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Friedrich August Hayek - Econlib
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He made fundamental contributions in political theory, psychology, and economics. In a field in which the relevance of ideas often is eclipsed by expansions on an initial theory, many of his contributions are so remarkable that people still read them more than fifty […]" /> <meta property="og:url" content="https://www.econlib.org/library/Enc/bios/Hayek.html" /> <meta property="og:site_name" content="Econlib" /> <meta property="article:modified_time" content="2022-12-23T19:44:28+00:00" /> <meta property="og:image" content="https://www.econlib.org/wp-content/uploads/2018/02/fluctuations.jpg" /> <meta property="og:image:width" content="999" /> <meta property="og:image:height" content="310" /> <meta property="og:image:type" content="image/jpeg" /> <meta name="twitter:card" content="summary_large_image" /> <meta name="twitter:label1" content="Est. reading time" /> <meta name="twitter:data1" content="9 minutes" /> <script type="application/ld+json" class="yoast-schema-graph">{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://www.econlib.org/library/Enc/bios/Hayek.html","url":"https://www.econlib.org/library/Enc/bios/Hayek.html","name":"Friedrich August Hayek - Econlib","isPartOf":{"@id":"https://www.econlib.org/#website"},"primaryImageOfPage":{"@id":"https://www.econlib.org/library/Enc/bios/Hayek.html#primaryimage"},"image":{"@id":"https://www.econlib.org/library/Enc/bios/Hayek.html#primaryimage"},"thumbnailUrl":"https://www.econlib.org/wp-content/uploads/2018/02/fluctuations.jpg","datePublished":"2018-02-05T01:45:35+00:00","dateModified":"2022-12-23T19:44:28+00:00","breadcrumb":{"@id":"https://www.econlib.org/library/Enc/bios/Hayek.html#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://www.econlib.org/library/Enc/bios/Hayek.html"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://www.econlib.org/library/Enc/bios/Hayek.html#primaryimage","url":"https://www.econlib.org/wp-content/uploads/2018/02/fluctuations.jpg","contentUrl":"https://www.econlib.org/wp-content/uploads/2018/02/fluctuations.jpg","width":999,"height":310},{"@type":"BreadcrumbList","@id":"https://www.econlib.org/library/Enc/bios/Hayek.html#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://www.econlib.org/"},{"@type":"ListItem","position":2,"name":"Biographies","item":"https://www.econlib.org/biographies/"},{"@type":"ListItem","position":3,"name":"Friedrich August Hayek"}]},{"@type":"WebSite","@id":"https://www.econlib.org/#website","url":"https://www.econlib.org/","name":"Econlib","description":"The Library of Economics and Liberty","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://www.econlib.org/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"}]}</script> <!-- / Yoast SEO plugin. --> <script type="text/javascript"> /* <![CDATA[ */ window._wpemojiSettings = {"baseUrl":"https:\/\/s.w.org\/images\/core\/emoji\/15.0.3\/72x72\/","ext":".png","svgUrl":"https:\/\/s.w.org\/images\/core\/emoji\/15.0.3\/svg\/","svgExt":".svg","source":{"concatemoji":"http:\/\/www.econlib.org\/wp-includes\/js\/wp-emoji-release.min.js?ver=6.7.1"}}; /*! 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/*background:#4a90e2;*/ background:#0d1534; position: absolute; top:31px; left:0; width:100%; } #results-orderby a{ display:block; text-align:center; color:#fff; padding:3px; font-size:14px; } #results-orderby a.orderby-active{ color:#494d5a; } .fa-check{ color:#fff; } .search_result_article{ margin-bottom:20px; padding:10px 0; } .search_result_article .col-6{ padding:0; } .search_result_title a{ color:#1ca5e9; font-size:18px; font-weight:600; } .search_result_content, .sr_meta{ font-size:14px; } .search_result_cat{ font-weight:600; } .search_result_year{ font-style:italic; } .search_tool_wrap #refine_search{ cursor: pointer; } .search_result_content b{ background-color:#FFFF00; } .preloader_wrap{ margin-top:20px; padding:0 20px; position: relative; height:20px; width:100%; overflow:hidden; } .slider{ position:absolute; width:100%; height:5px; overflow-x: hidden; display:none; } .line{ position:absolute; opacity: 0.5; background:#acece6; width:100%; height:5px; } .subline{ position:absolute; background:#26a69a; height:5px; } .inc{ animation: increase 2s infinite; } .dec{ animation: decrease 2s 0.5s infinite; } .sortby-toggle{ text-transform:capitalize; } span.badge.new { font-weight: 300; font-size: 12px; color: #fff; background-color: #26a69a; border-radius: 2px; margin-right:5px; margin-bottom:5px; padding:5px; cursor:pointer; } #divResultSummary{ /*display:block;*/ display:none; margin-top:10px; } @keyframes increase { from { left: -5%; width: 5%; } to { left: 130%; width: 100%;} } @keyframes decrease { from { left: -80%; width: 80%; } to { left: 110%; width: 10%;} } .clear-fix{ clear:both; } .clear-fix::after { content: " "; display: block; height: 0; clear: both; } /* 2nd level menu */ ul.dropdown-menu{ background:#72bdca; position:absolute !important; /*width:100%;*/ text-align:center !important; padding:0; left:auto; } ul.dropdown-menu li a{ font-family:Arial; font-weight:bold; font-size:16px; line-height:16px; padding:10px 5px; } ul.dropdown-menu li a:hover{ color:#fff; } .dropdown-menu a:before{ content:none !important; } .dropdown-item:focus, .dropdown-item:hover{ background:#72bdca; } .nav-main .nav-item:hover{ background:none; } .navbar.nav-main .nav-item.menu-with-icon a:before{ content: none; } nav{ background:#000; line-height:45px; } nav a{ font-family: Arial; font-size:16px; font-weight:bold; color:#9497a6; } .menu-toggle{ float:left; } .econlib_logo{ float:left; text-align:left; margin-bottom:7px; } .econlib_logo span{ display:none; color:#fff; font-size:12px; margin-left:5px; text-align:left; display:none; } .main-header{ padding:20px 8px; display:flex; align-items:center; position:relative; } .logo-wrap{ flex-grow:1; } .nav-wrap{ flex-grow:2; } .search-wrap{ flex-grow:1; } .fa-bars{ font-size:30px; } .fa-search:before{ font-size:25px; } /***********************/ header{ overflow:visible; } .navbar{ position:absolute; top:100%; left:0; z-index:99; width:100% } header .navbar-toggler{ display:block; } #menu-top-menu .menu-item{ text-align:left; } .sp-srpc{ border:0; border-radius:5px; background:#27a79a; color:#fff; padding:5px 20px; display:inline-block; cursor:pointer; } .jump_to_page{ padding: 6px; background: #27a79a; color: #fff; border-radius: 5px; border: 0; } #template_submenu{ background:#72bdca; height:45px; padding:10px 15px; position:relative; } #template_submenu .subnav-parent, #template_submenu .subnav-toggler{ font-family:Arial; font-size:16px; line-height:16px; font-weight:bold; } #template_submenu ul{ display:none; background:#72bdca; position:absolute; top:100%; left:0; width:100%; z-index:9; padding:0; /*display:inline-block; height:45px; line-height:45px; list-style:none; text-align:center; margin:0; padding:0;*/ } #template_submenu.open ul{ display:block; } #template_submenu ul li{ display:block; } #template_submenu ul li a{ color:#212529; font-family:Arial; font-size:16px; font-weight:normal; line-height:16px; display:block; padding:15px 22px !important; text-align:center; } #template_submenu ul li a:hover{ color:#fff; } #template_submenu ul li a.active{ color:#fff; } .subnav-toggler{ color:#fff; cursor:pointer; } .subnav-toggler .fa{ color:#fff; } .nav-link{ padding:15px 5px; } .nav-wrap #menu-top-mobile{ z-index:999; } .nav-wrap #menu-top-mobile li{ text-align:left; } /*.nav-wrap{ display:none; }*/ .nav-mobile-wrap{ display:block; } .nav-mobile-wrap li{ text-align:left; } .page_subcat_wrap{ /*background-image: linear-gradient(to bottom, #616161, #333);*/ padding:0; } #cee_subcat_wrap{ /*background:linear-gradient(0deg, rgba(1, 1, 1, 0.5), rgba(1, 1, 1, 0.5));*/ } #econlog_subcat_wrap{ /*background-image: linear-gradient(to bottom, #616161, #333);*/ background:linear-gradient(0deg, rgba(1, 1, 1, 0.5), rgba(1, 1, 1, 0.3)), url(../wp-content/uploads/2019/03/blog-13.jpg); background-size:cover; background-repeat:no-repeat; background-position: center center; } .page_subcat_wrap .subcat_wrap{ height:45px; max-width:1280px; margin:auto; padding:10px 15px; opacity: 0.68; background-color: #0e1733; /*max-height:450px;*/ /*overflow-y:hidden;*/ } .subcat_wrap::-webkit-scrollbar { width: 12px; } .subcat_wrap::-webkit-scrollbar-track { -webkit-box-shadow: inset 0 0 6px rgba(0,0,0,0.5); } .subcat_wrap::-webkit-scrollbar-thumb { -webkit-box-shadow: inset 0 0 6px rgba(114,189,202,0.7); } .page_subcat_wrap .subcat_wrap h4{ display:none; font-family:Arial; font-size:23px; color:#ababab; text-align:center; } .page_subcat_wrap .subcat_wrap .oakcol{ display:none; width:100%; padding:0; } .page_subcat_wrap .open .oakcol{ display:block; } .page_subcat_wrap .open{ height:auto; } .page_subcat_wrap .subcat_wrap .oakcol a{ font-family:Arial; font-size:14px; display:block; /*padding:5px;*/ padding:5px 0; color:#4a90e2; } .page_subcat_wrap .subcat_wrap .oakcol a.active-subcat{ color:#cbcbcb; } .subcat{ display:inline-block; color:#fff; font-size:14px; } .subcat-parent{ color:#4a90e2; } .subcat-toggler{ cursor:pointer; } .subcat-parent, .subcat-toggler{ margin-bottom:10px; } .clear{ clear:left; } #book-resource *{ font-family: Arial; color:#4a4a4a; } #book-resource a{ color:#007bff; } #book-resource h2{font-size:22px;} #book-resource h3{font-size:20px;} #book-resource h4{font-size:18px;} .grey-section{ background:#d8d8d8; margin-bottom:10px; padding:40px 20px 100px 20px; } .grey-section:last-of-type{ margin-bottom:0; } .div-container{ display:block; max-width:1280px; margin:auto; padding:10px; } .article-second-container, .video-container{ display:block !important; } .article-second-container .div-item{ width:100%; height:auto !important; } .video-container .div-item{ width:100%; height:auto !important; } .div-item{ /*border:1px solid #000;*/ height:280px; margin-right:25px; margin-bottom:10px; display:block; color:#212529; } .div-item:hover, .div-item:active{ color:#212529; } .div-item:last-child{ margin-right:0; } .div-item-content{ padding:20px 0; min-height:280px; } .video-container .div-item-content{ min-height:170px; } .div-item-content a{ color:#000; font-size:24px; font-family:Arial; font-weight:600; } .article-img-bg{ width:100%; height:270px; background-repeat:no-repeat; background-size: cover; background-position:top center; position:relative; } .article-img-bg span{ color:#fff; font-size:21px; text-transform:uppercase; font-family:Arial; position:absolute; left:20px; bottom:10px; text-shadow: 2px 2px 4px #000000; } .col3, .col2{ margin-top:40px; } .grow1{ flex-grow:1; } .current-month, .previous-month, .previous-month2, .previous-month3{ width:100%; border:1px solid #979797; background:#d8d8d8; padding:10px; display:flex; align-items: center; justify-content: center; text-align:center; } .month-bg{ background-position: center center !important; background-size: cover !important; } /*.class-december{ background:linear-gradient(0deg, rgba(255, 255, 255, 0), rgba(255, 255, 255, 0)), url(../wp-content/uploads/2018/02/December.jpg); } .class-november{ background:linear-gradient(0deg, rgba(255, 255, 255, 0), rgba(255, 255, 255, 0)), url(../wp-content/uploads/2018/02/November.jpg); } .class-october{ background:linear-gradient(0deg, rgba(255, 255, 255, 0), rgba(255, 255, 255, 0)), url(../wp-content/uploads/2018/02/October.jpg); } .class-september{ background:linear-gradient(0deg, rgba(255, 255, 255, 0), rgba(255, 255, 255, 0)), url(../wp-content/uploads/2018/02/September.jpg); } .class-august{ background:linear-gradient(0deg, rgba(255, 255, 255, 0), rgba(255, 255, 255, 0)), url(../wp-content/uploads/2018/02/August.jpg); } .class-july{ background:linear-gradient(0deg, rgba(255, 255, 255, 0), rgba(255, 255, 255, 0)), url(../wp-content/uploads/2018/02/July.jpg); } .class-june{ background:linear-gradient(0deg, rgba(255, 255, 255, 0), rgba(255, 255, 255, 0)), url(../wp-content/uploads/2018/02/June.jpg); } .class-may{ background:linear-gradient(0deg, rgba(255, 255, 255, 0), rgba(255, 255, 255, 0)), url(../wp-content/uploads/2018/02/May.jpg); } .class-april{ background:linear-gradient(0deg, rgba(255, 255, 255, 0), rgba(255, 255, 255, 0)), url(../wp-content/uploads/2018/02/April.jpg); } .class-march{ background:linear-gradient(0deg, rgba(255, 255, 255, 0), rgba(255, 255, 255, 0)), url(../wp-content/uploads/2018/02/March.jpg); } .class-february{ background:linear-gradient(0deg, rgba(255, 255, 255, 0), rgba(255, 255, 255, 0)), url(../wp-content/uploads/2018/02/February.jpg); } .class-january{ background:linear-gradient(0deg, rgba(255, 255, 255, 0), rgba(255, 255, 255, 0)), url(../wp-content/uploads/2018/02/January.jpg); }*/ .section-title{ max-width:1280px; margin:auto; text-align:center; } .boxed-article{ width:100%; margin-right:40px; height:auto; } .section-title h2{ margin:60px auto; font-size:22px; } .section-title h2.featured{ margin:2px auto 50px auto; } .section-title h5{ margin:40px auto 0 auto; } .boxed-article:last-child{ margin-right:0; } .boxed-article .ba-title{ text-align:center; margin:10px 0 40px 0; } .boxed-article .ba-title a{ font-family:Arial; font-size:16px; font-weight:600; color:#000; } .boxed-article img{ width:100%; height:200px; object-fit:cover; } .ul-article{ /*list-style:none;*/ padding-left:20px; height:70%; } .ul-article a, .ul-article li{ font-weight:bold; font-size:16px; color:#000; } .ul-article a:hover{ text-decoration:underline; } .article-issue{ font-weight:600; font-size:24px; color:#fff; text-shadow:2px 2px 4px #000000; } .bio-links a{ display:inline-block; } .econlib_logo span{ display:none !important; } footer h6{ display:none !important; } .torch-text2{ color: #dbecf1 !important; font-size: 14px; margin-bottom:40px; } div.networking{ padding-top:40px; } .torch-text{ margin-bottom:2px; } h2.lined{ display:block; max-width:1280px; width: 100%; text-align: center; border-bottom: 2px solid #72bdca; line-height: 0.1em; margin: 10px auto 40px auto; } h2.lined span { background:#fff; padding:0 10px; } .oak-more-entries{ text-align:center; } #btn-more-entries{ background:#d8d8d8; border:1px solid #979797; padding:10px 60px; margin:20px; color:#000; cursor:pointer; border-radius:10px; font-size:18px; font-weight:600; } .title-category{ padding-top:20px; } .title-category h3{ font-size:16px; } #econtal-page-banner{ display:block !important; padding-bottom:20px; } #econtal-page-banner .col-md-6, #econtal-page-banner .col-md-12, #econtal-page-banner .col-lg-6{ padding-left:0 !important; padding-right:0 !important; } .econtalk-page.econtalk.main-banner:before{ left:0; } .pp-multiple-authors-layout-inline{ font-size:18px; margin-bottom:0; line-height:normal; display:inline-block; } a.author.url{ font-size:18px; line-height:normal; color:#212529; } .card-block .pp-multiple-authors-layout-inline, .card-block a.author.url{ font-size:14px; } .card-title a{ color:#000000; } h2.pp-multiple-authors-layout-inline{ font-weight:normal; } #label_total_shown{ display:none; } .facet_span_ctr, .search_result_facet_counter{ font-family:Arial, sans-serif; font-style:normal; font-size:14px; color:#27baae; font-weight:bold; cursor:pointer; } /*body{ max-width:1920px; margin:auto; }*/ .econtalk-container{ padding-right:0; padding-left:0; display:block; } #econtalks{ display:block; overflow:auto; } #econtalks .grid-masonry-item{ width:100%; } #econtalk-recent-wrap{ clear:both; margin-bottom:20px; } #econtalk-recent-image{ display:block; width:100%; height:30vh; background-repeat:no-repeat; background-size:cover; background-position:right center; } #econtalk-recent-content{ width:100%; } /*#econtalk-recent-content, #econtalk-recent-image{ float:left; }*/ #wrap-content-head{ background:#0e0c0c; padding:10px; } #wrap-content-body{ padding:20px; background:#f0f0f0; } /*#wrap-content-head span{ color:#72bdca; font-size:22px; font-weight:600; text-transform:uppercase; display:block; margin-bottom:15px }*/ span.wrap-title{ color:#72bdca; font-size:22px; font-weight:700; text-transform:uppercase; display:block; margin-bottom:15px } span.lwe-title{ color:#000; padding:20px 0 0 20px; } span.lwe-related{ padding:20px 0 0 0; } span.newsletter-title{ color:#fff; } .econtalk-archive-titles{ font-size:28px; font-weight:600; } #wrap-content-head h2{ margin-bottom:20px; } #wrap-content-head h2 a{ color:#fff; } .btn_pill{ background:#fff; color:#72bdca; border-radius:25px; border:0; padding:7px 30px; font-weight:600; margin-right:15px; cursor:pointer; text-align:center; display:block; margin-bottom:5px; } .lw_btn_pill{ padding:7px 7px; float:left; margin-left:-20px; border-radius:0; } #twe-date{ font-size:16px; font-weight:bold; } #twe-excerpt{ font-size:18px; font-weight:500; } .econtalk-action-btn{ display:block; width:85%; margin:auto; margin-bottom:5px; text-align:center; color:#fff; padding:15px 40px; border:0; text-transform:uppercase; font-size:16px; /*margin-right:10px;*/ cursor:pointer; border-radius:0; vertical-align:top; } .econtalk-action-btn:hover{ color:#fff; } .btn-listen{ background:#00c29d; } .btn-transcript{ background:#44c3da; } .btn-share{ background:#282e2f; } #wrap-btn-pills{ display:none; margin-bottom:16px; } .lw-col{ width:100%; } #last-week-epi-wrap{ background:#e8fbff; } #newsletter-wrap{ background:#363636; } #newsletter-wrap p{ color: #fff; padding: 20px 0 20px 20px; font-size:34px; line-height:1.2; } #newsletter-wrap form{ display:flex; padding:0 20px 20px 20px } #newsletter-wrap form .email{ width:70%; margin-right:20px; border-radius:0; } #newsletter-wrap form .btn{ width:30%; border-radius:0;; } #lw-image{ width:300px; height:300px; display:block; background-repeat:no-repeat; background-size:cover; background-position:center } #episode-archive-wrap{ background:#adf0ff; padding:20px 60px; } #single-episode-archive-wrap{ padding:20px; } #episode-archive-wrap .lwe-title, #single-episode-archive-wrap .lwe-title, #episode-archive-wrap p, #single-episode-archive-wrap p{ text-align:center; } #episode-archive-wrap p, #single-episode-archive-wrap p{ font-size:20px; font-weight:500; } #single-episode-archive-wrap .lwe-title{ padding:20px 0 0 0; } #featured-guest-wrap{ margin-top:20px; background:#f6f6f6; height:763px; } #lw-article-wrap{ display:blok; padding:0 20px 20px 20px; } #lw-image, #lw-content{ width:100%; } #lw-content p{ font-weight:500; } #lw-content h2 a, #lw-content h2 a:hover{ color:#000; } #econtalk-related-wrap{ background:#fff; padding:0 20px 20px 20px; } #wrap-rel-article a{ color:#000; font-weight:600; } #wrap-rel-article .lw_btn_pill{ color:#72bdca; } #browse-by-wrap{ display:block; } #browse-by-wrap a#bb-guest{ background-image:url(../wp-content/themes/econlib/assets/img/social.png); } #browse-by-wrap a#bb-date{ background-image:url(../wp-content/themes/econlib/assets/img/monthly-calendar.png); } #browse-by-wrap a{ display:block; position:relative; height:45px; width:100%; margin-top:30px; margin-bottom:30px; background-size:cover; } #single-episode-archive-wrap #browse-by-wrap a{ width:100%; height:200px; } #browse-by-wrap span{ position:absolute; bottom:0; color:#fff; background:#241919; font-size:18px; padding:10px; border:0; display:block; width:100%; text-align:center; margin-top:120px; } span.featured-guest-title{ color:#000000; text-align:center; padding-top:20px; } .carousel-control-next, .carousel-control-next:hover, .carousel-control-prev, .carousel-control-prev:hover{ color:#44c3da; } .carousel-indicators li { width: 15px; height: 15px; border-radius: 20px; background-color: rgba(105, 105, 105, 0.5); } .carousel-indicators .active { background-color: #44c3da; } .carousel-item .card a, .carousel-item .card-title{ text-align:center; } .carousel-item .card{ background:none; padding:40px 20px; border:0; } .carousel-item .card-text{ font-size:16px; font-family: Arial, sans-serif; color:#000; } .carousel-item .card-title{ font-size:21px; font-weight:500; font-family: Arial, sans-serif; color:#000; } .carousel-item .card-body{ padding:20px 15%; } span.econ-extra-title, span.past-epi-title{ text-align:center; color:#000; display:block; } span.econ-extra-title{ margin-bottom:0; padding:20px; } span.past-epi-title{ padding:20px; } #bg-wrap-econ-extras{ margin:auto; margin-top:20px; max-width:1230px; background:#f8f6f6; } #econtalk-extras-wrap .card-block, #econtalk-extras-wrap .card-comment, #econtalk-past-epi-wrap .card-block, #econtalk-past-epi-wrap .card-comment{ padding:10px !important; } /*#econtalk-extras-wrap .col-xl-3:first-child{ flex:0 0 50%; max-width:50%; }*/ #econtalk-extras-wrap .col-md-6{ max-width:100%; } #econtalk-extras-wrap h4 a, #econtalk-past-epi-wrap h4 a{ font-weight:600; } #econtalk-extras-wrap .card-block *, #econtalk-past-epi-wrap .card-block *{ font-family:Arial, sans-serif; } #econtalk-past-epi-wrap, .fa-caret-down{ color: #44c3da; } #econtalk-single-podcast-wrap{ display:flex; padding:0; flex-direction:column-reverse; } #podcast-wrap{ width:100%; padding:20px; background:#f0f0f0; display:none; } #podcast-wrap-mobile .clear-fix{ padding:20px; background:#000; } #podcast-wrap-mobile #econtalk-desc-wrap{ padding:20px; } #podcast-wrap-mobile #single-econtalk-title a{ color:#fff; font-size:22px; } #podcast-img{ display:block; width:100%; height:220px; background-repeat: no-repeat; background-size: cover; background-position: right center; } #econtalk-single-tabs-wrap{ margin-top:20px; } #econtalk-single-tabs-wrap nav{ background:#fff; margin-top:20px; } #econtalk-single-tabs-wrap nav a{ margin-left:0; margin-right:5px; margin-bottom:5px; background:#e1e1e1; } #econtalk-single-tabs-wrap .nav-tabs .nav-link{ color:#000; text-transform:uppercase; } #econtalk-single-tabs-wrap .nav-tabs .nav-link:hover{ color:#fff; background-color:#231f1f; border-radius:0; } #econtalk-single-tabs-wrap .nav-tabs .nav-link.active{ color:#fff; background-color:#231f1f; border:0; border-radius:0; } #econtalk-single-tabs-wrap #nav-tabContent{ width:100%; } #single-econtalk{ width:100%; } #econtalk-single-tabs-wrap #single-econtalk-tab-sidebar{ width:100%; } #single-econtalk-audio-wrap{ margin:20px 0; } #single-econtalk-title a{ color:#000; } #single-econtalk-date{ font-weight:600; } #single-econtalk-desc{ font-weight:500; } #single-about-the-guest{ padding:20px; margin-bottom:20px; background:#e8fbff; } #single-related-episodes{ padding:20px; } #single-about-the-guest span, #single-related-episodes span{ text-align:center; color:#000; } #single-about-the-guest-img{ text-align:center; margin-bottom:20px; } #single-related-episodes a{ color: #000; font-weight: 600; font-size: 20px; } #econtalk-single-podcast-wrap .btn-transcript, #econtalk-single-podcast-wrap .btn-listen{ display:none; } #single-about-the-guest h5 a{ display:block; text-align:center; color:#00c29d; } #checkbox_toggle{ font-family: Arial; font-size: 13px; color: #1ca5e9; cursor:pointer; } .woo_subscribe_now_btn{ background-color: #44c3da; border-radius: 2px; box-shadow: none; border: none; color: #fff !important; font-family: Lato; font-size: 16px; padding:20px 40px; font-weight: 400; letter-spacing: 0.6px; text-transform: uppercase; cursor: pointer; } .woocommerce *{ font-family: Lato !important; } .cart-collaterals{ padding-bottom:40px; } #customer_details .col-1, #customer_details .col-2{ max-width:100%; } #customer_details .form-row{ display:block; } .year-picker .col-8, .year-picker .col-4{ padding-left:0; display:inline-block; max-width:50%; flex:0 0 50%; } .year-picker .row{ padding-bottom:5px; } .year-picker .col-8 h3, .year-picker .col-4 h3{ font-size:14px; font-weight:600; } .dropdown-filter-wrap, .dropdown-filter-wrap2{ width:50%; position:relative; } .dropdown-filter-wrap2{ width:33.33%; } .dropdown-filter-wrap .btn-secondary, .dropdown-filter-wrap2 .btn-secondary{ color:#000; background:none; border:0; font-size:16px; } @media (min-width:768px){ .search_tool_bgwrap{ padding-top:40px; } .main-header{ height:64px; padding:0 20px; } section.main-banner, .navbar-search{ display:block !important; } .lg-nextprev{ display:flex !important; } .article-single-page .card-comment{ display:inline-block !important; } .m-featured-image, .s-nextprev{ display:none; } section.articles-page article .main-content, .card-block .article-content{ display: block !important; } .recent-cards .article-text h4, .card-title-container .card-title{ font-size: 18px; } .recent-cards .article-text h4{ white-space:nowrap !important; } .recent-cards .read-more-btn{ display:inline-block !important; float:right !important; } header .logo{ margin-left:5%; } .search-header{ width:auto; } .articles-page .row .col-md-6{ padding-right:15px; padding-left:15px; } .grid-masonry .col-md-6{ padding-left:15px; padding-right:15px; } article.grid-card .card-block{ min-height:250px !important; } .articles-grid .title-date{ padding:20px; } /* search tool desktop */ .search_tool_wrap{ max-width: 815px; margin: 0 auto; padding: 20px; border-radius: 12px; } .search_tool_wrap form{ padding: 55px 165px 10px 165px; } .search_tool_wrap h4{ font-size: 30px; text-align: center; margin-bottom:32px; } .search_result_article h4{ text-align: left; margin-bottom:5px; } .sp_searchterm_wrap #search_term{ margin-bottom:27px; } .sp_searchterm_wrap #search_term{ font-size:20px; font-weight:500; } .sp_searchterm_wrap .close{ top:10px; } .search_tool_wrap #refine_search{ display:block; width:80%; margin:45px auto 0 auto; padding:14px 50px; font-size:18px; } .search_results h4{ /*display:none;*/ text-align:left; } .sortbytoggle-wrap{ width:41.5%; float:left; margin-right:1%; /*display:block;*/ } .sort-total-wrap{ width:57.5%; float:left; } #results-orderby a{ text-align:left; } #divResultSummary{ display:block; /*justify-content:flex-end;*/ } .page_subcat_wrap{ padding:25px; } .page_subcat_wrap .subcat_wrap .oakcol{ display:block; width:50%; float:left; padding:10px 15px; } .page_subcat_wrap .subcat_wrap{ padding:30px; height:auto; } .page_subcat_wrap .subcat_wrap .oakcol a{ /*text-align:center;*/ font-size:18px; color:#fff; } .page_subcat_wrap .subcat_wrap .oakcol a.active-subcat{ color:#4a90e2; } .page_subcat_wrap .subcat_wrap .oakcol a.active-subcat::before{ content:"> "; } .page_subcat_wrap .subcat_wrap h4{ display:block; } .subcat{ display:none; } .page_subcat_wrap .subcat_wrap{ /*overflow-y:scroll;*/ } /*.grey-section{ padding:40px 0 100px 0; }*/ .div-container{ display:flex; } .section-title h2{ font-size:32px; } .boxed-article .ba-title{ margin:25px 0 0 0; } #cee_subcat_wrap{ /*background:linear-gradient(0deg, rgba(1, 1, 1, 0.5), rgba(1, 1, 1, 0.3)), url(../wp-content/uploads/2021/08/image-3.png); background-size:cover; background-repeat:no-repeat; background-position: bottom center;*/ } #label_total_shown{ display:inline-block; } .sortbytoggle-wrap, #results-orderby{ background:#4a90e2; } .results-header{ background:none; } } .category-list .category-card{ margin-bottom:0; } html { scroll-behavior: smooth; } @media (min-width:992px){ .article-single-page section .post-content .highlight{ float:right; margin: 20px 0 20px 20px; width:220px; } .mobile-related{ display:none; } .desktop-related{ display:block; } .econtalk-container{ display:flex; padding-right:15px; padding-left:15px; } #econtalk-extras-wrap .col-xl-3:first-child{ flex:0 0 50%; max-width:50%; } #econtalk-recent-image{ height:auto; width:40%; } #econtalk-recent-content{ width:60%; } #econtalk-recent-content, #econtalk-recent-image{ float:left; } #wrap-content-head{ padding:40px 40px 20px 40px; } #wrap-content-body{ padding:40px; } .btn_pill{ display:inline-block; margin-bottom:0; text-align:left; } .econtalk-action-btn{ display:inline-block; margin-bottom:0; width:auto; text-align:left; } .lw-col{ width:50%; } .lw-col:first-child{ margin-right:20px; } #lw-article-wrap{ display:flex; } #lw-image{ display:block; width:45%; } #lw-content{ width:55%; margin-left:10px; } #browse-by-wrap{ display:flex; } #single-episode-archive-wrap #browse-by-wrap a:first-child{ margin-right:5%; } #browse-by-wrap a:first-child{ margin-right:8%; } #browse-by-wrap a{ height:225px; width:46%; } #econtalks .grid-masonry-item{ width:305px; float:left; } #econtalk-single-podcast-wrap{ display:flex; flex-direction:row; } #podcast-wrap-mobile{ display:none; } #podcast-wrap{ display:block; float:left; width:60%; padding:40px; } #podcast-img{ float:left; width:40%; height:auto; } #econtalk-single-tabs-wrap #nav-tabContent{ width:60%; float:left; padding:20px !important; } #econtalk-single-tabs-wrap #single-econtalk-tab-sidebar{ width:40%; float:left; padding:20px !important; } #single-episode-archive-wrap #browse-by-wrap div{ width:43%; } #wrap-btn-pills{ display:block; } .econtalk-archive-titles{ font-size:32px; } #econtalk-related-wrap{ background:none; } .lw_btn_pill{ float:right; border-radius:25px; margin-right:0; } #econtalk-single-tabs-wrap nav a{ margin-left:15px; margin-right:15px; margin-bottom:0; background:#fff; } /*#econtalk-single-podcast-wrap .btn-transcript, #econtalk-single-podcast-wrap .btn-listen{ display:inline-block; }*/ } @media (min-width:1180px){ .econlib_logo, .econlib_logo span{ display:block; } header .navbar-toggler{ display:none; } .navbar{ position:static; } .navbar-nav{ flex-direction:row; } .navbar-collapse{ display:block; } #menu-top-menu > .menu-item{ min-width:130px; text-align:center; flex-grow:1; } .navbar-nav .dropdown-menu{ /*position:absolute;*/ background:#72bdca; /*top:100%;*/ /*left:0; width:100%;*/ margin:0; border:0; border-radius:0; } li.menu-item-has-children{ position:static; } .main-header{ position:relative; } ul.dropdown-menu li{ /*float:none !important; display:inline-block !important; */ } ul.dropdown-menu li a{ padding:10px 20px; } .nav-wrap #menu-top-mobile li{ /*min-width:130px;*/ flex-grow:1; text-align:center; } /*.nav-wrap{ display:flex; } .nav-mobile-wrap{ display:none; }*/ #template_submenu{ padding:0; text-align:center; } #template_submenu ul{ display:inline-block; position:static; width:auto; height:45px; padding:0; margin:0 auto; /*display:inline-block; height:45px; line-height:45px; list-style:none; text-align:center; margin:0; padding:0;*/ } #template_submenu ul li{ display:inline-block; } #template_submenu .subnav-parent, #template_submenu .subnav-toggler{ display:none; } /*.previous-month, .previous-month2{ width:25%; } .current-month{ width:50%; }*/ .current-month, .previous-month, .previous-month2, .previous-month3{ width:25%; } .article-second-container .div-item{ width:49%; float:left; } .article-second-container .div-item:nth-child(even){ margin-right:0; } .div-item{ margin-bottom:0; } .video-container .div-item{ width:31%; float:left; height:auto !important; } } /* ##Device = Tablets, Ipads (portrait) ##Screen = B/w 768px to 1024px */ @media (min-width: 768px) and (max-width: 1024px) { /* CSS */ } /* ##Device = Tablets, Ipads (landscape) ##Screen = B/w 768px to 1024px */ @media (min-width: 768px) and (max-width: 1024px) and (orientation: landscape) { .site-container{ max-width:100%; } .econtalk-container{ padding-left:0; 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class="post"> <div class="row post-header biography"> <div class="col-xs-12 col-md-4"> <div class="bio-img" style="background-image: url(https://www.econlib.org/wp-content/uploads/2018/02/fluctuations-300x93.jpg)"> <img class="img-sizer" src="https://www.econlib.org/wp-content/uploads/2018/02/fluctuations-300x93.jpg"> </div> </div> <div class="col-xs-12 col-md-8"> <h1 class="col-11 post-title">Friedrich August Hayek</h1> <h5 class="col-12 post-author">1899-1992</h5> </div> </div> <div class="share d-lg-none padding"> <div class="share-post-widget"> <div class="share-text"> SHARE <br/> POST: </div> <a class="fa fa-envelope-o fa-2x" href="mailto:?Subject=Econlib&Body="></a> <a class="fa fa-print fa-2x" href="https://www.econlib.org/library/Enc/bios/Hayek.html?to_print=true"></a> <a class="fa fa-facebook-square fa-2x" href="http://www.facebook.com/sharer.php?u=https://www.econlib.org/library/Enc/bios/Hayek.html" target="_blank"></a> <a href="https://twitter.com/share?text=Friedrich+August+Hayek&url=https://www.econlib.org/library/Enc/bios/Hayek.html" class="fa fa-twitter fa-2x" target="_blank" data-show-count="false"></a> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> </div> </div> <div class="post-content"> <div class="article"> <div id="ID0EOBAA"> <div class="select intro"> <div class="block-quote"> <div class="pull-quote-blue"><img fetchpriority="high" decoding="async" class="attachment-266x266 size-266x266" src="https://www.econlib.org/wp-content/uploads/2018/02/hayek11.jpg" alt="" width="204" height="247" /></div> </div> <p><span class="initcap">I</span>f any twentieth-century economist was a Renaissance man, it was Friedrich Hayek. He made fundamental contributions in political theory, psychology, and economics. In a field in which the relevance of ideas often is eclipsed by expansions on an initial theory, many of his contributions are so remarkable that people still read them more than fifty years after they were written. Many graduate economics students today, for example, study his articles from the 1930s and 1940s on economics and knowledge, deriving insights that some of their elders in the economics profession still do not totally understand. It would not be surprising if a substantial minority of economists still read and learn from his articles in the year 2050. In his book <i>Commanding Heights,</i> Daniel Yergin called Hayek the “preeminent” economist of the last half of the twentieth century.</p> </div> </div> <div id="ID0ENBAA"> <p>Hayek was the best-known advocate of what is now called <span style="font-variant: small-caps;"><a class="blue" href="../AustrianSchoolofEconomics.html">Austrian economics</a></span>. He was, in fact, the only major recent member of the Austrian school who was actually born and raised in Austria. After World War I, Hayek earned his doctorates in law and political science at the University of Vienna. Afterward he, together with other young economists Gottfried Haberler, <span style="font-variant: small-caps;"><a class="blue" href="../bios/Machlup.html">Fritz Machlup</a></span>, and <span style="font-variant: small-caps;"><a class="blue" href="../bios/Morgenstern.html">Oskar Morgenstern</a></span>, joined <span style="font-variant: small-caps;"><a class="blue" href="../bios/Mises.html">Ludwig von Mises</a></span>’s private seminar—the Austrian equivalent of <span style="font-variant: small-caps;"><a class="blue" href="../bios/Keynes.html">John Maynard Keynes</a></span>’s “Cambridge<span id="CEE_pg_541"></span> Circus.” In 1927 Hayek became the director of the newly formed Austrian Institute for Business Cycle Research. In the early 1930s, at the invitation of <span style="font-variant: small-caps;"><a class="blue" href="../bios/Robbins.html">Lionel Robbins</a></span>, he moved to the faculty of the London School of Economics, where he stayed for eighteen years. He became a British citizen in 1938.</p> </div> <div id="ID0EMBAA"> <p>Most of Hayek’s work from the 1920s through the 1930s was in the Austrian theory of <span style="font-variant: small-caps;"><a class="blue" href="../BusinessCycles.html">business cycles</a></span>, capital theory, and monetary theory. Hayek saw a connection among all three. The major problem for any economy, he argued, is how people’s actions are coordinated. He noticed, as <span style="font-variant: small-caps;"><a class="blue" href="../bios/Smith.html">Adam Smith</a></span> had, that the price system—free markets—did a remarkable job of coordinating people’s actions, even though that coordination was not part of anyone’s intent. The market, said Hayek, was a spontaneous order. By spontaneous Hayek meant unplanned—the market was not designed by anyone but evolved slowly as the result of human actions. But the market does not work perfectly. What causes the market, asked Hayek, to fail to coordinate people’s plans, so that at times large numbers of people are unemployed?</p> </div> <div id="ID0ELBAA"> <p>One cause, he said, was increases in the <span style="font-variant: small-caps;"><a class="blue" href="../MoneySupply.html">money supply</a></span> by the central bank. Such increases, he argued in <i>Prices and Production,</i> would drive down <span style="font-variant: small-caps;"><a class="blue" href="../InterestRates.html">interest rates</a></span>, making credit artificially cheap. Businessmen would then make capital investments that they would not have made had they understood that they were getting a distorted price signal from the credit market. But capital investments are not homogeneous. Long-term investments are more sensitive to interest rates than short-term ones, just as long-term <span style="font-variant: small-caps;"><a class="blue" href="../Bonds.html">bonds</a></span> are more interest-sensitive than treasury bills. Therefore, he concluded, artificially low interest rates not only cause <span style="font-variant: small-caps;"><a class="blue" href="../Investment.html">investment</a></span> to be artificially high, but also cause “malinvestment”—too much investment in long-term projects relative to short-term ones, and the boom turns into a bust. Hayek saw the bust as a healthy and necessary readjustment. The way to avoid the busts, he argued, is to avoid the booms that cause them.</p> </div> <div id="ID0EKBAA"> <p>Hayek and Keynes were building their models of the world at the same time. They were familiar with each other’s views and battled over their differences. Most economists believe that Keynes’s <i>General Theory of Employment, Interest and Money</i> (1936) won the war. Hayek, until his dying day, never believed that, and neither do other members of the Austrian school. Hayek believed that Keynesian policies to combat <span style="font-variant: small-caps;"><a class="blue" href="../Unemployment.html">unemployment</a></span> would inevitably cause <span style="font-variant: small-caps;"><a class="blue" href="../Inflation.html">inflation</a></span>, and that to keep unemployment low, the central bank would have to increase the money supply faster and faster, causing inflation to get higher and higher. Hayek’s thought, which he expressed as early as 1958, is now accepted by mainstream economists (see <span style="font-variant: small-caps;"><a class="blue" href="../PhillipsCurve.html">phillips curve</a></span>).</p> </div> <div id="ID0EJBAA"> <p>In the late 1930s and early 1940s, Hayek turned to the debate about whether socialist planning could work. He argued that it could not. The reason socialist economists thought central planning could work, argued Hayek, was that they thought planners could take the given economic data and allocate resources accordingly. But Hayek pointed out that the data are not “given.” The data do not exist, and cannot exist, in any one mind or small number of minds. Rather, each individual has knowledge about particular resources and potential opportunities for using these resources that a central planner can never have. The virtue of the <span style="font-variant: small-caps;"><a class="blue" href="../FreeMarket.html">free market</a></span>, argued Hayek, is that it gives the maximum latitude for people to use <span style="font-variant: small-caps;"><a class="blue" href="../Information.html">information</a></span> that only they have. In short, the market process generates the data. Without markets, data are almost nonexistent.</p> </div> <div id="ID0EIBAA"> <p>Mainstream economists and even many socialist economists (see <span style="font-variant: small-caps;"><a class="blue" href="#lfHendersonCEE2-108_div_687">socialism</a></span>) now accept Hayek’s argument. Columbia University economist Jeffrey Sachs noted: “If you ask an economist where’s a good place to invest, which industries are going to grow, where the specialization is going to occur, the track record is pretty miserable. Economists don’t collect the on-the-ground information businessmen do. Every time Poland asks, Well, what are we going to be able to produce? I say I don’t know.”<span id="c_lfHendersonCEE2BIO-025_footnote_nt423" class="footnote"><a href="#lfHendersonCEE2BIO-025_footnote_nt423">1</a></span></p> </div> <div id="ID0EHBAA"> <p>In 1944 Hayek also attacked socialism from a very different angle. From his vantage point in Austria, Hayek had observed Germany very closely in the 1920s and early 1930s. After he moved to Britain, he noticed that many British socialists were advocating some of the same policies for government control of people’s lives that he had seen advocated in Germany in the 1920s. He had also seen that the Nazis really were National Socialists; that is, they were nationalists and socialists. So Hayek wrote <i>The Road to Serfdom</i> to warn his fellow British citizens of the dangers of socialism. His basic argument was that government control of our economic lives amounts to totalitarianism. “Economic control is not merely control of a sector of human life which can be separated from the rest,” he wrote, “it is the control of the means for all our ends.”</p> </div> <div id="ID0EGBAA"> <p>To the surprise of some, John Maynard Keynes praised the book highly. On the book’s cover, Keynes is quoted as saying: “In my opinion it is a grand book…. Morally and philosophically I find myself in agreement with virtually the whole of it; and not only in agreement with it, but in deeply moved agreement.”</p> </div> <div id="ID0EFBAA"> <p>Although Hayek had intended <i>The Road to Serfdom</i> only for a British audience, it also sold well in the United States. Indeed, <i>Reader’s Digest</i> condensed it. With that book Hayek established himself as the world’s leading classical liberal;<span id="CEE_pg_542"></span> today he would be called a libertarian or market liberal. A few years later, along with <span style="font-variant: small-caps;"><a class="blue" href="../bios/Friedman.html">Milton Friedman</a></span>, <span style="font-variant: small-caps;"><a class="blue" href="../bios/Stigler.html">George Stigler</a></span>, and others, he formed the Mont Pelerin Society so that classical liberals could meet every two years and give each other moral support in what appeared to be a losing cause.</p> </div> <div id="ID0EEBAA"> <p>In 1950 Hayek became professor of social and moral sciences at the University of Chicago, where he stayed until 1962. During that time he worked on methodology, psychology, and political theory. In methodology Hayek attacked “scientism”—the imitation in social science of the methods of the physical sciences. His argument was that because social science, including economics, studies people and not objects, it can do so only by paying attention to human purposes. The Austrian school in the 1870s had already shown that the value of an item derives from its ability to fulfill human purposes. Hayek was arguing that social scientists more generally should take account of human purposes. His thoughts on the matter are in <i>The Counter-Revolution of Science: Studies in the Abuse of Reason.</i> In psychology Hayek wrote <i>The Sensory Order: An Inquiry into the Foundations of Theoretical Psychology.</i></p> </div> <div id="ID0EDBAA"> <p>In political theory Hayek gave his view of the proper role of government in his book <i>The Constitution of Liberty.</i> It is actually a more expansive view of the proper role of government than many of his fellow classical liberals hold. He discussed the principles of freedom and based his policy proposals on those principles. His main objection to progressive <span style="font-variant: small-caps;"><a class="blue" href="../Taxation.html">taxation</a></span>, for example, was not that it causes inefficiency but that it violates equality before the law. In the book’s postscript, “Why I Am Not a Conservative,” Hayek distinguished his classical liberalism from conservatism. Among his grounds for rejecting conservatism were that moral and religious ideals are not “proper objects of coercion” and that conservatism is hostile to internationalism and prone to a strident nationalism.</p> </div> <div id="ID0ECBAA"> <p>In 1962 Hayek returned to Europe as professor of economic policy at the University of Freiburg in Breisgau, West Germany, and stayed there until 1968. He then taught at the University of Salzburg in Austria until his retirement nine years later. His publications slowed substantially in the early 1970s. In 1974 he shared the Nobel Prize with <span style="font-variant: small-caps;"><a class="blue" href="../bios/Myrdal.html">Gunnar Myrdal</a></span> “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.” This award seemed to breathe new life into him, and he began publishing again, both in economics and in politics.</p> </div> <div id="ID0EBBAA"> <p>Many people get more conservative as they age. Hayek became more radical. Although he had favored central banking for most of his life, in the 1970s he began advocating denationalizing money. Private enterprises that issued distinct currencies, he argued, would have an incentive to maintain their currency’s purchasing power. Customers could choose from among competing currencies. Whether they would revert to a <span style="font-variant: small-caps;"><a class="blue" href="../GoldStandard.html">gold standard</a></span> was a question that Hayek was too much of a believer in spontaneous order to predict. With the collapse of <span style="font-variant: small-caps;"><a class="blue" href="../Communism.html">communism</a></span> in Eastern Europe, some economic consultants have considered Hayek’s currency system as a replacement for fixed-rate currencies.</p> </div> <div id="ID0EABAA"> <p>Hayek was still publishing at age eighty-nine. In his book <i>The Fatal Conceit,</i> he laid out some profound insights to explain the intellectuals’ attraction to socialism and then refuted the basis for their beliefs.</p> <hr /> <h3>About the Author</h3> <p>David R. Henderson is the editor of <em>The Concise Encyclopedia of Economics</em>. He is also an emeritus professor of economics with the Naval Postgraduate School and a research fellow with the Hoover Institution at Stanford University. He earned his Ph.D. in economics at UCLA.</p> </div> <hr /> <div class="base"> <h2>Selected Works</h2> <div class="bibl">1931. “Richard Cantillon.” Translated by Micheál Ó Súilleabháin in the <i>Journal of Libertarian Studies</i> 7, no. 2 (1985): 217–247. Available online at: <a class="blue" href="http://www.econlib.org/library/Essays/JlibSt/hykCnt1.html" target="_blank" rel="noopener noreferrer">http://www.econlib.org/library/Essays/JlibSt/hykCnt1.html</a>.</div> <div></div> <div class="bibl">1935. <i>Prices and Production.</i> 2d ed. Reprint. New York: Augustus M. Kelley, 1975.</div> <div></div> <div class="bibl">1937. “Economics and Knowledge.” <i>Economica,</i> n.s., 4 (February): 33–54. Reprinted in James M. Buchanan and G. F. Thirlby, eds., <i>L.S.E. Essays on Cost.</i> London: Weidenfeld and Nicolson, 1973. Available online at: <a class="blue" href="http://www.econlib.org/library/NPDBooks/Thirlby/bcthLS3.html" target="_blank" rel="noopener noreferrer">http://www.econlib.org/library/NPDBooks/Thirlby/bcthLS3.html</a>.</div> <div></div> <div class="bibl">1939. “Price Expectations, Monetary Disturbances, and Malinvestments.” In Hayek, <i>Profits, Interest, and Investment.</i> Reprint. New York: Augustus M. Kelley, 1975.</div> <div></div> <div class="bibl">1944. <i>The Road to Serfdom.</i> Chicago: University of Chicago Press.</div> <div></div> <div class="bibl">1945. “The Use of Knowledge in Society.” <i>American Economic Review</i> 35 (September): 519–530. Available online at: <a class="blue" href="http://www.econlib.org/library/Essays/hykKnw1.html" target="_blank" rel="noopener noreferrer">http://www.econlib.org/library/Essays/hykKnw1.html</a>.</div> <div></div> <div class="bibl">1948. <i>Individualism and Economic Order.</i> Chicago: University of Chicago Press.</div> <div></div> <div class="bibl">1952. <i>The Counter-Revolution of Science: Studies on the Abuse of Reason.</i> Glencoe, Ill.: Free Press.</div> <div></div> <div class="bibl">1960. <i>The Constitution of Liberty.</i> Chicago: University of Chicago Press. Reprint. Chicago: Henry Regnery, 1972.</div> <div></div> <div class="bibl">1973. <i>Law, Legislation, and Liberty.</i> Chicago: University of Chicago Press.</div> <div></div> <div class="bibl">1976. <i>Denationalization of Money.</i> London: Institute of Economic Affairs.</div> <div></div> <div class="bibl">1977. Foreword to <i>Economics as a Coordination Problem: The Contributions of Friedrich A. Hayek</i> by Gerald P. O’Driscoll Jr. Kansas City: Sheed, Andrews, and McMeel.</div> <div></div> <div class="bibl">1988. <i>The Fatal Conceit.</i> Chicago: University of Chicago Press.</div> <div></div> <div class="bibl">1995. Introduction to <i>Selected Essays on Political Economy</i> by Frédéric Bastiat. Trans. from the French by Seymour Cain. Edited by George B. de Huszar. Princeton: Van Nostrand,<span id="CEE_pg_543"></span> 1995. Available online at: <a class="blue" href="http://www.econlib.org/library/Bastiat/basEss0.html#Introduction,byF.A.Hayek" target="_blank" rel="noopener noreferrer">http://www.econlib.org/library/Bastiat/basEss0.html#Introduction,byF.A.Hayek</a>.</div> </div> <hr /> <h2 id="lfHendersonCEE2BIO-025_div_1140">Footnotes</h2> <div class="ol" style="font-size: 80%;"> <div class="li"> <div> <div><a title="Return to text" href="#c_lfHendersonCEE2BIO-025_footnote_nt423">1. </a>“Interview: Jeffrey Sachs,” Omni 13, no. 9 (1991) p. 79.</div> </div> <div class="text" style="word-wrap: break-word;"> <hr /> <h2>Related Entries</h2> <p><a href="https://www.econlib.org/library/Enc/Bankruptcy.html">Bankruptcy</a></p> <p><a href="https://www.econlib.org/library/Enc/Marxism.html">Marxism</a></p> <p><a href="https://www.econlib.org/library/Enc/RentControl.html">Rent Control</a></p> <p><a href="https://www.econlib.org/library/Enc/Taxation.html">Taxation</a></p> <p><a href="https://www.econlib.org/library/Enc/bios/Akerlof.html">George Akerlof</a></p> <p><a href="https://www.econlib.org/library/Enc/bios/Hume.html">David Hume</a></p> <p><a href="https://www.econlib.org/library/Enc/bios/Kantorovich.html">Leonid Kantorovich</a></p> <p><a href="https://www.econlib.org/library/Enc/bios/Lange.html">Oskar Lange</a></p> <p><a href="https://www.econlib.org/library/Enc/bios/Lewis.html">W. Arthur Lewis</a></p> <hr /> <h2>Related Links</h2> <p><a href="https://www.econlib.org/videos/profile-in-liberty-friedrich-a-hayek/">Profile in Liberty: Friedrich A. Hayek</a>, at Econlib.</p> <p><a href="https://oll.libertyfund.org/title/buchanan-the-legacy-of-friedrich-von-hayek-7-vols">The Legacy of Friedrich von Hayek</a>, a collection of seven lectures given to celebrate the 100th anniversary of the birth of Hayek, at the Online Library of Liberty.</p> <p>John N. Gray, <a href="https://www.econlib.org/library/Essays/LtrLbrty/gryHRC.html?chapter_num=1#book-reader">F.A. Hayek and the Rebirth of Classical Liberalism</a>, at Econlib.</p> <p>Gerald O’Driscoll (ed), <em><a href="https://www.econlib.org/library/NPDBooks/ODriscoll/odrCP.html">Economics and a Coordination Problem: The Contributions of F.A. Hayek</a>,</em> at Econlib.</p> <p>Edwin G. Dolan (ed). <em><a href="https://www.econlib.org/library/NPDBooks/Dolan/dlnFMA.html?chapter_num=1#book-reader">The Foundations of Modern Austrian Economics</a>,</em> at Econlib.</p> <p>Adam Martin, <a href="https://www.econlib.org/library/Columns/y2019/Martinmethodology.html">Hayek, Mises, and the Methodology of Social Sciences</a>, a Liberty Classic on Hayek’s <em>Fortunes of Liberalism</em> at Econlib, April 1, 2019.</p> <p>Pierre Lemieux, F.A. Hayek: Between Classical Liberalism and Conservatism, at Econlib, March 7, 2022.</p> <p>Pierre Lemieux, <a href="https://www.econlib.org/library/columns/y2022/lemieuxsocialjustice.html">Social Justice as a Tribal Remainder</a>, at Econlib, October 1, 2022.</p> <p><a href="https://www.econtalk.org/caldwell-on-hayek/">Bruce Caldwell on Hayek</a>, an EconTalk podcast, January 10, 2011.</p> <p><a href="https://www.econtalk.org/boudreaux-on-reading-hayek/">Don Boudreaux on Reading Hayek</a>, an EconTalk podcast. December 17, 2012.</p> <p><a href="https://www.econtalk.org/wapshott-on-keynes-and-hayek/">Nicholas Wapshott on Keynes and Hayek</a>, an EconTalk podcast, October 17, 2011.</p> <p><a href="https://www.econtalk.org/burgin-on-hayek-friedman-and-the-great-persuasion/">Angus Burgin on Hayek, Friedman, and the Great Persuasion</a>, an EconTalk podcast, March 18, 2013.</p> <p><a href="https://www.econtalk.org/larry-white-on-hayek-and-money/">Larry White on Hayek and Money</a>, an EconTalk podcast, February 1, 2010.</p> <p><a href="https://www.econtalk.org/caplan-on-hayek-richter-and-socialism/">Bryan Caplan on Hayek, Richter, and Socialism</a>, an EconTalk podcast, June 28, 2010.</p> <p> </p> <p> </p> <p> </p> </div> </div> </div> </div> </div> </article> </section> <aside class="col-lg-4 height-full flex"> <div class="share-post-widget d-none d-lg-flex"> <div class="share-text"> SHARE <br/> POST: </div> <a class="fa fa-envelope-o fa-2x" href="mailto:?Subject=Econlib&Body="></a> <a class="fa fa-print fa-2x" href="https://www.econlib.org/library/Enc/bios/Hayek.html?to_print=true"></a> <a class="fa fa-facebook-square fa-2x" href="http://www.facebook.com/sharer.php?u=https://www.econlib.org/library/Enc/bios/Hayek.html" target="_blank"></a> <a href="https://twitter.com/share?text=Friedrich+August+Hayek&url=https://www.econlib.org/library/Enc/bios/Hayek.html" class="fa fa-twitter fa-2x" target="_blank" data-show-count="false"></a> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> </div> </aside> </div> </section> <footer> <div class="site-container"> <div class="row footer-row-1"> <div class="col-1 footer-logo-wrap"> <img src="http://www.econlib.org/wp-content/themes/econlib/assets/icons/torch-icon.svg" width="80" height="120"> <h4>Econlib</h4> </div> <div class="col-2 footer-description"> <h4>The Library of Economics and Liberty</h4> <h3>Liberty Fund, Inc.</h3> <p>11301 N. 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