Friedrich Hayek: A Biography

Book Description

In the first full biography of Friedrich Hayek (1899 1992), Alan Ebenstein chronicles the life, works, and legacy of the visionary thinker, from his early years in fin-de-siècle Vienna to his remarkable career as a Nobel Prize winning economist, political philosopher, and leading public intellectual. Ebenstein gives a balanced, integrated account of Hayek's diverse body of work, from his first encounter with free market ideas to his magisterial writings in later life on the legal, political, ethical, and economic requirements of a free society.

Customer Reviews:

Hayek: The Anti-Fabian.......2005-01-02

Until nearly the end of the 20th century, Friedrich Hayek seemed to be destined to be ignored and to remain in the backdrop of economic, political and philosophical history. Keynesian economics ruled, with its reliance upon state control of the levers of the economy. Hayek's vision of a renewed classical liberalism with free markets and individualism cut against the conventional intellectual wisdom of his day. Despite that, Hayek was convinced that total systems such as socialism or communism would lead to tyranny. Hayek argued that the Keynesian viewpoint, because of its reliance upon state controls, was destined to limit individual's liberty.

Hayek believed that there was an inevitable conflict between socialism and freedom. He argued passionately, and at times he was a solitary voice, for freedom and liberty. Today with the collapse of communism and the resurgence of free markets across the globe, Hayek's ideas have gained new prominence. Hayek's intellectual contributions to our world in terms of political science, philosophy, and economics can not be underestimated.

The author, Alan Ebenstein, holds a Ph.D. in economics. His account of Hayek's life is illuminating, not covering just his economic and philosophical contributions. Ebenstein covers Hayek's life from the early years and his flirtations with Fabianism (the advancement of socialist ideas through gradual means and through the insertion of its ideas into intellectual circles of influence) through to his legacy as a visionary thinker. Ebenstein's biography of Hayek's life appears to be fair and balanced on the whole. Since the author is a trained economist, you can see the benefit of his background throughout the biography without the dulling effects many associate with the dismal science. If you want to learn more about Hayek the man and his ideas, this is an ideal and recommended book.

A middle class economics hero's life........2003-07-28

This biography has many short chapters, and displays a considerable balance. The structure of the book reflects the nature of Hayek's thoughts. "Hayek put forward the difficult idea of spontaneous order. In a spontaneous order, individuals may exchange and interact with one another as they desire. There is no central management of individual decision making." (p. 3). The fame of Friedrich Hayek is associated mainly with the political views needed to maintain a thriving economy as much as with the idea that no one person knows everything that is going on in an economy which functions as Adam Smith pictured, with each person acting in his own interest in order to produce the mix of goods and services that best provides the needs of all. Adam Smith is listed in the index, but not quite as much as Milton Friedman, who is occasionally mentioned as being more popular than Hayek, as well as more correct in the analysis of monetary policy in the United States at the start of the great depression.

Hayek finished a law degree and a second degree in political science from the University of Vienna before he lived in the United States from March 1923 to May 1924. (p. 31). One of his first economic articles in 1924 was "on American monetary policy suggesting that an expansionist credit policy leads to an overdevelopment of capital goods industries and ultimately to a crisis. . . . So I put in that article a long footnote sketching an outline of what ultimately became my explanation of industrial fluctuations. . . . A rate of interest which is inappropriately low offers to the individual sectors of the economy an advantage which is greater the more remote is their product from the consumption stage." (p. 41). The Federal Reserve Bank had been designed to keep the economy moving by offering great deals to capitalists, but when Hayek noted the tendency to produce instability, he became the head "of the evolution of Austrian business cycle theory." (p. 41). When the depression became the lowest point reached by the American economy in the 20th century, Hayek continued to think that low interest rates in the 1920s had produced the instability which produced it, while Milton Friedman produced a monetary explanation which is more widely accepted.

Public opinion is often a matter of simplifications which avoid the complexity that real problems present. Chapter 8, on Keynes, quotes Keynes attacking Marxism as if Marxism were nothing but a public opinion. "How can I adopt a creed which, preferring the mud to the fish, exalts the boorish proletariat above the bourgeois and intelligentsia who, with whatever faults, are the quality of life and surely carry the seeds of all human advancement?" (p. 68). German was a problem for Keynes, who wrote "in German I can only understand what I know already!" (p. 70). Hayek tried to review Keynes' TREATISE ON MONEY for an English journal, "Economica," when he was about to start teaching at the London School of Economics. Keynes seemed to think that his criticism could be characterized as "The wild duck has dived down to the bottom--as deep as she can get--and bitten fast hold of the weed and tangle and all the rubbish that is down there, and it would need an extraordinarily clever dog to dive after and fish her up again." (pp. 357-358). Hayek was allowed to publish a reply in the "Economic Journal" edited by Keynes "to an article by Piero Sraffa attacking him, and concluded his reply, `I venture to believe that Mr. Keynes would fully agree with me in ... that he [Sraffa] has understood Mr. Keynes' theory even less than he has my own.' Keynes then footnoted, `I should like to say that, to the best of my comprehension, Mr. Sraffa has understood my theory accurately.' " (p. 72). The finishing touches on this argument are complex. Keynes wrote that his footnote was appended to Hayek's reply "with Prof. Hayek's permission," (p. 72), a sure sign that Keynes was amused at agreeing far more with Sraffa, however Hayek might feel about it, and that he had done everything he could to force Hayek to see it his way.

Hayek was admired most for his popular book, THE ROAD TO SERFDOM, which considered central planning in control of an economy as a major step on the way to totalitarianism. He expected his book, THE CONSTITUTION OF LIBERTY, to appeal to the same readers, but when it was published on February 9, 1960, people had other concerns. In "The New York Times Book Review," Sydney Hook presented the mainstream economic opposition to Hayek's major concerns. "He is an intellectual tonic. But in our present time of troubles, his economic philosophy points the road to disaster." (p. 203).

Considering disasters in the area of economics, it is difficult to counter the idea that any government program offers the kind of deviation from stability that anyone would expect from a drunken bat. One idea that was almost popular at the end of the 20th century was a lockbox, where workers' money could be kept until it was time for them to retire. Hayek followed John Locke in thinking that civil government can maintain an impartial liberty through "certain basic rules on everybody." (p. 224). LAW, LEGISLATION AND LIBERTY was supposed to provide some guidelines, but there was no lockbox in the title, or in the title of any of Hayek's books. Now tax law has changed, as a basic incentive for a rise in the price of common stock, without safeguards to see that income is taxed even once. Speculation seems to be the common assumption upon which everyone is now to be satisfied. Actually, I suppose the government might never stop flying around like a drunken bat. For all the complexity in this book, it is much less like a drunken bat than the opinions I find in any newspaper.

An Important Man, A Poor Biography -1.8 on a scale of 1 to 5.......2003-05-28

Hayek's life deserves-no demands- a biography of the highest order. I read Hayek in my studies in college and I was fascinated by his theories. He was a man who thought and wrote on profound economic issues.
This biography, while seemingly well researched, does a disservice to the man. I (and a book club for an ivy league college) found it poorly written and structured. Sentences, paragraphs and thoughts collide.
I would only recommend this book to diehard Hayek groupies (though it may cause pain). Individuals who want to learn more about him might benefit from skimming through the book. However, I would caution those individuals who seek out intelligent biographies of interesting people-that despite Hayek's very interesting life, this is not an intelligent biography worthy of him.

overrated.......2002-12-07

Ebenstein's biography of Hayek is well received, as the other reviews testify. It's informative, readable, and generally fair-minded. Nevertheless I feel that the merits of this book do not deserve such high praise as was given, even by such outstanding men as Friedman. Ebenstein's understanding of Hayek's ideas is narrow and derivative, his portrayal of the man is flat. Above all, the most fundamental aspect of Hayek's thought, namely his elucidation of a complex spontaneous order (independent of the properties of the elements), is neglected. Ebenstein also completely misunderstood Hayek's criticism of Mill, which is characterized as unfair in this book. This is no minor misunderstanding, as what's at stake is Hayek's attack on the concept of social justice, again one of the most important parts of his political philosophy. Reading this book, one gets the impression that Ebenstein is a hard-working, sincere, and intelligent fellow. But as the author of the first substantial biography of Hayek, he simply does not possess enough learning or insight to carry out this task adequately.

A readable and realistic biography.......2002-07-11

This biography is one of those that once you start reading, you can't put it down! This long-overdue biography on Hayek is more of a commentary upon his major works and thoughts, interwoven with the major movements within his life.Most personal reflections of the man himself come from people who, in most cases, only knew him briefly or in limited circumstances, which is one of the major weaknesses of the work. However, the insights into the man are, at times, critical and help to remind us that the great man was human! Yet, one is left with the feeling that there is much more to be revealed, not so much about his weaknesses, but his undoubted greatness! This book is a MUST for every lover of Hayek. But there is room, in the future, for a further biography, written in the same strain as Skidelsky's excellent work on Keynes

Hayek on Hayek: An Autobiographical Dialogue (The Collected Works of F. A. Hayek)

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Master of free trade arguments
The Life of Hayek

Hayek on Hayek: An Autobiographical Dialogue (The Collected Works of F. A. Hayek)
F. A. Hayek
Manufacturer: University Of Chicago Press
ProductGroup: Book
Binding: Hardcover

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ASIN: 0226320626

Book Description

The crumbling of the Berlin Wall, the fall of the iron curtain, and the Reagan and Thatcher "revolutions" all owe a tremendous debt to F. A. Hayek. Economist, social and political theorist, and intellectual historian, Hayek passionately championed individual liberty and condemned the dangers of state control. Now Hayek at last tells the story of his long and controversial career, during which his fortunes rose, fell, and finally rose again.

Through a complete collection of previously unpublished autobiographical sketches and a wide selection of interviews, Hayek on Hayek provides the first detailed chronology of Hayek's early life and education, his intellectual progress, and the academic and public reception of his ideas. His discussions range from economic methodology and the question of religious faith to the atmosphere of post-World War I Vienna and the British character.

Born in 1899 into a Viennese family of academics and civil servants, Hayek was educated at the University of Vienna, fought in the Great War, and later moved to London, where, as he watched liberty vanish under fascism and communism across Europe, he wrote The Road to Serfdom. Although this book attracted great public attention, Hayek was ignored by other economists for thirty years after World War II, when European social democracies boomed and Keynesianism became the dominant intellectual force. However, the award of the Nobel Prize in economics for 1974 signaled a reversal in Hayek's fortunes, and before his death in 1992 he saw his life's work vindicated in the collapse of the planned economies of Eastern Europe.

Hayek on Hayek is as close to an autobiography of Hayek as we will ever have. In his own eloquent words, Hayek reveals the remarkable life of a revolutionary thinker in revolutionary times.

"One of the great thinkers of our age who explored the promise and contours of liberty....[Hayek] revolutionized the world's intellectual and political life"—President George Bush, on awarding F. A. Hayek the Medal of Freedom

F. A. Hayek, recipient of the Medal of Freedom 1991 and the Nobel Memorial Prize in Economics in 1974, was a pioneer in monetary theory and the principal proponent of the libertarian philosophy. Hayek is the author of numerous books in economics, as well as books in political philosophy and psychology.

Customer Reviews:

Master of free trade arguments.......2003-07-21

Concern for the self in this book zeroes in on the intellectual basis for a tremendous reputation in free world economics. It is by and about Friedrich August von Hayek, who died on March 23, 1992. Most of the 170 pages are devoted to the years leading up to THE ROAD TO SERFDOM, which Hayek wrote during World War II and published in 1944. The "autobiographical notes that Hayek wrote over a period of years beginning in 1945," (p. ix) which are used throughout the book, tend to look back into his past. Part Three, beginning on page 99, explains that the war provided a setting for thinking and writing "studies on the abuse and decline of reason to which I had devoted the first two years of the war." (p. 99). Part Three ends with a transcript (pp. 110-123) of a Radio Discussion, April 22, 1945, with University of Chicago assistant professor of economics Maynard C. Krueger, national chairman of the Socialist party, who ran as vice-presidential candidate on the national Socialist ticket in 1940, and Professor Emeritus Charles E. Merriam, who served three terms as alderman on the Chicago "City Council, and in 1911 was narrowly defeated for mayor of Chicago." (p. 109).

The discussion begins with a few pages on planning. When directly questioned about TVA, Hayek responded, "There is a great deal of the TVA to which no economist in repute, and certainly not the laissez-faire people, will object. . . . If the hydroelectric power really could not have been provided by private enterprise, I have no objection." (p. 113). If you really want economic growth, Hayek has a point, "where you can create a competitive situation, you ought to rely upon competition." (p. 113). This might be the same point: "I am a convinced free-trader, and free trade is part of the same philosophy." (p. 115).

The former alderman, Merriam, notes how the competition of ideas may result in the opposite of Hayek's ideal. "It was not the fact of communism but the fear of communism that was the most powerful factor in the development of Naziism." (p. 117). The argument gets back to planning, as Hayek says, "That method of central planning which is proposed as an alternative method of organizing production to take the place of competition means that a government, or some central authority, must take complete control of the resources." (p. 119). "Most of the war controls are central planning, but it is only temporary. ... During the war, we all have to go to some extent totalitarian." (p. 119).

If people have truly lost control of the government whenever it puts itself in a war unnecessarily, the socialist Krueger might be addressing everybody when he asserts, "You seem to place no faith whatsoever in the political process as a means of keeping government responsible to the people. Is that really your position? Do you have no faith in the political process as a means of establishing responsibility?" Hayek is as contrary as possible on this point. "I am quite convinced that it cannot be effectively controlled by the democratic process. It requires a degree of agreement among people which we can never expect in a free society." (p. 121). One sure quality of death, particularly during wartime, is that we will never hear a live broadcast of those three thinkers on the radio again. Since television has cut attention spans, Merriam might be truer than he knew then about Hayek's chapter of THE ROAD TO SERFDOM "on `Why the Worst Get on Top,' you seem to express grave doubts about the ability of a democratic society to accomplish much. You say, for example, that the more intelligent people are, the less likely they are to agree." (p. 122). Who would be willing to apply Hayek's concluding sentence to a current catastrophe -- lacking any economic sense, but costing billions -- American activities in Iraq? "I had realized that some kind of state action is extremely dangerous. Therefore, my whole effort was to distinguish between legitimate and illegitimate action. I have attempted to do that by saying that, so far as the government plans for competition or steps in where competition cannot possibly do the job, there is no objection; but I believe that all the other forms of government activity are highly dangerous." (p. 123).

Part Four starts out with some "wholly abstract problems." (p. 125). He spent years writing THE CONSTITUTION OF LIBERTY, "so that I was able to take the finished manuscript to my American publishers on my sixtieth birthday, May 8, 1959." (p. 130). Most of us were a lot younger back then, and to escape retirement at the age of 65, Hayek moved back to Germany. While the conversations quoted in this book are often after that date, they usually refer to what occurred in the years when he was most active in what was going on in the world. As a thinker, it is not surprising that he made more money than Karl Marx. The Index of Persons and Places on pages 161-170 is one of the best I have seen for explaining who each person mentioned in the book was, with more about Lord John Acton than about Achilles, and not much on Karl Marx (1818-1883). A question that he was asked in an interview printed in Reason magazine (July 1992), supposed that Joseph Schumpeter had been more right than Marx on how governments could be more responsible for "the collapse of capitalism due, not to its weakness (as Marx had predicted), but due to its strengths." (p. 154). Hayek could enjoy this paradox of Schumpeter, "that capitalism was certainly much better but it will not be allowed to last, while socialism is very bad but it is bound to come." (p. 154). Democracy allows the freedom for people to complain in ways that can inspire the government to make things worse, if I am catching the drift.

The Life of Hayek.......2000-03-24

This book about Hayek's life in Hayek's eye. It contains not only his academic life, but also his way in looking the world. This is a readable introduction to Hayek's philosophy, not because it has presented some theoies, but because it has provided the necessary introduction on this man--Hayek.

Hayek's Journey: The Mind of Friedrich Hayek

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Not as good as I'd hoped
A valuable thematic supplement
Another disppointing treatment of Hayek
Recommended.
Only goes so far in explaining the genius

Hayek's Journey: The Mind of Friedrich Hayek
Alan Ebenstein
Manufacturer: Palgrave Macmillan
ProductGroup: Book
Binding: Hardcover

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ASIN: 1403960380

Book Description

While Alan Ebenstein's biography of Friedrich Hayek was the first biography of this major twentieth-century thinker, the book itself was not an exploration of his work. Hayek's Journey is the follow-up volume that gives readers an in-depth look at the evolution of Hayek's thought, the influence of the Austrian School of Economics, and the roles of Witt-gen-stein, Freud, and others in his thinking. This is a classic of Hayek scholarship written in lucid prose and a brilliant companion piece to Ebenstein's biography.

Customer Reviews:

Not as good as I'd hoped.......2006-11-16

Having read this book without first reading Ebenstein's companion biography on Hayek, perhaps my criticism is not fully warranted, but this book seemed to fall a little short. Hayek is unarguably a fascinating thinker and my hope when picking this up was to learn how that thinking developed: how for example did he wrestle to change from his early socialist leanings when confronted with the problem of economic calculation. There is a lot of interesting factual information to be found in the book, but it is disjointed and ultimately a little frustrating to read. Perhaps Ebenstein's companion biography on Hayak's life reads a little smoother and expresses more of a compelling narrative, and this is just an unfortunate result of a failed biographical mind body split.

All this being said I still think many will still find the book worth a read. There is much to be gained in exploring Hayek - kind of like if I were to take a photograph of a supper model with a point and shoot camera, I'd end up with a picture worth viewing, but not because of my exemplary photographic skills. Eberstein doesn't take the greatest picture of Hayek but based on the merit of the subject I'd still recommend taking a look.

A valuable thematic supplement.......2004-05-18

In this readable volume, Ebenstein offers an overview of Hayek's thought organized thematically rather than chronologically. It is meant as a companion volume to Ebenstein's biography of Hayek, but I read it as a supplement to Caldwell's intellectual biography, Hayek's Challenge.

Being only modestly acquainted with 20th century history, and even less so on economic and political theories, I strongly endorse reading a historical account of Hayek prior to considering this thematic presentation. Hayek was a man of his time, passionately contending with political ideologies and economic centralization that he felt threatened individual liberties. In my view, a historical approach can more aptly express the interplay of social, cultural, and personal influences that shaped Hayek's life and thought.

Be that as it may, Ebenstein has done a fine job in this book. Each chapter is devoted to a specific idea of, or a major influence on, Hayek. Foundational ideas incorporated into Hayek's thought are discussed (Darwinianism, German historicism, Austrian school economics) as are significant works that denoted major changes in his thought. Individual chapters deal with Mises, Keynes, Friedman and Popper, and another contrasts Hayek's thought with Marx, Mill, and Freud. Hayek's major economic thought is address in chapters devoted to both his early years and his later work.

I recommend this book primarily as a ready and current reference for the ongoing debates and interpretations of Hayek. Ebenstein's Bibliographical Essay on the collected works of Hayek may be an essential source for those studying this man.

Another disppointing treatment of Hayek.......2004-01-13

I read Ebenstein's biography of Hayek with high expectations, only to find the work disjointed, inadequate, and incomplete, and I was left with the feeling that either the author did not understand Hayek, had problems expressing himself or did not do adequate research.

When this title hit the bookshops, I immediately purchased a copy thinking that this volume would make up for the inadequacies of the first. But again, I am left with the feeling that a better work on the life and writings of the great Von Hayek is still to be written!

Recommended........2003-10-14

A very good starting point for those who have heard about Hayek and his ideas, but are not ready to jump into the details of his other works. A few well known traders say that to do well in the stock market, one must have a good understanding of the thinking of the Austrian School.

This book summarizes the ideas and discusses his many books, most of which are currently in print. It is written in an easy to read style. It may help you decide which of Hayek's works to read first.

I enjoyed it.

Only goes so far in explaining the genius.......2003-10-13

Frederich Hayek was a genius who happened upon his brilliance by both nature and nurture. He lived in an era which thought it not unusual to work in both the physical and social sciences. In Hayek's case it was most important that his first love was biology since the evolutionary underpinnings of society were fundamental to his approach to the social sciences.

He is today remembered for such classics as THE FATAL CONCEIT, THE CONSTITUTION OF LIBERTY and especially THE ROAD TO SERFDOM. He excelled in many categories and it was this fusion of various fields that made his work so unique and so vital. Starting as a scientist in the tradition of Ernest Mach, he soon began studies in economics, particularly value. From semi-Socialist leanings he became convinced of the link between economic and political freedom. This was the subtext of THE ROAD TO SERFDOM.

His argument against collectivism and central-run economies are as valid today as they were in the early part of last century. Central economies fail because 1) Society has too much knowledge to be centrally commanded (2) all economic decisions become political and thus authoritarian and noncreative and (3) there is no way to set value (price) under Socialism.

THE SENSORY ORDER dealt with epistomology, then he branched out to philosophy and politics. As an example of how Socialist we have become, Hayek's views were called ""liberal" and are now called "conservative" despite the fact that they're unchanged. He wrote one piece "WHY I AM NOT A CONSERVATIVE" which is a clarion call for libertarianism and classical liberalism.

The book examines the clashes between intellectual giants - von Mises, Popper, Mach, Wittgenstein (his cousin) and others. He was a secularist, a capitalist and a political liberal in the classical sense. His work on monetary policy still affects us (adjusting interest rates to increase or decrease the money supply, "floating" currencies externally). His influence with Western politicians and intellectual leaders was and is huge. He won the Nobel Prize for Economics in appreciation for his many contributions.

Almost as an afterward Hayek issued a brilliant statement. The aim of all economists is the increase in material wealth. He wanted this accomplished through an increase in wealth (capitalism) rather than a confiscation / redistribution of wealth (socialism / central run economies). The battle between these two points of view are with us today.

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Wide Ranging, Lively and Clear

Are we having fun yet?

An other opinion heard from

Amazing bio of an amazing thinker!

Caldwell, B. Hayek's Challenge

Hayek's Challenge: An Intellectual Biography of F.A. Hayek
Bruce Caldwell
Manufacturer: University Of Chicago Press
ProductGroup: Book
Binding: Hardcover

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Individualism and Economic Order

The Constitution of Liberty

The Sensory Order: An Inquiry into the Foundations of Theoretical Psychology

Law, Legislation and Liberty, Volume 3: The Political Order of a Free People

The Cambridge Companion to Hayek (Cambridge Companions to Philosophy)

ASIN: 0226091910

Book Description

Friedrich A. Hayek is regarded as one of the preeminent economic theorists of the twentieth century, as much for his work outside of economics as for his work within it. During a career spanning several decades, he made contributions in fields as diverse as psychology, political philosophy, the history of ideas, and the methodology of the social sciences. Bruce Caldwell—editor of The Collected Works of F. A. Hayek—understands Hayek's thought like few others, and with this book he offers us the first full intellectual biography of this pivotal social theorist.

Caldwell begins by providing the necessary background for understanding Hayek's thought, tracing the emergence, in fin-de-siècle Vienna, of the Austrian school of economics—a distinctive analysis forged in the midst of contending schools of thought. In the second part of the book, Caldwell follows the path by which Hayek, beginning from the standard Austrian assumptions, gradually developed his unique perspective on not only economics but a broad range of social phenomena. In the third part, Caldwell offers both an assessment of Hayek's arguments and, in an epilogue, an insightful estimation of how Hayek's insights can help us to clarify and reexamine changes in the field of economics during the twentieth century.

As Hayek's ideas matured, he became increasingly critical of developments within mainstream economics: his works grew increasingly contrarian and evolved in striking—and sometimes seemingly contradictory—ways. Caldwell is ideally suited to explain the complex evolution of Hayek's thought, and his analysis here is nothing short of brilliant, impressively situating Hayek in a broader intellectual context, unpacking the often difficult turns in his thinking, and showing how his economic ideas came to inform his ideas on the other social sciences.

Hayek's Challenge will be received as one of the most important works published on this thinker in recent decades.

Customer Reviews:

Wide Ranging, Lively and Clear.......2006-05-21

This is one of the best non-fiction books I have read in a long time. I have no idea how I came to buy this - I rarely read biographies, consider myself left-wing, am a computer programmer who was educated as a physicist (so have no background in economics), and only vaguely recognise his name - so must assume someone recommended it to me. Whoever that person was: Thank-you!

I think there are two things that makes this such a good read. Most important is the subject matter - Hayek seems to have been a pretty smart chap who was interested by, and contributed to, a wide range of subjects, at a time (the latter 2/3s of the twentieth century) when a lot was happening. And because he kept shifting fields and, to some extent, revising his opinions, you get to watch the evolution of a wide range of disciplines.

So this book touches on subjects like scientific methodology; emergent behaviours; how money acts as a way to signal information; the foundations of economics (do you have to assume everyone is "perfectly greedy", for example?); models of consciousness; evolutionary biology and group selection - interesting problems that are relevant today, presented in a historical context that is extremely helpful in understanding their peculiarities. Maybe it sounds crazy (or stupid), but until I read this book I had no idea how history could be so useful, relevant and informative.

Much credit must also go (my "second reason") to the author - I think this is impressively well written. Caldwell is a very careful guide who takes pains not only to justify what he says, but also gently directs you through what could be a terribly confusing and complex journey by identifying common threads, summarizing discussions, and repeatedly placing everything within its proper context. Please write another book (how about Popper?)!

Are we having fun yet? .......2006-01-22

I do not know who the target audience was here, but it certainly was not me, and I am a big Hayek fan. This book is way over my head. Perhaps a doctorate in economics or philosophy would make this work easier to read, but I don't think the average intelligent, interested reader will want to struggle though this material. It never comes up for air.

An other opinion heard from.......2005-08-29

First off, I want to echo the other reviewers in my praise for the book. The background in economic history was valuable to me and helps put the work that Hayek did into perspective. Though it may be "academic" (any look at the philosophy behind economics is probably not for the same audience as more instrumental books -- like "How to be successful" or whatever). That being said the book is well written and if anyone is interested in the influence of positivism on economics, the division of psychology and economics into separate disciplines, the roots of socialism and other foundational material, this book presents that information in a logical, clear way.

It cautions at the beginning that Hayek's work was complex and interdependent. There is a tendancy to take a paragraph by Hayek from one place and use it as a representation of the whole, like the blind men and the elephant. I would suggest strongly that to call him foundational in the current US conversativism is probably wrong. One clue is that as an extra to the "Constitution of Liberty" there is an essay by Hayek called "Why I am not a conservative."

Hayek was fascinated with "knowledge" in the sense that somehow humans manage to coordiante activity and believe that we share knowledge, but in reality it is not possible. Each of sees what we see and we do not see what others see. Somehow, unconsciously, we have evolved a way of being able to use the knowledge of others as well as our own.

His argument against socialism was basically that it breaks some of the ways of knowing what others are doing. A standard definition of Economics is that it is about how people make decisions in conditions of scarcity. In other words, there is an assumption that there is never enough to go around. If you think about it, even people with virtually unlimited amounts of money still compete with each other for status and other such things. We are all often in a position that if we choose X, then we cannot have Y.

Hayek thinks that that decision should be left up to the individual. He says that the mistake that people who believe that scientific central planning make is that they believe there is more of a consensus that there is. Someone's choices wind up overriding other's choices. There is more to it than this, but this is the basis of the argument. It is simple and not really one that falls easily on a liberal/conservative spectrum.

It is, however, probably the source of the claim that he is "conservative." Maggie Thatcher was a fan of Hayek as was, apparently, Ronald Reagan. It can be construed that the opposite of governments actively trying manage economies is lazie fare, hands off, anything goes conservativism. But that would be a misreading of Hayek and simply because a conservative likes Hayek's arguments about one topic does not make Hayek a conservative.

There is another point where Hayek would probably diverge widely from current "conservatives." By popular demand the borders in the US are getting tighter. For instance, it is now difficult to come back and forth from Canada, foreign graduate students are looking elsewhere, the "conservative" governor of California (himself an Austrian and alledgedly a fan of Hayek) is supporting vigilanties to prevent border crossings from Mexico. It does not seem that this is condusive to "knowledge" in the sense that Hayek uses it, as something that is distributed throughout humanity.

Hayek's greatest interest was in how we each take our little snapshot of the world and interact with others to build stable social structures without any direction. It is not that someone decides that we should have a structure like such and such, we find that these structures are there and we can all recognize them. In a way, he is talking about the "invisible hand" of Adam Smith. Somehow we coordinate activity so that I can be writing this right now on a computer I got somewhere, a DSL connection and so on and I have not talked to the people involved with making it happen, they have not talked to each other and no one directed them to do it.

Hayek is interested in the rules that make that happen. Now we talk of complex adaptive systems and the idea of "spontaneous order" is widely studied to day. Current work on "connectionist networks" now mention Hayek. He was way ahead of his time.

I also want to point out that even though some call him "the father of libertarianism" he was not against governments making rules that cause markets to function better, for instance, regulation against monopoly. Libertarians were up in arms against the threatened breakup of Microsoft, something Hayek would not have been against in principle.

I hope more people will read this book. It is remarkable how many ideas we think are brand new have been around for a while. This book helped me understand how they got sidelined. It is really a lively book, filled with people as well as ideas, which is important, because sometimes politics trumps insight. Hayek's remarkable ideas are just beginning to be widely noticed and recognizing what is happening is an exciting benefit of this book.

Amazing bio of an amazing thinker!.......2004-05-14

Tasked with the need to understand a contemporary, conservative thinker in a doctoral course on social justice, I was enriched by the professor's suggestion that I focus on Hayek. In due course I came upon this book by Caldwell. I wish to echo the earlier reviewers praise - this book is everything an intellectual history should be. The reader will become intimately familiar with the historical antecedents to Hayek, the academic, cultural, and historical milieu in which he worked, and the likely future his ideas will have.

I approached this book as a complete novice. I had never heard of Hayek, and frankly, reading this book stretched my 18 hours of undergraduate economics about as far as they could be stretched, but I was left with an astonishing respect for this economist turned political theorist. How is it possible that Hayek could have escaped my notice for 50 years?

One hundred and thirty pages are devoted, not to Hayek, but to Austrian school economics (i.e. - subjective value, marginalism, entrepreneurship) and its founder Carl Menger. Caldwell introduces key figures in the Austrian school at length (Bohm-Bawerk, Wieser, and Mises) as well as the chief protagonists of the school (German historical, socialism).

Into this fray comes Hayek, an ambitious but not a particularly aggressive academic. Any attempt at summarizing Hayek's thought is easily criticized, but from my personal perspective, Hayek seems to have been a master at synthesis. He linked what today would be called cognitive psychology with philosophy to produce an epistemology that is foundational to all his subsequent work. Further, he linked this epistemology with social evolution to explain social advance, social stability, and social institutions and values.

Epistemologically, Hayek understood human beings to possess a subjective ignorance. He denounced the "rational economic man" as a fiction, but asserted the importance of the free market supply/demand pricing mechanism. Without this pricing mechanism, economic planning was doomed to inefficiency and competitive disadvantage while the individual was cast adrift without any objective anchors with which to make decisions. Without the freedom to pursue subjective goals, however ignorant, there was no individual liberty.

It was from the random and chaotic subjectively ignorant decisions of the individual that social institutions evolved (i.e. - order out of chaos). The fittest of these social constructs prevail over time and form the framework of stability essential for the maintenance of a free marketplace and for the subjective projection of future value.

Hayek was awarded a Nobel Prize for economics in 1974 and the American Medal of Freedom in 1992 by then president George Bush, Sr. After spending a semester reading about this man and his ideas, I have become convinced that Hayek is a foundational thinker undergirding the conservative resurgence in America during the past 40 years. It is unlikely that there will ever be a finer intellectual biography than that provided by Caldwell. Everyone interested in social policy, social justice, and contemporary trends should become familiar with this book.

One last warning, Caldwell writes as an academic for academics. Footnotes abound, and there are four appendices directed at specialists. A lay reader will frequently realize that he cannot appreciate all of the subtle points that Caldwell is making. Despite these facts, this is a readable book worth the effort.

Caldwell, B. Hayek's Challenge.......2003-12-08

On the plane to and from the Southern Economic Association meetings in San Antonio (including a 3 hour delay in Dallas on the way home) in November I had the opportunity to read the best book written in Austrian economics in a generation -- Bruce Caldwell's Hayek's Challenge (University of Chicago Press, 2003). Caldwell, as to be expected, is a master historian of thought and constructs a narrative of Hayek's evolution of as a thinker that is simply better than any alternative account. And, in the process, Caldwell tells the story of the development of Austrian economics from Menger to today better than I have ever seen. This is a phenomenal work of scholarship and a beautifully written book. The book represents the history of economics as it should be written --- a subtle treatment of economic doctrine, contextualization of the evolution of argument within its broader history of philosophical, political and economic debates, and engagingly written. As far as economics goes, this book is a page turner. It is nothing short of a brilliant. Bruce Caldwell has written, in my opinion, the best book in economics for 2003.

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A Life of Friedrich August von Hayek
C.E. Cubitt
Manufacturer: Authors OnLine Ltd.
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Binding: Paperback

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ASIN: 0755202430

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Having become quite immersed in biographical works these last few years (that's about all I read), I am increasingly convinced that the truth of someone's life always reveals a measure of humanity that makes understanding possible between different sorts of people. Short of a multi-dimensional portrait, all we have are the rival characterizations of supporters and critics. The person gets lost in the controversy. Your memoir gives insights into Hayek the person that just aren't available anywhere else. The memoir certainly made me see the humanity in his character. I think that will lead to a fuller appreciation of him, a greater understanding of his work, and a richer perspective on all the aspects of his influence on our society. Albert Einstein once commented on the folly of secrecy in physics: "Let me understand, you propose to keep nature a secret?" Perhaps the same question could be asked of those who would limit the sources of biographical study.

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Essays on Hayek
William F., Jr. Buckley
Manufacturer: New York University Press
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Binding: Hardcover

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Free to Choose: A Personal Statement

ASIN: 0814754090

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First published in 1977

Hayek, Coordination and Evolution: His Legacy in Philosophy, Politics, Economics and the History of Ideas

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Hayek, Coordination and Evolution: His Legacy in Philosophy, Politics, Economics and the History of Ideas
Jack Birner
Manufacturer: Routledge
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ASIN: 041509397X

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Recent years have witnessed a remarkable revival in Hayek's reputation as an economist, a political philosopher, and an intellectual historian. Hayek, Coordination and Evolution shows why this revival has taken place by demonstrating the continuing relevance and vitality of Hayek's ideas. Internationally renowned scholars representing both the left and the right critically assess Hayek's contribution to economics, political philosophy, legal theory, cognitive psychology, and the history of ideas. Challenging mainstream traditions in all these fields, this controversial work provides a unique analysis of the ways that Hayek's legacy can help to solve problems in the contemporary social sciences and philosophy.

Contributors: Norman Barry, Marina Bianchi, Jack Birner, Meghnad Desai, Robert P. de Vries, Harry Garretsen, Roger W. Garrison, Willem Keizer, Inez Kotterman-van de Vosse, Karl Milford, D. P. O'Brien, Gerald P. O'Driscoll, Jr., Raymond Plant, Nikolas H. M. Roos, PeterRosner, Jeremy Shearmur, Frank van Dun, Rudy van Zijp, Hans Visser, Ulrich Witt.

The Legacy of Friedrich von Hayek (Intellectual Legacies in Modern Economics series)

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The Legacy of Friedrich von Hayek (Intellectual Legacies in Modern Economics series)

Manufacturer: Edward Elgar Pub
ProductGroup: Book
Binding: Hardcover

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ASIN: 1858982995

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This major three volume collection - offered in the centenary year of Hayek's birth - celebrates a lifetime of scholarship and original contributions that cross the disciplines of politics, philosophy and economics.

Hayek rose to fame as a young technical economist engaged in debate with Keynes and became infamous in middle age for his harsh critique of socialist planning. For much of the 1950s and 1960s Hayek was ignored as a relic of 19th century economic liberalism as the tide of intellectual and political fashion moved against both his warnings about Keynesian demand management and his critique of socialist planning. Late in life, Hayek was celebrated as a prescient scholar who foresaw the decline in both the Keynesian and socialist systems of economic control.

Hayek made major analytical contributions which have yet to be appreciated by either friend or foe. Through this selection of classic articles The Legacy of Friedrich von Hayek attempts to place Hayek's contributions to political economy in a proper perspective.

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Biography - Hayek, Friedrich A. von (1899-1992): An article from: Contemporary Authors Online
--Sketch by Thomas Wiloch
Manufacturer: Thomson Gale
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Binding: Digital
ASIN: B0007SCE0E
Release Date: 2007-06-13

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Word count: 4312.

Friedrich Hayek: a Biography. (Book Reviews).: An article from: Independent Review

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Friedrich Hayek: a Biography. (Book Reviews).: An article from: Independent Review
Caldwell. Bruce
Manufacturer: Independent Institute
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This digital document is an article from Independent Review, published by Independent Institute on September 22, 2001. The length of the article is 2398 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

Citation Details
Title: Friedrich Hayek: a Biography. (Book Reviews).
Author: Caldwell. Bruce
Publication: Independent Review (Refereed)
Date: September 22, 2001
Publisher: Independent Institute
Volume: 6 Issue: 2 Page: 263(5)

Article Type: Book Review

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