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Encyclopedia > Friedrich Hayek
Western Philosophy
20th-century philosophy
Friedrich Hayek
Name: Friedrich August von Hayek
Birth: 1899 May 8 (Vienna, Austria-Hungary)
Death: 1992 March 23 (Freiburg, Germany)
School/tradition: Old Whig, Classical liberalism and Austrian economics
Main interests: Economics, social and political philosophy
Notable ideas: Economic calculation problem, Catallaxy, Extended order, Dispersed knowledge, Spontaneous order
Influences: Bernard Mandeville, Adam Smith, John Locke, Adam Ferguson, David Hume, Edmund Burke, Alexis de Tocqueville, Lord Acton, Carl Menger, Eugen von Bohm-Bawerk, Friedrich Wieser, Ludwig von Mises, Max Weber, Karl Popper
Influenced: Karl Popper, Konrad Lorenz, Robert Nozick, Israel Kirzner, Murray Rothbard, John Hicks, George Stigler, Ben Reid, Milton Friedman, Michael Novak, Ronald Reagan, Margaret Thatcher, Václav Klaus, Giovanni Sartori, Dario Antiseri, Bruce Caldwell, John Gray, Jimmy Wales, Ludwig Erhard
Part of the Politics series on
Libertarianism

Schools of thought
Agorism
Anarcho-capitalism
Geolibertarianism
Green libertarianism
Left-libertarianism
Minarchism
Neolibertarianism
Paleolibertarianism
It has been suggested that Contemporary philosophy be merged into this article or section. ... Image available for free publishing from the Volkswirtschaftliches Institut, Universität Freiburg, Freiburg im Breisgau, Germany File links The following pages link to this file: Friedrich Hayek ... Year 1899 (MDCCCXCIX) was a common year starting on Sunday (link will display the full calendar). ... May 8 is the 128th day of the year in the Gregorian Calendar (129th in leap years). ... Vienna (German: , see also other names) is the capital of Austria, and also one of the nine States of Austria. ... Austria-Hungary, also known as the Dual monarchy (or: the k. ... 1992 (MCMXCII) was a leap year starting on Wednesday. ... March 23 is the 82nd day of the year in the Gregorian Calendar (83rd in leap years). ... Freiburg city from Schlossberg Freiburg im Breisgau is a city in Baden-Württemberg, Germany, in the Breisgau region, on the western edge of the southern Black Forest (German: Schwarzwald) with about 214,000 inhabitants. ... Look up Whig in Wiktionary, the free dictionary. ... Classical liberalism (also called laissez-faire liberalism[1]) is a term used: to label the philosophy developed by early liberals from the Age of Enlightenment until John Stuart Mill [2] to label the revived economic liberalism of the 20th century, seen in work by Friedrich Hayek[3] and Milton Friedman. ... The Austrian School is a school of economic thought which rejects opposing economists reliance on methods used in natural science for the study of human action, and instead bases its formalism of economics on relationships through logic or introspection called praxeology. ... This article or section does not cite its references or sources. ... The economic calculation problem is a criticism of socialist economics. ... Catallactics is the praxeological theory of the way the market economy reaches exchange ratios and prices. ... This article or section should be merged with F. A. Hayek F. A. Hayeks description of what happens when a system embraces specialization and trade. ... In economics, dispersed knowledge is information that is dispersed throughout the marketplace, and is not in the hands of any single agent. ... Spontaneous order (sometimes called self-organization) is a phenomenon that happens when individuals each follow a set of self-interest-based rules without a central authority designing a plan for everyone. ... Bernard de Mandeville (1670- January 19 or 21, 1733?), was a philosopher and satirist. ... Adam Smith (baptized June 5, 1723 O.S. / June 16 N.S. – July 17, 1790) was a Scottish moral philosopher and a pioneering political economist. ... This article is about John Locke, the English philosopher. ... Adam Ferguson, also known as Ferguson of Raith (June 20, 1723 (O.S.) - February 22, 1816) was a philosopher and historian of the Scottish Enlightenment. ... David Hume (April 26, 1711 – August 25, 1776)[1] was a Scottish philosopher, economist, and historian. ... Edmund Burke (12 January 1729 – 9 July 1797) was an Anglo-Irish statesman, author, orator, political theorist, and philosopher, who served for many years in the British House of Commons as a member of the Whig party. ... For other uses, see Tocqueville (disambiguation) Alexis de Tocqueville Alexis-Charles-Henri Clérel de Tocqueville (Verneuil-sur-Seine, ÃŽle-de-France, July 29, 1805– Cannes, April 16, 1859) was a French political thinker and historian. ... John Emerich Edward Dalberg-Acton, 1st Baron Acton, KCVO (January 10, 1834 – June 19, 1902), commonly known as simply Lord Acton, was an English historian, the only son of Sir Ferdinand Dalberg-Acton, 7th Baronet and grandson of the Neapolitan admiral, Sir John Acton, 6th Baronet. ... Austrian School economist Carl Menger Carl Menger Carl Menger (February 28, 1840 – February 26, 1921) was the founder of the Austrian School of economics. ... Eugen von Böhm-Bawerk Eugen von Böhm-Bawerk (February 12, 1851 - August 27, 1914) made important contributions to the development of Austrian economics. ... Friedrich von Wieser Friedrich Freiherr von Wieser (July 10, 1851 - July 22, 1926) was an early member of the Austrian School of economics. ... Ludwig Heinrich Edler von Mises (September 29, 1881 – October 10, 1973) was a notable economist and a major influence on the modern libertarian movement. ... For other persons named Max Weber, see Max Weber (disambiguation). ... Sir Karl Raimund Popper, CH, FRS, FBA, (July 28, 1902 – September 17, 1994), was an Austrian born naturalized British[1] philosopher and a professor at the London School of Economics. ... Sir Karl Raimund Popper, CH, FRS, FBA, (July 28, 1902 – September 17, 1994), was an Austrian born naturalized British[1] philosopher and a professor at the London School of Economics. ... Lorenz being followed by his imprinted geese Konrad Zacharias Lorenz (November 7, 1903 in Vienna – February 27, 1989 in Vienna) was an Austrian zoologist, animal psychologist, and ornithologist. ... Robert Nozick (November 16, 1938 – January 23, 2002) was an American philosopher and Pellegrino University Professor at Harvard University. ... Israel Meir Kirzner (Yisroel Mayer Kirzner) (born February 13, 1930) is a leading economist in the Austrian School. ... Murray Newton Rothbard (March 2, 1926 – January 7, 1995) was a highly influential American economist, historian and natural law theorist belonging to the Austrian School of Economics who helped define modern libertarianism and anarcho-capitalism. ... For other persons named John Hicks, see John Hicks (disambiguation). ... George Joseph Stigler (1911 - 1991) was a U.S. economist. ... Ben Reid (born 29 April 1989) is an Australian Rules footballer currently playing for Collingwood Football Club in the AFL. He was taken with Collingwoods first pick in the 2006 AFL National Draft at pick number 8. ... Milton Friedman (July 31, 1912 – November 16, 2006) was an American economist and public intellectual who made major contributions to the fields of macroeconomics, microeconomics, economic history and statistics while advocating laissez-faire capitalism. ... Michael Novak (born September 9, 1933) is a conservative Roman Catholic American philosopher and diplomat. ... Ronald Wilson Reagan (February 6, 1911 – June 5, 2004) was the 40th President of the United States (1981–1989) and the 33rd Governor of California (1967–1975). ... Margaret Hilda Thatcher, Baroness Thatcher, LG, OM, PC, FRS (born 13 October 1925), is the former Prime Minister of the United Kingdom, in office from 1979 to 1990. ... Václav Klaus (IPA: ) (born 19 June 1941) is the second President of the Czech Republic and a former Prime Minister of the Czech Republic. ... Giovanni Sartori is an Italian political scientist specializing in the study of comparative politics. ... Dr. John Gray John Gray (born 1948), is a prominent British political philosopher and author, currently School Professor of European Thought at the London School of Economics. ... Jimmy Donal Wales, also known as Jimbo Wales, (b. ... Ludwig Erhard (February 4, 1897–May 5, 1977) was a German politician (CDU) and Chancellor of Germany from 1963 until 1966. ... Politics is the process by which groups make decisions. ... In English-speaking countries, libertarianism usually refers to a political philosophy maintaining that every person is the absolute owner of their own life and should be free to do whatever they wish with their person or property, as long as they respect the liberty of others. ... Agorism is a radical left-libertarian political philosophy popularized by Samuel Edward Konkin III, who defined an agorist as a conscious practitioner of counter-economics (peaceful black markets and grey markets). ... Anarcho-capitalism refers to an anti-statist philosophy that embraces capitalism as one of its foundational principles. ... Geolibertarianism (also geoanarchism) is a liberal political philosophy that holds along with other forms of libertarian individualism that each individual has an exclusive right to the fruits of his or her labor, as opposed to this product being owned collectively by society or the community. ... Green-Libertarian describes a political philosophy that was established in the United States. ... Historically, the term libertarianism was coined by the classical anarchist movement to describe their own, anti-statist version of socialism, as contrasted with the state socialism implemented by Leninist regimes. ... In civics, minarchism, sometimes called minimal statism or small government, is the view that the size, role and influence of government in a free society should be minimal — only large enough to protect the liberty and property of each individual. ... Neolibertarianism is a political philosophy combining elements of libertarian and conservative thought that embraces incrementalism and pragmatism domestically, and a generally interventionist foreign policy based on self-interest, national defense and the expansion of freedom. ... Paleolibertarianism is a school of thought within American libertarianism founded by Lew Rockwell and Murray Rothbard, and closely associated with the Ludwig von Mises Institute. ...


Origins
Austrian School
Chicago School
Classical liberalism
Individualist anarchism
The Austrian School, also known as “the Vienna School” and as “the Psychological School”, is a school of economic thought that advocates adherence to strict methodological individualism. ... The Chicago School of Economics is a school of thought in economics; it refers to the style of economics practiced at and disseminated from the University of Chicago after 1946. ... Classical liberalism (also called laissez-faire liberalism[1]) is a term used: to label the philosophy developed by early liberals from the Age of Enlightenment until John Stuart Mill [2] to label the revived economic liberalism of the 20th century, seen in work by Friedrich Hayek[3] and Milton Friedman. ... Individualist Anarchism is an anarchist philosophical tradition that has a strong emphasis on sovereignty of the individual[1] and is generally opposed to collectivism[2]. The tradition appears most often in the United States, most notably in regard to its advocacy of private property. ...


Ideas
Civil liberties
Free markets
Free trade
Laissez-faire
Liberty
Individualism
Non-aggression
Private property
Self-ownership
Civil liberties is the name given to freedoms that protect the individual from government. ... A free market is an idealized market, where all economic decisions and actions by individuals regarding transfer of money, goods, and services are voluntary, and are therefore devoid of coercion and theft (some definitions of coercion are inclusive of theft). Colloquially and loosely, a free market economy is an economy... Free trade is an economic concept referring to the selling of products between countries without tariffs or other trade barriers. ... Laissez-faire is short for laissez faire, laissez passer, a French phrase meaning to let things alone, let them pass. First used by the eighteenth century Physiocrats as an injunction against government interference with trade, it is now used as a synonym for strict free market economics. ... Liberty is generally considered a concept of political philosophy and identifies the condition in which an individual has immunity from the arbitrary exercise of authority. ... Methodological individualism is a philosophical orientation toward explaining broad society-wide developments as the accumulation of decisions by individuals. ... The non-aggression principle (also called the non-aggression axiom, anticoercion principle, or zero aggression principle) is a deontological ethical stance associated with the libertarian movement. ... This page deals with property as ownership rights. ... Self-ownership (aka the soveriegnty of the individual or individual sovereignty) is the condition where an individual has the exclusive moral right to control his or her own body and life. ...


Key issues
Economic views
History
Parties
Theories of law
Views of rights
The Austrian School of economics and the Chicago School of economics are important foundations of the economic system favored by modern libertarians —capitalism, where the means of production are privately owned, economic and financial decisions are made privately rather than by state control, and goods and services are exchanged in... Modern libertarians see themselves as having revived the original doctrine of liberalism, and often call themselves libertarians and classical liberals interchangeably. ... Many countries and subnational political entities have libertarian political parties. ... Libertarian theories of law build on libertarianism or classical liberalism. ... Libertarians and Objectivists limit what they define as rights to variations on the right to be left alone, and argue that other rights such as the right to a good education or the right to have free access to water are not legitimate rights and do not deserve the same...

Politics Portal ·  v  d  e 

Friedrich August von Hayek, CH (May 8, 1899 in ViennaMarch 23, 1992 in Freiburg) was an Austrian-born British economist and political philosopher known for his defense of liberal democracy and free-market capitalism against socialist and collectivist thought in the mid-20th century. He is considered to be one of the most important economists and political philosophers of the twentieth century.[1] One of the most influential members of the Austrian School of economics, he also made significant contributions in the fields of jurisprudence and cognitive science. He shared the 1974 Nobel Prize in Economics with ideological rival Gunnar Myrdal "for their pioneering work in the theory of money and economic fluctuations and for their penetrating analysis of the interdependence of economic, social and institutional phenomena."[2]. He also received the U.S. Presidential Medal of Freedom in 1991.[3] The Order of the Companions of Honour is a British and Commonwealth Order. ... May 8 is the 128th day of the year in the Gregorian Calendar (129th in leap years). ... Year 1899 (MDCCCXCIX) was a common year starting on Sunday (link will display the full calendar). ... Vienna (German: , see also other names) is the capital of Austria, and also one of the nine States of Austria. ... March 23 is the 82nd day of the year in the Gregorian Calendar (83rd in leap years). ... 1992 (MCMXCII) was a leap year starting on Wednesday. ... Freiburg city from Schlossberg Freiburg im Breisgau is a city in Baden-Württemberg, Germany, in the Breisgau region, on the western edge of the southern Black Forest (German: Schwarzwald) with about 214,000 inhabitants. ... Alan Greenspan, former chairman, United States Federal Reserve. ... The Politics series Politics Portal This box:      Political philosophy is the study of fundamental questions about the state, government, politics, liberty, justice, property, rights, law and the enforcement of a legal code by authority: what they are, why (or even if) they are needed, what makes a government legitimate, what... Liberal democracy is a form of government. ... A free market is an idealized market, where all economic decisions and actions by individuals regarding transfer of money, goods, and services are voluntary, and are therefore devoid of coercion and theft (some definitions of coercion are inclusive of theft). Colloquially and loosely, a free market economy is an economy... Socialism refers to a broad array of doctrines or political movements that envisage a socio-economic system in which property and the distribution of wealth are subject to social control. ... Collectivism is a term used to describe any moral, political, or social outlook, that stresses human interdependence and the importance of a collective, rather than the importance of separate individuals. ... The Austrian School, also known as “the Vienna School” and as “the Psychological School”, is a school of economic thought that advocates adherence to strict methodological individualism. ... Jurisprudence is the theory and philosophy of law. ... Cognitive science is usually defined as the scientific study either of mind or of intelligence (e. ... The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel[1] (Swedish: Sveriges Riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne), commonly called the Nobel Prize in Economics, or more acurately the Nobel Memorial Prize in Economic Sciences, is a prize awarded each year for outstanding intellectual... Gunnar Myrdal (December 6, 1898 – May 17, 1987) was a Swedish economist and politician. ... Monetary policy is the government or central bank process of managing money supply to achieve specific goals—such as constraining inflation, maintaining an exchange rate, achieving full employment or economic growth. ... // [edit] Introduction [edit] Definition If we were to take snapshots of an economy at different points in time, no two photos would look alike. ... Motto: (Out Of Many, One) (traditional) In God We Trust (1956 to date) Anthem: The Star-Spangled Banner Capital Washington D.C. Largest city New York City None at federal level (English de facto) Government Federal constitutional republic  - President George Walker Bush (R)  - Vice President Dick Cheney (R) Independence from... The Presidential Medal of Freedom The Presidential Medal of Freedom is one of the two highest civilian awards in the United States and is bestowed by the President of the United States (the other major civilian award which is considered its equivalent is the Congressional Gold Medal of Honor, which...

Contents

Life

Hayek was born in Vienna in an aristocratic family of prominent intellectuals working in the fields of statics and biology. His father published a major botanical treatise while working as a doctor in the government's social welfare system. On his mother's side, he was second cousin to the philosopher Ludwig Wittgenstein. At the University of Vienna, he earned doctorates in law and political science in 1921 and 1923 respectively, and he also studied psychology and economics with keen interest. Initially sympathetic to socialism, Hayek's economic thinking was transformed during his student years in Vienna through attending Ludwig von Mises' private seminars along with Fritz Machlup and other young students. He was a student of Friedrich von Wieser. Vienna (German: , see also other names) is the capital of Austria, and also one of the nine States of Austria. ... Ludwig Josef Johann Wittgenstein (IPA: ) (April 26, 1889 – April 29, 1951) was an Austrian philosopher who contributed several ground-breaking works to contemporary philosophy, primarily on the foundations of logic, the philosophy of mathematics, the philosophy of language, and the philosophy of mind. ... The University of Vienna (German: Universität Wien) in Vienna, Austria is the oldest university in the current Austro-Hungarian domain; it formally opened in 1365. ... Psychology is an academic or applied discipline involving the scientific study of mental processes such as perception, cognition, emotion, personality, behavior, and interpersonal relationships. ... Ludwig Heinrich Edler von Mises (September 29, 1881 – October 10, 1973) was a notable economist and a major influence on the modern libertarian movement. ... Fritz Machlup (December 15, 1902-January 30, 1983) was an Austrian-American economist. ... Friedrich von Wieser Friedrich von Wieser (July 10, 1851 - July 22, 1926) was an early member of the Austrian School of economics. ...


Hayek worked as a research assistant to Prof. Jeremiah Jenks of New York University from 1923 to 1924. He then worked for the Austrian government helping to work out the legal and economic details of the international treaty ending World War I. Hayek then set up and became director of the Austrian Institute for Business Cycle Research before joining the faculty of the London School of Economics at the behest of Lionel Robbins in 1931. Unwilling to return to Austria after its annexation to Nazi Germany, Hayek became a British citizen in 1938, a status he held for the remainder of his life. Jeremiah Whipple Jenks (1856—1929) was an American economist who held professorships at both Cornell University and New York University. ... New York University (NYU) is a major research university in New York City. ... Combatants Allied Powers: Russian Empire France British Empire Italy United States Central Powers: Austria-Hungary German Empire Ottoman Empire Bulgaria Commanders Nikolay II Aleksey Brusilov Georges Clemenceau Joseph Joffre Ferdinand Foch Robert Nivelle Herbert H. Asquith D. Lloyd George Sir Douglas Haig Sir John Jellicoe Victor Emmanuel III Luigi Cadorna... A brothel, also known as a bordello or whorehouse, is an establishment specifically dedicated to prostitution. ... Lionel Charles Robbins, Baron Robbins (1898 - 1984) was a British economist of the 20th century who proposed one of the early contemporary definitions of economics, Economics is a science which studies human behavior as a relationship between ends and scarce means which have alternative uses. ...


In the 1930s, Hayek enjoyed a considerable reputation as a leading economic theorist, but his models were not received well by the followers of John Maynard Keynes. Debate between the two schools of thought continues to this day. Hayek's positions have gained in currency in the US and UK since the late 1970s; support for Hayek grew as conservative politicians in those countries' governments consolidated power. In 1950, Hayek left the London School of Economics for the University of Chicago, becoming a professor in the Committee on Social Thought. (Hayek's position was unpaid and he was barred from entering the Economics department because of his Austrian economic views by one member whom he would not name and many speculate was Frank Knight. For his livelihood he depended on donations from private philanthropists.) At Chicago, he found himself amongst other prominent economists, such as Milton Friedman, but, by this time, Hayek had turned his interests towards political philosophy and psychology — although he continued to work on economics issues, and most of his economic notes from this period have yet to be published. From 1962, until his retirement in 1968, he was a professor at the University of Freiburg. John Maynard Keynes (right) and Harry Dexter White at the Bretton Woods Conference John Maynard Keynes, 1st Baron Keynes, CB (pronounced canes, IPA ) (5 June 1883 – 21 April 1946) was a British economist whose ideas, called Keynesian economics, had a major impact on modern economic and political theory as well... A brothel, also known as a bordello or whorehouse, is an establishment specifically dedicated to prostitution. ... The University of Chicago is a private university located principally in the Hyde Park neighborhood of Chicago. ... The Committee on Social Thought, one of several PhD-granting committees at the University of Chicago, was started in 1941 by the historian John U. Nef along with economist Frank Knight, anthropologist Robert Redfield, and University President Robert Maynard Hutchins. ... Frank Hyneman Knight (November 7, 1885 - April 15, 1972) was an important economist in the first half of the twentieth century. ... Economists are scholars conducting research in the field of economics. ... Milton Friedman (July 31, 1912 – November 16, 2006) was an American economist and public intellectual who made major contributions to the fields of macroeconomics, microeconomics, economic history and statistics while advocating laissez-faire capitalism. ... The Politics series Politics Portal This box:      Political philosophy is the study of fundamental questions about the state, government, politics, liberty, justice, property, rights, law and the enforcement of a legal code by authority: what they are, why (or even if) they are needed, what makes a government legitimate, what... Psychology is an academic or applied discipline involving the scientific study of mental processes such as perception, cognition, emotion, personality, behavior, and interpersonal relationships. ... Albert Ludwigs University of Freiburg (German Albert-Ludwigs-Universität Freiburg ) was founded 1457 in Freiburg by the Habsburgs. ...


In 1974, he shared the Nobel Memorial Prize in Economics, causing a revival of interest in the Austrian school of economics. In 1984, he was appointed as a member of the Order of the Companions of Honour by Queen Elizabeth II of the United Kingdom on the advice of British Prime Minister Margaret Thatcher for his 'services to the study of economics'. Later, he was a visiting professor at the University of Salzburg. In 1991 George H. W. Bush awarded Hayek with the Presidential Medal of Freedom, one of the two highest civilian awards in the United States, for a "lifetime of looking beyond the horizon". Hayek died in 1992 in Freiburg, Germany. The Bank of Sweden Prize in Economic Sciences (Swe. ... The Austrian School, also known as “the Vienna School” and as “the Psychological School”, is a school of economic thought that advocates adherence to strict methodological individualism. ... The Order of the Companions of Honour is a British and Commonwealth Order. ... Elizabeth II (Elizabeth Alexandra Mary Windsor; born 21 April 1926) is Queen of sixteen sovereign states, holding each crown and title equally. ... The Prime Minister of the United Kingdom of Great Britain and Northern Ireland is, in practice, the political leader of the the United Kingdom. ... Margaret Hilda Thatcher, Baroness Thatcher, LG, OM, PC, FRS (born 13 October 1925), is the former Prime Minister of the United Kingdom, in office from 1979 to 1990. ... The University of Salzburg, or Paris Lodron University (German Universität Salzburg) after its founder, the Prince Archbishop Paris Lodron, is located in the Austrian city of Salzburg, home of Mozart. ... George Herbert Walker Bush GCB (born June 12, 1924) was the 41st President of the United States of America serving from 1989 to 1993. ... The Presidential Medal of Freedom The Presidential Medal of Freedom is one of the two highest civilian awards in the United States and is bestowed by the President of the United States (the other major civilian award which is considered its equivalent is the Congressional Gold Medal of Honor, which...


Work

The economic calculation problem

Hayek was one of the leading academic critics of collectivism in the 20th century. Hayek believed that all forms of collectivism (even those theoretically based on voluntary cooperation) could only be maintained by a central authority of some kind. In his popular book, The Road to Serfdom (1944) and in subsequent works, Hayek claimed that socialism required central economic planning and that such planning in turn had a risk of leading towards totalitarianism, because the central authority would have to be endowed with powers that would impact social life as well, and because the scope of knowledge required for central planning is inherently decentralized. Collectivism is a term used to describe any moral, political, or social outlook, that stresses human interdependence and the importance of a collective, rather than the importance of separate individuals. ... The Road to Serfdom is a book written by the economist Friedrich A. Hayek and originally published by University of Chicago Press on September, 1944. ... Totalitarianism is a term employed by political scientists, especially those in the field of comparative politics, to describe modern regimes in which the state regulates nearly every aspect of public and private behavior. ...


Building on the earlier work of Mises and others, Hayek also argued that, in centrally-planned economies, an individual or a select group of individuals must determine the distribution of resources, but that these planners will never have enough information to carry out this allocation reliably. The efficient exchange and use of resources, Hayek claimed, can be maintained only through the price mechanism in free markets (see economic calculation problem). In The Use of Knowledge in Society (1945), Hayek argued that the price mechanism serves to share and synchronize local and personal knowledge, allowing society's members to achieve diverse, complicated ends through a principle of spontaneous self-organization. He coined the term catallaxy to describe a "self-organizing system of voluntary co-operation." In economics and business, the price is the assigned numerical monetary value of a good, service or asset. ... The economic calculation problem is a criticism of socialist economics. ... Self-organization refers to a process in which the internal organization of a system, normally an open system, increases automatically without being guided or managed by an outside source. ... Catallactics is the praxeological theory of the way the market economy reaches exchange ratios and prices. ...


In Hayek's view, the central role of the state should be to maintain the rule of law, with as little arbitrary intervention as possible. The rule of law is the principle that governmental authority is legitimately exercised only in accordance with written, publicly disclosed laws adopted and enforced in accordance with established procedure. ...


Spontaneous order

Hayek viewed the free price system, not as a conscious invention (that which is intentionally designed by man), but as spontaneous order, or what is referred to as "that which is the result of human action but not of human design". Thus, Hayek put the price mechanism on the same level as, for example, language. Such thinking led him to speculate on how the human brain could accommodate this evolved behavior. In The Sensory Order (1952), he proposed, independently of Donald Hebb, the connectionist hypothesis that forms the basis of the technology of neural networks and of much of modern neurophysiology. A free price system (informally called the price system or the price mechanism) is an economic system where prices are not set by government but by the interchange of supply and demand, with the resulting prices being understood as signals that are communicated between producers and consumers which serve to... Donald Olding Hebb (July 22, 1904-August 20, 1985) was a Canadian psychologist who was influentian in the area of neuropsychology, where he sought to understand how the function of neurons contributed to psychological processes such as learning. ... Connectionism is an approach in the fields of artificial intelligence, cognitive science, neuroscience, psychology and philosophy of mind. ... A neural network is an interconnected group of neurons. ... Neurophysiology is a part of physiology as a science, which is concerned with the study of the nervous system. ...


Hayek attributed the birth of civilization to private property in his book The Fatal Conceit (1988). According to him, price signals are the only possible way to let each economic decision maker communicate tacit knowledge or dispersed knowledge to each other, in order to solve the economic calculation problem. This page deals with property as ownership rights. ... This article or section does not cite its references or sources. ... In economics, dispersed knowledge is information that is dispersed throughout the marketplace, and is not in the hands of any single agent. ... The economic calculation problem is a criticism of socialist economics. ...


The business cycle

Hayek's writings on capital, money, and the business cycle are widely regarded as his most important contributions to economics. Mises had earlier explained monetary and banking theory in his Theory of Money and Credit (1912), applying the marginal utility principle to the value of money and then proposing a new theory of industrial fluctuations based on the concepts of the British Currency School and the ideas of the Swedish economist Knut Wicksell. Hayek used this body of work as a starting point for his own interpretation of the business cycle, which defended what later become known as the "Austrian Theory of the Business Cycle". In his Prices and Production (1931) and The Pure Theory of Capital (1941), he explained the origin of the business cycle in terms of central bank credit expansion and its transmission over time in terms of capital misallocation caused by artificially low interest rates. Capital has a number of related meanings in economics, finance and accounting. ... // [edit] Introduction [edit] Definition If we were to take snapshots of an economy at different points in time, no two photos would look alike. ... Ludwig Heinrich Edler von Mises (September 29, 1881 – October 10, 1973) was a notable economist and a major influence on the modern libertarian movement. ... In economics, marginal utility is the additional utility (satisfaction or benefit) that a consumer derives from an additional unit of a commodity or service. ... The British Currency School was group of British economists active in the 1840s and 1850s who argued that excessive issue of banknotes was a major cause of price inflation, and believed that, in order to restrict circulation, issuers of new banknotes should be required to hold an equivalent value of... Knut Wicksell, Swedish economist Johan Gustaf Knut Wicksell, (December 20, 1851 Stockholm -May 3, 1926 Stocksund ) was a Swedish economist. ... The Austrian business cycle theory is in many ways the quintessence of Austrian economics, as it integrates so many ideas that are unique to that school of thought, such as capital structure, monetary theory, economic calculation, and entrepreneurship. ... An interest rate is the price a borrower pays for the use of money he does not own, and the return a lender receives for deferring his consumption, by lending to the borrower. ...


The "Austrian business cycle theory" has been criticized by advocates of rational expectations and other components of neoclassical economics, who point to the neutrality of money and to the real business cycle theory as providing a sounder understanding of the phenomenon. Hayek, in his 1939 book Profits, Interest and Investment, distanced himself from a position held by other theorists of the Austrian School, such as Mises and later Rothbard, in beginning to shun the wholly monetary theory of the business cycle in favor of a more eccentric understanding based more on profits than on interest rates. Hayek explicitly notes that most of the more accurate explanations of the business cycle place more emphasis on real instead of nominal variables. He also notes that this more eccentric explanation model of the business cycle which he proposes cannot be wholly reconciled with any specific "Austrian" theory. Rational expectations is a theory in economics originally proposed by John F. Muth (1961) and later developed by Robert E. Lucas Jr. ... Neoclassical economics refers to a general approach (a metatheory) to economics based on supply and demand which depends on individuals (or any economic agent) operating rationally, each seeking to maximize their individual utility or profit by making choices based on available information. ... In economics, neutrality of money occurs whenever a change in the stock of money affects only nominal variables in the economy such as prices, wages and exchange rates. ... The model of Real Business Cycles (RBCs) is a macroeconomics model formulated principally by Robert Lucas Jr, Finn E. Kydland and Edward C. Prescott, building upon the ideas of John F. Muth. ... The Austrian School, also known as “the Vienna School” and as “the Psychological School”, is a school of economic thought that advocates adherence to strict methodological individualism. ... Murray Newton Rothbard (March 2, 1926 – January 7, 1995) was a highly influential American economist, historian and natural law theorist belonging to the Austrian School of Economics who helped define modern libertarianism and anarcho-capitalism. ...


Social and political philosophy

Hayek is more well known as an economist than as a philosopher. In the latter half of his career Hayek did make a number of contributions to social and political philosophy, which he based on his views on the limits of human knowledge[4], and the idea of spontaneous order in social institutions. He argues in favor of a society organized around a market order, in which the apparatus of state is employed solely to secure the peace necessary for a market of free individuals to function. These ideas were informed by a moral philosophy derived from epistemological concerns regarding the inherent limits of human knowledge. Social philosophy is the philosophical study of interesting questions about social behavior (typically, of humans). ... The Politics series Politics Portal This box:      Political philosophy is the study of fundamental questions about the state, government, politics, liberty, justice, property, rights, law and the enforcement of a legal code by authority: what they are, why (or even if) they are needed, what makes a government legitimate, what...


In his philosophy of science, which has much in common with that of his good friend Karl Popper, Hayek was highly critical of what he termed scientism: a false understanding of the methods of science that has been mistakenly forced upon the social sciences, but that is contrary to the practices of genuine science. Usually scientism involves combining the philosophers' ancient demand for demonstrative justification with the associationists' false view that all scientific explanations are simple two-variable linear relationships. Hayek points out that much of science involves the explanation of complex multi-variable and non-linear phenomena, and that the social science of economics and undesigned order compares favorably with such complex sciences as Darwinian biology. These ideas were developed in The Counter-Revolution of Science: Studies in the Abuse of Reason, 1952 and in some of Hayek's later essays in the philosophy of science such as "Degrees of Explanation" and "The Theory of Complex Phenomena". Philosophy of science studies the philosophical assumptions, foundations, and implications of science, including the formal sciences, natural sciences, and social sciences. ... Sir Karl Raimund Popper, CH, FRS, FBA, (July 28, 1902 – September 17, 1994), was an Austrian born naturalized British[1] philosopher and a professor at the London School of Economics. ... Scientism is a term mainly used as a pejorative[1][2][3] to accuse someone of holding that science has primacy over all other interpretations of life such as religious, mythical, spiritual, or humanistic explanations. ...


In The Sensory Order: An Inquiry into the Foundations of Theoretical Psychology (1952), Hayek independently developed a "Hebbian learning" model of learning and memory — an idea which he first conceived in 1920, prior to his study of economics. Hayek's expansion of the "Hebbian synapse" construction into a global brain theory has received continued attention among the best minds in neuroscience, cognitive science, computer science, behavioral science, and evolutionary psychology. Hebbian learning is a hypothesis for how neuronal connections are enforced in mammalian brains; it is also a technique for weight selection in artificial neural networks. ... Cognitive science is usually defined as the scientific study either of mind or of intelligence (e. ... Evolutionary psychology (abbreviated ev-psych or EP) is a theoretical approach to psychology that attempts to explain certain mental and psychological traits—such as memory, perception, or language—as evolved adaptations, i. ...


Hayek and conservatism

Hayek attracted new attention in the 1980s and 1990s with the rise of conservative governments in the United States and the United Kingdom. Margaret Thatcher, the Conservative British prime minister from 1979 to 1990, was an outspoken devotée of Hayek's writings. Shortly after Thatcher became Leader of the party, she “reached into her briefcase and took out a book. It was Friedrich von Hayek's The Constitution of Liberty. Interrupting [the speaker], 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.”[5] After winning the 1979 election, Thatcher appointed Keith Joseph, the director of the Hayekian Centre for Policy Studies, as her secretary of state for industry in an effort to redirect parliament’s economic strategies. Likewise, some of Ronald Reagan’s economic advisors were friends of Hayek.[6]. Margaret Hilda Thatcher, Baroness Thatcher, LG, OM, PC, FRS (born 13 October 1925), is the former Prime Minister of the United Kingdom, in office from 1979 to 1990. ... The Constitution of Liberty is one of the most important books of the Austrian economist and founder of the Mont Pelerin Society, Friedrich A. Hayek. ... Keith Sinjohn Joseph, Baron Joseph, Bt, CH , PC (17 January 1918–10 December 1994) was a British barrister, politician, and Conservative Cabinet Minister under three different Ministries. ...


Hayek wrote an essay entitled Why I Am Not a Conservative[7], (included as an appendix to The Constitution of Liberty) in which he disparaged conservatism for its inability to adapt to changing human realities or to offer a positive political program. His criticism was aimed primarily at European-style conservatism, which has often opposed capitalism as a threat to social stability and traditional values. Hayek identified himself as a classical liberal, but noted that in the United States it had become almost impossible to use "liberal" in the older sense that he gave to the term. In the U.S., Hayek is often described as a “libertarian”, but his preference was for “Old Whig” (a phrase borrowed from Edmund Burke). Conservatism is a political philosophy that usually favors traditional values and strong foreign defense. ... Liberalism is a political current embracing several historical and present-day ideologies that claim defense of individual liberty as the purpose of government. ... In English-speaking countries, libertarianism usually refers to a political philosophy maintaining that every person is the absolute owner of their own life and should be free to do whatever they wish with their person or property, as long as they respect the liberty of others. ... The Whigs (with the Tories) are often described as one of two political parties in England and later the United Kingdom from the late 17th to the mid 19th centuries. ... Edmund Burke (12 January 1729 – 9 July 1797) was an Anglo-Irish statesman, author, orator, political theorist, and philosopher, who served for many years in the British House of Commons as a member of the Whig party. ...


Influence and recognition

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By 1947, Hayek was an organizer of the Mont Pelerin Society, a group of classical liberals who sought to oppose what they saw as "socialism" in various areas. In his speech at the 1974 Nobel Prize banquet, Hayek, whose work emphasized the fallibility of individual knowledge about economic and social arrangements, expressed his misgivings about a political entity giving away such a prize, as he feared it would politicize economics even more. Liberalism is an ideology, philosophical view, and political tradition which holds that liberty is the primary political value. ... Politics is the process by which groups make decisions. ... Liberalism is an ideology, philosophical view, and political tradition which holds that liberty is the primary political value. ... This is an (partial) overview of individuals that contributed to the development of liberal theory on a worldwide scale and therefore are strongly associated with the liberal tradition and instrumental in the exposition of political liberalism as a philosophy. ... Classical liberalism (also called laissez-faire liberalism[1]) is a term used: to label the philosophy developed by early liberals from the Age of Enlightenment until John Stuart Mill [2] to label the revived economic liberalism of the 20th century, seen in work by Friedrich Hayek[3] and Milton Friedman. ... This article or section does not cite its references or sources. ... Cultural liberalism is a form of liberalism which stresses the freedom of the individual from what Lord Acton called the tyrany of the majority, the right of the non-conformist to march to a different drummer. ... The liberal theory of economics is the theory of economics begun in the Englightenment, and believed to be first fully forumulated by Adam Smith. ... This article or section does not cite its references or sources. ... This article is about political philosophy of Ordoliberalism. ... This article is being considered for deletion in accordance with Wikipedias deletion policy. ... Social liberalism is either a synonym for new liberalism or a label used by progressive liberal parties in order to differentiate themselves from the more conservative liberal parties, especially when there are two or more liberal parties in a country. ... This is an (partial) overview of individuals that contributed to the development of liberal theory on a worldwide scale and therefore are strongly associated with the liberal tradition and instrumental in the exposition of political liberalism as a philosophy. ... The examples and perspective in this article or section may not represent a worldwide view. ... Individualism is a term used to describe a moral, political, or social outlook that stresses human independence and the importance of individual self-reliance and liberty. ... Laissez-faire is short for laissez faire, laissez passer, a French phrase meaning to let things alone, let them pass. First used by the eighteenth century Physiocrats as an injunction against government interference with trade, it is now used as a synonym for strict free market economics. ... Capitalism generally refers to an economic system in which the means of production are mostly privately[1] owned and operated for profit, and in which distribution, production and pricing of goods and services are determined in a largely free market. ... Liberal democracy is a form of government. ... Liberal neutrality is the idea that the liberal state should not promote any particular conception of the good. This idea formed a cornerstone of John Rawls work and has been developed by many other liberal thinkers e. ... The philosophical concept of negative liberty refers to an individuals liberty from being subjected to the authority of others. ... Positive liberty is an idea that was first expressed and analyzed as a separate conception of liberty by John Stuart Mill but most notably described by Isaiah Berlin. ... Liberty is generally considered a concept of political philosophy and identifies the condition in which an individual has immunity from the arbitrary exercise of authority. ... A free market is an idealized market, where all economic decisions and actions by individuals regarding transfer of money, goods, and services are voluntary, and are therefore devoid of coercion and theft (some definitions of coercion are inclusive of theft). Colloquially and loosely, a free market economy is an economy... A mixed economy is an economy that has a mix of economic systems. ... An open society is a concept originally developed by philosopher Henri Bergson. ... This article discusses liberalism as a major political current in specific regions and countries. ... Liberal International is a political international for international liberal parties. ... The International Federation of Liberal & Radical Youth (IFLRY) is an international grouping of Liberal parties - it is the youth wing of the Liberal International. ... The European Liberal Democrat and Reform Party (founded in 1993) is a liberal party, mainly active in the European Union, composed of 49 national liberal and centrist parties from across Europe. ... ALDE logo The Alliance of Liberals and Democrats for Europe (French: Alliance des Démocrates et des Libéraux pour lEurope) is a Group in the European Parliament. ... European Liberal Youth (LYMEC - Liberal Youth Movement of the European Community) is an international organisation of Liberal youth movements - mostly the youth wings of members of the European Liberal, Democrat and Reform Party. ... The Council of Asian Liberals and Democrats is a regional organization of liberal and democratic political parties in Asia. ... The Africa Liberal Network is composed of 16 parties in Africa, from 14 different countries, and is an associated organisation of Liberal International, the political family to which Liberal Democratic parties belong. ... The Liberal Network for Latin America (Red Liberal de América Latina, RELIAL) is an international network founded in 2003 with the official launch taking place in Costa Rica November 2004. ... The Liberal Network for Latin America (Red Liberal de América Latina, RELIAL) is an international network founded in 2003 with the official launch taking place in Costa Rica November 2004. ... The Mont Pelerin Society (MPS) is an international organization composed of economists, intellectuals, business leaders, and others who favour economic liberalism. ...


While there is some dispute as to the matter of influence, Hayek had a long standing and close friendship with philosopher of science Karl Popper, also from Vienna. In a letter to Hayek in 1944, Popper stated, "I think I have learnt more from you than from any other living thinker, except perhaps Alfred Tarski." (See Hacohen, 2000). Popper dedicated his Conjectures and Refutations to Hayek. For his part, Hayek dedicated a collection of papers, Studies in Philosophy, Politics, and Economics, to Popper, and in 1982 said, "...ever since his Logik der Forschung first came out in 1934, I have been a complete adherent to his general theory of methodology." (See Weimer and Palermo, 1982). Popper also participated in the inaugural meeting of the Mont Pelerin Society. Their friendship and mutual admiration, however, do not change the fact that there are important differences between their ideas (See Birner, 2001). Sir Karl Raimund Popper, CH, FRS, FBA, (July 28, 1902 – September 17, 1994), was an Austrian born naturalized British[1] philosopher and a professor at the London School of Economics. ... // Alfred Tarski (January 14, 1902, Warsaw, Russian-ruled Poland – October 26, 1983, Berkeley, California) was a logician and mathematician who spent four decades as a professor of mathematics at the University of California, Berkeley. ...


Having heavily influenced Margaret Thatcher's economic approach, and some of Ronald Reagan's economic advisors, in the 1990's Hayek became one of the most-respected economists in Eastern Europe. There is a general consensus that his analyses of socialist as well as non-socialist societies were proven prescient by the breakup of communist Eastern Europe.


Hayek's greatest intellectual debt was to Carl Menger, who pioneered an approach to social explanation similar to that developed in Britain by Bernard Mandeville and the Scottish moral philosophers. He had a wide-reaching influence on contemporary economics, politics, philosophy, sociology, psychology and anthropology. For example, Hayek's discussion in The Road to Serfdom (1944) about truth, falsehood and the use of language influenced some later opponents of postmodernism (e.g., Wolin 2004). The Road to Serfdom is a book written by the economist Friedrich A. Hayek and originally published by University of Chicago Press on September, 1944. ... Postmodernism (sometimes abbreviated as Pomo or PoMo) is a term used in a variety of contexts to describe social conditions, movements in the arts, economic and social conditions and scholarship from the perspective that there is a definable and differentiable period after the modern, or that the 20th century can...


Even after his death, Hayek's intellectual presence was noticeable, especially in the universities where he had taught: the London School of Economics, the University of Chicago, and the University of Freiburg. A number of tributes resulted, many posthumous. A student-run group at the LSE Hayek Society, was established in his honor. At Oxford University, there is also a Hayek Society. The Cato Institute, one of Washington, D.C.'s leading think tanks, named its lower level auditorium after Hayek, who had been a Distinguished Senior Fellow at Cato during his later years. Also, the auditorium of the school of economics in Universidad Francisco Marroquín in Guatemala is named after him. The LSE (London School of Economics) Hayek Society supports classical liberalism, free market economics, free trade, and the spread of democracy worldwide. ... The University of Oxford, located in the city of Oxford in England, is the oldest university in the English-speaking world. ... The Cato Institute is a libertarian think tank headquartered in Washington, D.C. The Institutes stated mission is to broaden the parameters of public policy debate to allow consideration of the traditional American principles of limited government, individual liberty, free markets, and peace by seeking greater involvement of the... Universidad Francisco Marroquín (Francisco Marroquín University) is a private, secular, university in Guatemala City, Guatemala that was founded in 1971. ...


Selected bibliography

See also: List of books by Friedrich Hayek This is the chronological list of books by the Austrian economist and philosopher Friedrich Hayek. ...

The Road to Serfdom is a book written by the economist Friedrich A. Hayek and originally published by University of Chicago Press on September, 1944. ... The Constitution of Liberty is one of the most important books of the Austrian economist and founder of the Mont Pelerin Society, Friedrich A. Hayek. ... Law, Legislation and Liberty is the 1973 magnum opus in three volumes by Nobel laureate economist and political philosopher Friedrich Hayek. ...

Notes

  1. ^ Edward Feser (edt), The Cambridge Companion to Hayek, Cambridge University Press (2007), ISBN 0521849772, p.13
  2. ^ Bank of Sweden (1974). The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1974.
  3. ^ George H. W. Bush (1991-11-18). Remarks on Presenting the Presidential Medal of Freedom Awards.
  4. ^ The Use of Knowledge in Society
  5. ^ John Ranelagh, Thatcher's People: An Insider's Account of the Politics, the Power, and the Personalities. 1991
  6. ^ Muller, Jerry Z. The Mind and the Market. Anchor Books, New York. 2003.
  7. ^ Why I Am Not a Conservative

The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel[1] (Swedish: Sveriges Riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne), commonly called the Nobel Prize in Economics, or more acurately the Nobel Memorial Prize in Economic Sciences, is a prize awarded each year for outstanding intellectual... George Herbert Walker Bush GCB (born June 12, 1924) was the 41st President of the United States of America serving from 1989 to 1993. ... 1991 (MCMXCI) was a common year starting on Tuesday of the Gregorian calendar. ... November 18 is the 322nd day of the year (323rd in leap years) in the Gregorian Calendar. ...

Bibliography

  • Birner, Jack, 2001, "The mind-body problem and social evolution," CEEL Working Paper 1-02.
  • Birner, Hack, and Rudy van Zijp, eds., Hayek: Co-ordination and Evolution: His legacy in philosophy, politics, economics and the history of ideas (1994)
  • Caldwell, Bruce, 2005. Hayek's Challenge: An Intellectual Biography of F.A. Hayek.
  • Brian Doherty. 2007. Radicals for Capitalism: A Freewheeling History of the Modern American Libertarian Movement
  • Ebenstein, Alan O., 2001. Friedrich Hayek: A Biography.
  • Gray, John, 1998. Hayek on Liberty.
  • Hacohen, Malachi, 2000. Karl Popper: The Formative Years, 1902 – 1945.
  • Kasper, Sherryl, 2002, The Revival of Laissez-Faire in American Macroeconomic Theory: A Case Study of Its Pioneers. Chpt. 4.
  • Kley, Roland, 1994. Hayek's Social and Political Thought. Oxford Univ. Press.
  • Muller, Jerry Z., 2002. The Mind and the Market: Capitalism in Western Thought. Anchor Books.
  • Rosenof, Theodore, 1974, "Freedom, Planning, and Totalitarianism: The Reception of F. A. Hayek's Road to Serfdom," Canadian Review of American Studies.
  • Shearmur; Jeremy, 1996. Hayek and after: Hayekian Liberalism as a Research Programme. Routledge.
  • Touchie, John, 2005. Hayek and Human Rights: Foundations for a Minimalist Approach to Law. Edward Elgar.
  • Weimer, W., and Palermo, D., eds., 1982. Cognition and the Symbolic Processes. Lawrence Erlbaum Associates. Contains Hayek's essay, "The Sensory Order after 25 Years" with "Discussion."
  • Wolin, R. 2004. The Seduction of Unreason: The Intellectual Romance with Fascism from Nietzsche to Postmodernism. Princeton University Press, Princeton.

See also

Spontaneous order (sometimes called self-organization) is a phenomenon that happens when individuals each follow a set of self-interest-based rules without a central authority designing a plan for everyone. ... In economics, dispersed knowledge is information that is dispersed throughout the marketplace, and is not in the hands of any single agent. ... The rule of law is the principle that governmental authority is legitimately exercised only in accordance with written, publicly disclosed laws adopted and enforced in accordance with established procedure. ... The Austrian School, also known as “the Vienna School” and as “the Psychological School”, is a school of economic thought that advocates adherence to strict methodological individualism. ... Austrian School economist Carl Menger Carl Menger Carl Menger (February 28, 1840 – February 26, 1921) was the founder of the Austrian School of economics. ... Eugen von Böhm-Bawerk Eugen von Böhm-Bawerk (February 12, 1851 - August 27, 1914) made important contributions to the development of Austrian economics. ... Ludwig Heinrich Edler von Mises (September 29, 1881 – October 10, 1973) was a notable economist and a major influence on the modern libertarian movement. ... Israel Meir Kirzner (Yisroel Mayer Kirzner) (born February 13, 1930) is a leading economist in the Austrian School. ... Murray Newton Rothbard (March 2, 1926 – January 7, 1995) was a highly influential American economist, historian and natural law theorist belonging to the Austrian School of Economics who helped define modern libertarianism and anarcho-capitalism. ... Roger Garrison is a professor who is currently at Auburn University. ... The Chicago School of Economics is a school of thought in economics; it refers to the style of economics practiced at and disseminated from the University of Chicago after 1946. ... Milton Friedman (July 31, 1912 – November 16, 2006) was an American economist and public intellectual who made major contributions to the fields of macroeconomics, microeconomics, economic history and statistics while advocating laissez-faire capitalism. ... George Joseph Stigler (1911 - 1991) was a U.S. economist. ... Thomas Sowell Thomas Sowell (born 30 June 1930), is an American economist, political writer, and commentator. ... The Mont Pelerin Society (MPS) is an international organization composed of economists, intellectuals, business leaders, and others who favour economic liberalism. ... This is a list of Austrian scientists. ... The following list is an election of famous Austrians. ... This article is part of or related to the Liberalism series Categories: Politics stubs | Liberal related stubs | Liberalism by country | Austrian political parties ...

External links

Wikiquote has a collection of quotations related to:
Persondata
NAME Hayek, Friedrich August von
ALTERNATIVE NAMES
SHORT DESCRIPTION Austrian, later British, economist and political philosopher; Nobel Memorial Prize winner; professor; Austrian school member; supported free markets and liberal democracy; anti-Marxist
DATE OF BIRTH May 8, 1899
PLACE OF BIRTH Vienna, Austria-Hungary (now Austria)
DATE OF DEATH March 23, 1992
PLACE OF DEATH Freiburg, Baden-Württemberg, Germany

  Results from FactBites:
 
FRIEDRICH A. HAYEK (5128 words)
Friedrich August von Hayek (1899-), a central figure in twentieth-century economics and foremost representative of the Austrian tradition, 1974 Nobel laureate in Economics, a prolific author not only in the field of economics but also in the fields of political philosophy, psychology, and epistemology, was born in Vienna, Austria on May 8, 1899.
Hayek soon came to be a vigorous participant in the debates that raged in England during the 1930s concerning monetary, capital, and business-cycle theories and was a major figure in the celebrated controversies with John Maynard Keynes, Piero Sraffa, and Frank H. Knight.
Hayek integrated his own developments in these fields into a cohesive account of a market process that tends towards intertemporal coordination and of central-bank policies that can interfere with that process in such a way as to cause artificial economic booms which are inevitably followed by economic busts.
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