The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Hayek, Friedrich August von (1899–1992)

  • Bruce Caldwell
Reference work entry
DOI: https://doi.org/10.1057/978-1-349-95189-5_795

Abstract

This article reviews the major intellectual contributions of the Austrian-born Nobel laureate Friedrich Hayek. Within economics, Hayek made contributions to many areas, among them monetary theory, trade cycle theory, and capital theory. His ‘knowledge-based’ critique of socialism and subsequent work on ‘the knowledge problem’ are widely viewed as seminal contributions to economics. Hayek also did substantial work in such fields as political theory, the methodology of the social sciences, psychology and intellectual history. Finally, his writings on spontaneous orders and his ‘theory of complex phenomena’ anticipated later developments in such areas as complexity theory and agent-based modelling.

Keywords

Austrian business cycle theory Austrian economics Average period of production Behaviourism Bӧhm-Bawerk, E. von Capital theory Chicago school Common law Complements Complex phenomena Constitutionalism Constructivism Currency competition General equilibrium Hayek, F. A. von Information aggregation and prices Intertemporal equilibrium Keynesian revolution Knowledge problem Liberty Majoritarianism Markets Mises, L. E. von Money Mont Pèlerin society Natural rate and market rate of interest Neutrality of money New institutional economics Planning Public choice Roundabout methods of production Rule of law Scientism Social justice Socialism Socialist calculation debate Special interests Spontaneous order Substitutes Tacit knowledge Wicksell, J. G. K 

JEL Classifications

B31 
This is a preview of subscription content, log in to check access.

Bibliography

  1. Caldwell, B. 2004. Hayek’s challenge: An intellectual biography of FA. Hayek. Chicago: University of Chicago Press.Google Scholar
  2. Cassidy, J. 2000. The price prophet. New Yorker 7: 44–51.Google Scholar
  3. Dickinson, H.D. 1933. Price formation in a socialist economy. Economic Journal 43: 237–250.CrossRefGoogle Scholar
  4. Hicks, J.R. 1967. The Hayek story. In Critical essays in monetary theory. Oxford: Clarendon Press.Google Scholar
  5. Keynes, J.M. 1930. A treatise on money. Repr. as vols. 5 and 6 of The collected writings of John Maynard Keynes. London: Macmillan, 1971.Google Scholar
  6. Keynes, J.M. 1931. The pure theory of money: A reply to Dr. Hayek. Repr. in Contra Keynes and Cambridge: Essays, correspondence, ed. Bruce Caldwell, vol. 9 of The collected works F.A. Hayek, 1995.Google Scholar
  7. Keynes, J.M. 1936. The general theory of employment, interest, and money. Repr. as vol. 7 of Keynes (1971–89), 1973.Google Scholar
  8. Keynes, J.M. 1944. Letter, J.M. Keynes to F.A. Hayek, June 28, 1944. Repr. in Activities 1940–46. Shaping the Post-War World: Employment and commodities, vol. 27 of Keynes (197189), ed. D. Moggridge, 1980.Google Scholar
  9. Keynes, J.M. 1971–89. The collected writings of John Maynard Keynes, 30 vols, ed. A. Robinson and D. Moggridge. London: Macmillan for the Royal Economic Society.Google Scholar
  10. Lange, O. 1938. On the economic theory of socialism. In On the economic theory of socialism, ed. B. Lippincott. Minneapolis: University of Minnesota Press.Google Scholar
  11. Mises, L.V. 1920. Economic calculation in the socialist commonwealth. Trans. S. Adler. In Hayek (1935).Google Scholar
  12. Mises, L.V. 1924. The theory of money and credit. Trans. H.E. Batson. London: Jonathan Cape, 1934.Google Scholar
  13. Wicksell, K. 1906. Lectures on political economy, vol. 2. Trans. E. Classen. London: Routledge, 1935.Google Scholar

Copyright information

© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • Bruce Caldwell
    • 1
  1. 1.