a lasting influence on him38. Upon the completion of his examinations, Hayek was hired by Ludwig von Mises on the recommendation of Wieser as a specialist for the Austrian Office of Accounts which was working on the legal and economic details of the Treaty of Saint-Germain-en-Laye39. Between 1923 and 1924, Hayek worked as a research assistant to Professor Jeremiah Jenks of New York University, compiling macroeconomic data on the American economy and the operations of the Federal Reserve40. He was influenced by Wesley Clair Mitchell and started a doctoral program on problems of monetary stabilization but didn't finish it41. His time in America wasn't especially happy. He had very limited social contacts, missed the cultural life of Vienna, and was troubled by his poverty42. His family's financial situation deteriorated significantly after the War.

    Initially sympathetic to Wieser's democratic socialism he found Marxism rigid and unattractive, and his mild socialist phase lasted until he was about 2343. Hayek's economic thinking shifted away from socialism and toward the classical liberalism of Carl Menger after reading Mises' book Socialism44. It was sometime after reading Socialism that Hayek began attending Mises' private seminars, joining several of his university friends, including Fritz Machlup, Alfred Schutz, Felix Kaufmann and Gottfried Haberler, who were also participating in Hayek's own more general and private seminar. It was during this time that he also encountered and befriended noted political philosopher Eric Voegelin, with whom he retained a long-standing relationship45.

    London

    With the help of Mises, in the late 1920s he founded and served as director of the Austrian Institute for Business Cycle Research before joining the faculty of the London School of Economics (LSE) in 1931 at the behest of Lionel Robbins46.

    In 1932, Hayek suggested that private investment in the public markets was a better road to wealth and economic coordination in Britain than government spending programs as argued in an exchange of letters with John Maynard Keynes, co-signed with Lionel Robbins and others in The Times47. The nearly decade long deflationary depression in Britain dating from Winston Churchill's decision in 1925 to return Britain to the gold standard at the old pre-war and pre-inflationary par was the public policy backdrop for Hayek's dissenting engagement with Keynes over British monetary and fiscal policy. Keynes called Hayek's book Prices and Production "one of the most frightful muddles I have ever read", famously adding: "It is an extraordinary example of how, starting with a mistake, a remorseless logician can end in Bedlam"48.

    Notable economists who studied with or were influenced by Hayek at the LSE during the 1930s and 1940s include Ronald Coase49, John Kenneth Galbraith50, Nicholas Kaldor51, Oskar Lange52, Abba Lerner53, Arthur Lewis54, Paul Rosenstein-Rodan55, Arthur Seldon56 and George Shackle57. Some were supportive and some were critical of his ideas. Hayek also taught or tutored many other LSE students, including David Rockefeller58.

    Unwilling to return to Austria after the Anschluss brought it under the control of Nazi Germany in 1938, Hayek remained in Britain. Hayek and his children became British subjects in 193859. He held this status for the remainder of his life, but he did not live in Great Britain after 1950. He lived in the United States from 1950 to 1962 and then mostly in Germany, but also briefly in Austria60.

    In 1947, Hayek was elected a Fellow of the Econometric Society61.

    The Road to Serfdom

    Hayek was concerned about the general view in Britain's academia that fascism was a capitalist reaction to socialism and The Road to Serfdom arose from those concerns62. The title was inspired by the French classical liberal thinker Alexis de Tocqueville's writings on the "road to servitude"63. It was first published in Britain by Routledge in March 1944 and was quite popular, leading Hayek to call it "that unobtainable book" also due in part to wartime paper rationing64. When it was published in the United States by the University of Chicago Press in September of that year, it achieved greater popularity than in Britain65. At the instigation of editor Max Eastman, the American magazine Reader's Digest also published an abridged version in April 1945, enabling The Road to Serfdom to reach a far wider audience than academics. The book is widely popular among those advocating individualism and classical liberalism.

    Chicago

    In 1950, Hayek left the London School of Economics. After nominally spending the 1949-1950 academic year as a visiting professor at the University of Arkansas66, Hayek was conferred professorship by the University of Chicago, where he became a professor in the Committee on Social Thought67. Hayek's salary was not fully funded by the university, but by an outside foundation, the William Volker Fund68.

    Hayek had made contact with many at the University of Chicago in the 1940s, with Hayek's The Road to Serfdom playing a seminal role in transforming how Milton Friedman and others understood how society works69. Hayek conducted a number of influential faculty seminars while at the University of Chicago and a number of academics worked on research projects sympathetic to some of Hayek's own, such as Aaron Director, who was active in the Chicago school in helping to fund and establish what became the "Law and Society" program in the University of Chicago Law School70. Hayek, Director and Frank Knight had earlier worked together in forming the Mont Pelerin Society, to which Friedman and George Stigler were invited.

    Although they shared most political beliefs, disagreeing primarily on the question of monetary policy71, Hayek and Friedman worked in separate university departments with different research interests and never developed a close working relationship72. According to Alan Ebenstein, who wrote biographies of both of them, Hayek was "perhaps personally closer to Keynes than to Friedman"73.

    Hayek received a Guggenheim Fellowship in 195474.

    Another influential political philosopher and German-speaking exile at the University of Chicago at the time was Leo Strauss, but according to his student Joseph Cropsey who also knew Hayek, there was no contact between the two of them75.

    After editing a book on John Stuart Mill's letters he planned to publish two books on the liberal order, The Constitution of Liberty and "The Creative Powers of a Free Civilization" (eventually the title for the second chapter of The Constitution of Liberty)76. He completed The Constitution of Liberty in May 1959, with publication in February 1960. Hayek was concerned with "that condition of men in which coercion of some by others is reduced as much as is possible in society"77. Hayek was disappointed that the book did not receive the same enthusiastic general reception as The Road to Serfdom had sixteen years before78.

    He left Chicago mostly because of financial reasons, being concerned about his pension provisions79. His primary source of income was his salary and he received some additional money from book royalties, but avoided other lucrative sources of income for academics such as writing textbooks80. He spent a lot on his frequent travels81. He regularly spent summers in Austrian Alps, usually in the Tyrolean village Obergurgl where he enjoyed mountain climbing, and also visited Japan four times with additional trips to Tahiti, Fiji, Indonesia, Australia, New Caledonia and Sri Lanka82.

    Freiburg and Salzburg

    From 1962 until his retirement in 1968, Hayek was a professor at the University of Freiburg, West Germany, where he began work on his next book, Law, Legislation and Liberty. Hayek regarded his years at Freiburg as "very fruitful"83. Following his retirement, Hayek spent a year as a visiting professor of philosophy at the University of California, Los Angeles84, where he continued work on Law, Legislation and Liberty, teaching a graduate seminar by the same name and another on the philosophy of social science. Preliminary drafts of the book were completed by 1970, but Hayek chose to rework his drafts and finally brought the book to publication in three volumes in 1973, 1976 and 1979.

    Hayek became a professor at the University of Salzburg from 1969 to 1977 and then returned to Freiburg. When Hayek left Salzburg in 1977, he wrote: "I made a mistake in moving to Salzburg"85. The economics department was small and the library facilities were inadequate.

    Although Hayek's health suffered, and doctors claimed he fell into a depressionary bout, he continued to work on his magnum opus, Law, Legislation and Liberty in periods when he was feeling better86.

    Nobel Memorial Prize

    On 9 October 1974, it was announced that Hayek would be awarded the Nobel Memorial Prize in Economics with Swedish economist Gunnar Myrdal87. Hayek was surprised at being given the award and believed that he was given it with Myrdal "to keep a certain balance between different views"88. The Sveriges-Riksbank Nobel Prize in Economics was established in 1968, and Hayek was the first non-Keynesian economist to win it.

    Among the reasons given, the committee stated, Hayek "was one of the few economists who gave warning of the possibility of a major economic crisis before the great crash came in the autumn of 1929"87. The following year, Hayek further confirmed his original prediction. An interviewer asked, "We understand that you were one of the only economists to [forecast in the 1920s that America was headed for a depression]. Is that true?" Hayek responded, "Yes. I was one of the only ones to predict what was going to happen"89. However, no textual evidence has emerged of a prediction. Rather, Hansjoerg Klausinger points out that although Hayek (and some other authors) "might be credited with having 'predicted' the American crisis", this "appears aptly to conform to the notion of a 'pattern prediction' ... in contrast to the notion of the concrete forecast of an event in time and place"90.

    During the Nobel ceremony in December 1974, Hayek met the Russian dissident Aleksandr Solzhenitsyn. Hayek later sent him a Russian translation of The Road to Serfdom91. Hayek spoke with apprehension at his banquet speech about the danger the authority of the prize would confer to an economist92, but the prize brought much greater public awareness to the then controversial ideas of Hayek and was described by biographer Ebenstein as "the great rejuvenating event in his life"93.

    British politics

    In February 1975, Margaret Thatcher was elected leader of the British Conservative Party. The Institute of Economic Affairs arranged a meeting between Hayek and Thatcher in London soon after94. During a Thatcher visit to the research department of the Conservative Party in the summer of 1975, a speaker had prepared a paper on why the "middle way" was the pragmatic path the party should take, avoiding the extremes of left and right. Before he had finished, Thatcher "reached into her briefcase and took out a book. It was Friedrich von Hayek's The Constitution of Liberty. Interrupting our pragmatist, she held the book up for all of us to see. 'This', she said sternly, 'is what we believe', and banged Hayek down on the table"95.

    Despite the media depictions of Hayek as Thatcher's "behind-the-scenes guru" and power behind the throne, the communication between him and the Prime Minister was not very regular, they were in contact only once or twice a year96. Besides Thatcher, Hayek also influenced Conservative Member of Parliament Enoch Powell and her cabinet members John Biffen, Geoffrey Howe, Keith Joseph and Nigel Lawson97.

    Hayek generated some controversy in 1978 by praising Thatcher's anti-immigration policy proposal in an article which ignited numerous accusations of anti-Semitism and racism because of his reflections on the inability of assimilation of Eastern European Jews in the Vienna of his youth98. He defended himself by explaining that he made no racial judgements, but rather that he "had been at pains to show was a problem of acculturation"99.

    Earlier, in 1977, Hayek was critical of the pact by which the British Liberal Party agreed to keep the Labour government in office. Writing to The Times, Hayek said: "May one who has devoted a large part of his life to the study of the history and the principles of liberalism point out that a party that keeps a socialist government in power has lost all title to the name 'Liberal'. Certainly no liberal can in future vote 'Liberal'"100. Hayek was criticized by Liberal politicians Gladwyn Jebb and Andrew Phillips, who both claimed that the purpose of the pact was to discourage socialist legislation101. Lord Gladwyn pointed out that the German Free Democrats were "in coalition with the Socialists", that is, the Social Democratic Party. Hayek was defended by professor Antony Flew, who stated that—unlike the British Labour Party—the German Social Democrats had since the late 1950s "rejected 'the public ownership of all the means of production, distribution and exchange' in favour of competitive private ownership and 'the social market economy'"102.

    In 1978, Hayek came into conflict with Liberal Party leader David Steel, who claimed that liberty was possible only with "social justice and an equitable distribution of wealth and power, which in turn require a degree of active government intervention" and that the Conservative Party were more concerned with "the indissoluble link ... between liberty and private enterprise" than between liberty and democracy103. Hayek claimed that a "limited democracy might indeed be the best protector of individual liberty and no better tnan any other form of limited government, but that an "unlimited democracy is probably worse than any other form of unlimited government because its government loses the power even to do what it thinks right if any group on which its majority depends thinks otherwise"104. Hayek stated that if Mrs. Thatcher said "that free choice is to be exercised more in the market place than in the ballot box, she has merely uttered the truism that the first is indispensable for individual freedom while the second is not: free choice can at least exist under a dictatorship that can limit itself but not under the government of an unlimited democracy which cannot"104.

    Hayek was displeased by "the restraint shown by of the United States" government in the Iran hostage crisis, claiming that an ultimatum should have been sent indicating that unless the embassy staff were returned unharmed within 48 hours, "bombs would be falling ... at the seat of the Iranian Government"105. He supported Britain on the Falklands War, writing in 1983 that under international law, it would not be forbidden for Britain "to retort to another attack ... by some counter-attack on the geographical sources of such bellicose action"106, which earned him a lot of criticism in Argentina, a country which he also visited several times.

    Hayek supported Ronald Reagan's decision to not "reduce arms expenditure", believing that world peace depended on "America staying strong" and that it was necessary for "the West [to] stay at least as strong as the Soviet Union"107. President Reagan listed Hayek (along with Mises and Bastiat) when asked "what philosophical thinkers or writers most influence[d] [his] conduct as a leader, as a person"108. Senator Barry Goldwater listed Hayek as his favorite political philosopher109 and congressman Jack Kemp named his books an inspiration for his political career110.

    Recognition

    In 1980, Hayek was one of twelve Nobel laureates to meet with Pope John Paul II "to dialogue, discuss views in their fields, communicate regarding the relationship between Catholicism and science, and 'bring to the Pontiff's attention the problems which the Nobel Prize Winners, in their respective fields of study, consider to be the most urgent for contemporary man'"111.

    Hayek was appointed a Companion of Honour (CH) in the 1984 Birthday Honours by Elizabeth II on the advice of British Prime Minister Margaret Thatcher for his "services to the study of Economics"112. According to his secretary Charlotte Cubitt, Hayek had hoped to receive a baronetcy and after being awarded the CH sent a letter to friends requesting to be called by the English version of Friedrich (i.e. Frederick) from then on113. After his twenty-minute audience with the Queen, he was "absolutely besotted" with her according to his daughter-in-law Esca Hayek114. Hayek said a year later that he was "amazed by her. That ease and skill, as if she'd known me all my life"115. The audience with the Queen was followed by a dinner with family and friends at the Institute of Economic Affairs. When later that evening Hayek was dropped off at the Reform Club, he commented: "I've just had the happiest day of my life"114.

    In 1991, President George H. W. Bush awarded Hayek the Presidential Medal of Freedom, one of the two highest civilian awards in the United States, for a "lifetime of looking beyond the horizon"7.

    Death

    Hayek died on 23 March 1992, aged 92, in Freiburg, Germany and was buried on 4 April in the Neustift am Walde cemetery in the northern outskirts of Vienna according to the Catholic rite116.

    In 2011, his article "The Use of Knowledge in Society" was selected as one of the top 20 articles published in The American Economic Review during its first 100 years8. The New York University Journal of Law and Liberty holds an annual lecture in his honor117.

    Work

    Business cycle

    Ludwig von Mises had earlier applied the concept of marginal utility to the value of money in his Theory of Money and Credit (1912) in which he also proposed an explanation for "commercial and industrial fluctuations" based on the ideas of the old British Currency School and of Swedish economist Knut Wicksell118. Hayek used this body of work as a starting point for his own interpretation of the business cycle, elaborating what later became known as the Austrian theory of the business cycle. Hayek spelled out the Austrian approach in more detail in his book, published in 1929, an English translation of which appeared in 1933 as Monetary Theory and the Trade Cycle. There, Hayek argued for a monetary approach to the origins of the cycle. In his Prices and Production (1931), Hayek argued that the business cycle resulted from the central bank's inflationary credit expansion and its transmission over time, leading to a capital misallocation caused by the artificially low interest rates119. Hayek claimed that "[t]he past instability of the market economy is the consequence of the exclusion of the most important regulator of the market mechanism, money, from itself being regulated by the market process"120.

    Bibliography

    Ebenstein, Alan. Friedrich Hayek: A Biography. New York: Palgrave, 2001.

    Kresge, Stephen and Leif Wenar (editors). Hayek on Hayek: An Autobiographical Dialogue. London: Routledge, 1994.

    [UCLA]. Nobel Prize-Winning Economist: Friedrich A. von Hayek: Interviewed by Earlene Craver, Axel Leijonhufvud, Leo Rosten, Jack High, James Buchanan, Robert Bork, Thomas Hazlett, Armen A. Alchian, Robert Chitester, Los Angeles: Oral History Program, University of California, Los Angeles, 1983.


    1. "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1974", NobelPrize.org, retrieved 3 August 2022. ↩︎

    2. Peter G. Klein, "Biography of F. A. Hayek (1899-1992)", Mises.org, retrieved 3 August 2022. ↩︎

    3. Stephen Kresge, "Introduction", Kresge and Wenar, p. 12. ↩︎

    4. Paul Ormerod, "The fading of Friedman", ProspectMagazine.co.uk, 16 December 2006, retrieved 4 August 2022. ↩︎

    5. Ebenstein, pp. 304-305. ↩︎

    6. "Hanns Martin Schleyer-Preis", Schleyer-Stiftung.de, retrieved 4 August 2022. ↩︎

    7. George H. W. Bush, "Remarks on Presenting the Presidential Medal of Freedom Awards", George H. W. Bush Presidential Library and Museum, 18 November 1991, retrieved 4 August 2022. ↩︎

    8. Kenneth J. Arrow, B. Douglas Bernheim, Martin S. Feldstein, Daniel L. McFadden, James M. Poterba, and Robert M. Solow, "100 Years of the American Economic Review: The Top 20 Articles", American Economic Review, Vol. 101, No. 1, February 2011, p. 4. ↩︎

    9. UCLA, pp. 474-475. ↩︎

    10. Christian Erbacher (editor), Friedrich August von Hayek's Draft Biography of Ludwig Wittgenstein: The Text and its History, Paderborn: mentis, 2019, p. 9. ↩︎

    11. Ibid., p. 84. ↩︎

    12. "Remembering My Cousin, Ludwig Wittgenstein", Encounter, August 1977, p. 21. ↩︎

    13. Ibid., p. 20. ↩︎

    14. Christian Erbacher, "The First Wittgenstein Biography and why it has never been published", Friedrich August von Hayek's Draft Biography of Ludwig Wittgenstein, op. cit., pp. 9-24. ↩︎

    15. Allan Janik, "Family Relationships and Family Resemblances: Hayek and Wittgenstein", in Christian Erbacher (editor), Friedrich August von Hayek's Draft Biography of Ludwig Wittgenstein, op. cit., p. 83. ↩︎

    16. Kresge and Wenar, p. 53. ↩︎

    17. Ebenstein, p. 12. ↩︎

    18. Ibid., p. 9. ↩︎

    19. Ibid., p. 14. ↩︎

    20. Frank Johnson, "The Facts of Hayek", Sunday Telegraph Magazine, 29 September 1975, p. 33, quoted in Ebenstein, p. 13. ↩︎

    21. Ebenstein, p. 14. ↩︎

    22. UCLA, p. 21-22. ↩︎

    23. Ebenstein, p. 13. ↩︎

    24. UCLA, p. 21. ↩︎

    25. Ebenstein, p. 13. ↩︎

    26. Ibid., pp. 18-20. ↩︎

    27. Ibid., p. 19. Also, David Gordon, "Friedrich Hayek as a Teacher", Mises.org, 8 May 2009, retrieved 11 August 2022. ↩︎

    28. A. J. Tebble, F. A. Hayek (Major Conservative and Libertarian Thinkers), New York: Continuum, 2010, pp. 2-3. ↩︎

    29. UCLA, p. 174. ↩︎

    30. Ebenstein, pp. 27-28. ↩︎

    31. UCLA, pp. 27-28. ↩︎

    32. Ebenstein, p. 22. ↩︎

    33. Ibid., pp. 28, 31, 38. ↩︎

    34. Kresge and Wenar, pp. 2, 55. ↩︎

    35. Ibid., pp. 2-4. ↩︎

    36. Brian J. Loasby, "Hayek's theory of the mind", Entrepreneurship, Money and Coordination: Hayek's Theory of Cultural Evolution, Jürgen G. Backhaus (editor), Cheltenham, UK: Edward Elgar, 2005, p. 48. ↩︎

    37. Ebenstein, pp. 37-38. ↩︎

    38. UCLA, pp. 47-48, 13-14. ↩︎

    39. Douglas French, "Hayek and Mises", Hayek: A Collaborative Biography: Part I: Influences, from Mises to Bartley, Robert Leeson (editor), London: Palgrave Macmillan, 2013, pp. 80-81. ↩︎

    40. A. J. Tebble, F. A. Hayek, op. cit., p. 5. ↩︎

    41. Stephen Kresge (editor), "Introduction", The Collected Works of F. A. Hayek, Volume V: Good Money, Part I: The New World, London and New York: Routledge, 1999, p. 8. ↩︎

    42. Ebenstein, p. 35. ↩︎

    43. Ebenstein, p. 23. ↩︎

    44. UCLA, p. 12. ↩︎

    45. Michael P. Federici, Eric Voegelin: The Restoration of Order, Wilmington, Delaware: ISI Books, 2002, p. 1. ↩︎

    46. Stephen Kresge, "Introduction", Kresge and Wenar, p. 8. ↩︎

    47. T. E. Gregory, F. A. von Hayek, Arnold Plant, Lionel Robbins, "Spending and Saving: Public Works from Rates", The Times, 19 October 1932, p. 10; reprinted in The Journal of Private Enterprise, Fall 2011, pp. 41-42. ↩︎

    48. J. M. Keynes, "The Pure Theory of Money. A Reply to Dr. Hayek", Economica, No. 34, November 1931, p. 394; reprinted in The Collected Works of F. A. Hayek, Volume 9: Contra Keynes and Cambridge: Essays, Correspondence, Bruce Caldwell (editor), Chicago: The University of Chicago Press, 1995, p. 154. ↩︎

    49. UCLA, p. 247. ↩︎

    50. Ebenstein, pp. 55, 84, 360. ↩︎

    51. Ibid., pp. 63-64. Kresge and Wenar, p. 75. ↩︎

    52. UCLA, pp. 371. ↩︎

    53. Ebenstein, p. 64. ↩︎

    54. "Sir Arthur Lewis - Biographical", NobelPrize.org, retrieved 19 August 2022. ↩︎

    55. Ebenstein, p. 86. UCLA, pp. 365-366. ↩︎

    56. Ebenstein, pp. 64, 286, 289. ↩︎

    57. Ibid., pp. 83, 284-285. ↩︎

    58. Mark Skousen, "Interview with David Rockefeller", MSkousen.com, 24 January 2000, retrieved 23 August 2022. ↩︎

    59. Ebenstein, p. 104. The Gazette, 12 August 1938, retrieved 23 August 2022. ↩︎

    60. Stephen Kresge, "Introduction", Kresge and Wenar, pp. 20-21, 25. ↩︎

    61. "Election of Fellows, 1947", Econometrica, Vol. 16, No. 1, January 1948, pp. 117-118. ↩︎

    62. Kresge and Wenar, pp. 103-105. ↩︎

    63. UCLA, p. 76. ↩︎

    64. Richard Cockett, Thinking the Unthinkable: Think-tanks and the Economic Counter-revolution, 1931-1983, London: HarperCollins, 1994, p. 85. ↩︎

    65. A. J. Tebble, F. A. Hayek, op. cit., p. 8. ↩︎

    66. Ebenstein, pp. 168-169. ↩︎

    67. Ibid., pp. 173-175. ↩︎

    68. George H. Nash, The Conservative Intellectual Movement in America: Since 1945, New York: Basic Books, Inc., 1976, pp. 20, 353. ↩︎

    69. Milton and Rose D. Friedman, Two Lucky People: Memoirs, Chicago and London: University of Chicago Press, 1998, p. 333. ↩︎

    70. Ross B. Emmett (editor), The Elgar Companion to the Chicago School of Economics, Cheltenham, UK: Edward Elgar, 2010, pp. 164, 200, 266-267. ↩︎

    71. Kresge and Wenar, p. 128. ↩︎

    72. Robert Van Horn, "Hayek and the Chicago School", Hayek: A Collaborative Biography: Part V: Hayek's Great Society of Free Men, Robert Leeson (editor), London: Palgrave Macmillan, 2015, p. 91. ↩︎

    73. Ebenstein, p. 267. ↩︎

    74. Stephen Kresge, "Introduction", Kresge and Wenar, p. 20. "Friedrich August von Hayek - John Simon Guggenheim Memorial Foundation", GF.org, retrieved 29 August 2022. ↩︎

    75. Ebenstein, p. 253. ↩︎

    76. Ibid., p. 195. ↩︎

    77. The Constitution of Liberty, London and Henley: Routledge & Kegan Paul, 1960, p. 11. ↩︎

    78. Ebenstein, p. 203. ↩︎

    79. Ronald Hamowy, "F. A. Hayek, on the Occasion of the Centenary of his Birth", Cato Journal, Vol. 19, No. 2, Fall 1999, p. 286. ↩︎

    80. Ebenstein, p. 209. ↩︎

    81. Ibid. ↩︎

    82. Ibid., p. 218. ↩︎

    83. Kresge and Wenar, p. 116. ↩︎

    84. Ebenstein, p. 218. ↩︎

    85. Translation of letter to the editor of Die Presse, February 1977, quoted in Ebenstein, p. 254. ↩︎

    86. Ebenstein, pp. 251-253. ↩︎

    87. "Press Release", NobelPrize.org, retrieved 2 September 2022. ↩︎

    88. "Hayek: His Life and Thought", Institute of Economic Affairs, 1984, quoted in Ebenstein, p. 263. ↩︎

    89. Monex International, Ltd., "Monex International presents an exclusive interview with Nobel Laureate Dr. Friedrich A. von Hayek", Gold & Silver Newsletter, June 1975, p. 2. ↩︎

    90. Hansjoerg Klausinger, "Hayek on Practical Business Cycle Research: A Note", Austrian Economics in Transition: From Carl Menger to Friedrich Hayek, Harald Hagemann, Tamotsu Nishizawa and Yukihiro Ikeda (editors), Basingstoke: Palgrave Macmillan, 2010, p. 226. ↩︎

    91. "Hayek: His Life and Thought", Institute of Economic Affairs, 1984, quoted in Ebenstein, p. 263. ↩︎

    92. "Friedrich von Hayek: Banquet speech", NobelPrize.org, retrieved 6 September 2022. ↩︎

    93. Ebenstein, p. 261. ↩︎

    94. Richard Cockett, Thinking the Unthinkable, op. cit., p. 174. ↩︎

    95. John Ranelagh, Thatcher's People: An insider's account of the politics, the power, and the personalities, London: HarperCollins, 1991, p. ix. ↩︎

    96. Ebenstein, p. 292. ↩︎

    97. Ibid., p. 293. ↩︎

    98. Ibid. ↩︎

    99. Letter to The Times (London), 9 March 1978, quoted in Ebenstein, p. 294. ↩︎

    100. "Letters to the Editor: Liberal pact with Labour", The Times (London), 31 March 1977, p. 15. ↩︎

    101. Lord Gladwyn, Andrew Phillips, "Letters to the Editor: Liberal pact with Labour", The Times (London), 2 April 1977, p. 15. ↩︎

    102. Antony Flew, "Letters to the Editor: German socialist aims ", The Times (London), 13 April 1977, p. 13. ↩︎

    103. David Steel, "A plea for non-selective liberty", The Times (London), 3 July 1978, p. 14. ↩︎

    104. "Letters to the Editor: The dangers to personal liberty", The Times (London), 11 July 1978, p. 15. ↩︎

    105. "Letters to the Editor: Freeing the hostages in Tehran", The Times (London), 12 January 1980, p. 13. ↩︎

    106. Letter to the editor, The Times (London), 17 February 1983, quoted in Ebenstein, p. 300. ↩︎

    107. "Friedrich Hayek on the Crisis", Encounter, May 1977, p. 54. ↩︎

    108. Rowland Evans and Robert Novak, The Reagan Revolution, New York: E. P. Dutton, 1981, p. 229. ↩︎

    109. Lee Edwards, Goldwater: The Man Who Made a Revolution, Washington, DC: Regnery History, 1995, p. 269. ↩︎

    110. Jack Kemp letter to Hayek, quoted in Ebenstein, p. 208. ↩︎

    111. Ebenstein, p. 301; embedded quote is from Hayek Archive, Hoover Institution, Stanford University, box 63, file 1. ↩︎

    112. Supplement to The London Gazette, 16 June 1984, p. B4. ↩︎

    113. Charlotte Cubitt interview, Ebenstein, p. 305. ↩︎

    114. Esca Hayek interview, Ibid. ↩︎

    115. Gitta Sereny, The Times (London), 9 May 1985, quoted in ibid. ↩︎

    116. Ebenstein, p. 317. ↩︎

    117. "Our Scholarship", New York University Journal of Law & Liberty, Law.NYU.edu, retrieved 14 September 2022. ↩︎

    118. Ludwig von Mises, The Theory of Money and Credit, H. E. Batson (translator), London: Jonathan Cape, 1953 [1912, 1924, 1934], p. 301. ↩︎

    119. Stefan Erik Oppers, "The Austrian Theory of Business Cycles: Old Lessons For Modern Economic Policy?", Working Paper No. 2002/002, International Monetary Fund, January 2002. ↩︎

    120. "Denationalisation of Money: An Analysis of the Theory and Practice of Concurrent Currencies", Institute of Economic Affairs, October 1976, p. 79. ↩︎


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