Hayek friedrich august von

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Cohen eds. Spring Brittan, Samuel Caldwell, Bruce Cohen, Avi J. Doherty, Brian March Friedrich Hayek: A Biography. Basingstoke: Palgrave Macmillan Trade. Feldman, Jean-Philippe Frowen, S. Hayek was arguing that social scientists more generally should take account of human purposes. In political theory Hayek gave his view of the proper role of government in his book The Constitution of Liberty.

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 taxation , for example, was not that it causes inefficiency but that it violates equality before the law.

In Hayek returned to Europe as professor of economic policy at the University of Freiburg in Breisgau, West Germany, and stayed there until He then taught at the University of Salzburg in Austria until his retirement nine years later. His publications slowed substantially in the early s. 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 s he began advocating denationalizing money. Customers could choose from among competing currencies. Whether they would revert to a gold standard was a question that Hayek was too much of a believer in spontaneous order to predict. Hayek was still publishing at age eighty-nine.

David R. Henderson is the editor of The Concise Encyclopedia of Economics. 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. Profile in Liberty: Friedrich A. Hayek , at Econlib. The Legacy of Friedrich von Hayek , a collection of seven lectures given to celebrate the th anniversary of the birth of Hayek, at the Online Library of Liberty.

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In: American Political Science Review.

Hayek friedrich august von

Band 33 , Nr. In: Archives de Philosophie. Band 77 , Nr. Hayek: Degrees of Explanation. Much important information is local and transitory, known only to the man on the spot. Applying this insight to socialist thought, revealed that central economic planning was doomed to failure. Hayek was one of the leading academic critics of collectivism in the twentieth century.

He 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 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.

Building on the earlier work of Ludwig von 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. Hayek maintained that the data required for economic planning do not and cannot exist in a central planner, but rather each individual has information regarding resources and opportunities:.

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. It was shocking enough for Britain, where his views were respectfully, though critically, received. But in the United States, where Reader's Digest published a condensed version, The Road to Serfdom was a bestseller and a political lightning rod.

It rallied supporters of traditional free enterprise and enraged the intelligentsia to whom it was addressed. How dare this mustachioed Austrian suggest that the ambitions of the New Deal might have anything in common with Hitler or Stalin! Hayek went eventually as far as to attribute the birth of civilization to private property in his book The Fatal Conceit 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.

Whether involving the transfer of a whole constitution or major substantive and civil laws or just amendments to the existing dysfunctional system, the results have unfortunately, in many cases been unsuccessful, as Hayek's insights predicted. Hayek's intellectual foundation was based on the ideas of David Hume , Adam Smith , and other Scottish thinkers of the s.

Like these great thinkers, Hayek was influential in many fields, not the least of which being economics:. When the definitive history of economic analysis during the s comes to be written … a leading character in the drama it was quite a drama will be Professor Hayek. Hicks , 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 about truth and falsehood in totalitarian systems influenced later opponents of postmodernism Wolin Having heavily influenced Margaret Thatcher 's economic approach, and some of Ronald Reagan 's economic advisors, in the s Hayek became one of the most-respected economists in 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.

After his death, Hayek's intellectual presence continued to be noticeable, especially in the universities where he had taught: the London School of Economics, the University of Chicago , and the University of Freiburg. At Oxford University , there is also a Hayek Society. The Cato Institute, one of Washington, DC's leading think tanks, named its lower level auditorium after Hayek, who had been a Distinguished Senior Fellow at Cato during his later years.

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