His father, born in 1871 also in Vienna, was a medical doctor employed by the municipal ministry of health.
Friedrich August von Hayek ( , ; 8 May 1899 – 23 March 1992), often referred to by his initials F.
Karl Popper: The Formative Years, 1902–1945 Horwitz, Steven (2005).
He preferred to associate with adults. In 1917, Hayek joined an artillery regiment in the Austro-Hungarian Army and fought on the Italian front.
During this time, Hayek also survived the 1918 flu pandemic. Hayek then decided to pursue an academic career, determined to help avoid the mistakes that had led to the war.
It was during this time that he also encountered and befriended noted political philosopher Eric Voegelin, with whom he retained a long-standing relationship. === London === With the help of Mises, in the late 1920s he founded and served as director of the Austrian Institute for Business Cycle Research before joining the faculty of the London School of Economics (LSE) in 1931 at the behest of Lionel Robbins.
At the University of Vienna, he studied economics, eventually receiving his doctoral degrees in law in 1921 and in political science in 1923.
As a result of their family relationship, Hayek became one of the first to read Wittgenstein's Tractatus Logico-Philosophicus when the book was published in its original German edition in 1921.
He earned doctorates in law and political science in 1921 and 1923 respectively. For a short time, when the University of Vienna closed he studied in Constantin von Monakow's Institute of Brain Anatomy, where Hayek spent much of his time staining brain cells.
At the University of Vienna, he studied economics, eventually receiving his doctoral degrees in law in 1921 and in political science in 1923.
He earned doctorates in law and political science in 1921 and 1923 respectively. For a short time, when the University of Vienna closed he studied in Constantin von Monakow's Institute of Brain Anatomy, where Hayek spent much of his time staining brain cells.
Between 1923 and 1924, Hayek worked as a research assistant to Professor Jeremiah Jenks of New York University, compiling macroeconomic data on the American economy and the operations of the Federal Reserve.
Between 1923 and 1924, Hayek worked as a research assistant to Professor Jeremiah Jenks of New York University, compiling macroeconomic data on the American economy and the operations of the Federal Reserve.
The nearly decade long deflationary depression in Britain dating from Winston Churchill's decision in 1925 to return Britain to the gold standard at the old pre-war and pre-inflationary par was the public policy backdrop for Hayek's dissenting engagement with Keynes over British monetary and fiscal policy.
Supporting examples include the following: == Personal life == In August 1926, Hayek married Helen Berta Maria von Fritsch (1901–1960), a secretary at the civil service office where Hayek worked, on the rebound upon hearing of his cousin's marriage.
In retrospect hindsight tells us that its mumbo-jumbo about the period of production grossly misdiagnosed the macroeconomics of the 1927–1931 (and the 1931–2007) historical scene".
Hayek spelled out the Austrian approach in more detail in his book, published in 1929, an English translation of which appeared in 1933 as Monetary Theory and the Trade Cycle.
In accordance with the reasoning later outlined in his essay "The Use of Knowledge in Society" (1945), Hayek argued that a monopolistic governmental agency like a central bank can neither possess the relevant information which should govern supply of money, nor have the ability to use it correctly. In 1929, Lionel Robbins assumed the helm of the London School of Economics (LSE).
Keynes called Hayek's book Prices and Production "one of the most frightful muddles I have ever read", famously adding: "It is an extraordinary example of how, starting with a mistake, a remorseless logician can end in Bedlam". Notable economists who studied with Hayek at the LSE in the 1930s and 1940s include Arthur Lewis, Ronald Coase, William Baumol, John Kenneth Galbraith, Leonid Hurwicz, Abba Lerner, Nicholas Kaldor, George Shackle, Thomas Balogh, L.
It was during this time that he also encountered and befriended noted political philosopher Eric Voegelin, with whom he retained a long-standing relationship. === London === With the help of Mises, in the late 1920s he founded and served as director of the Austrian Institute for Business Cycle Research before joining the faculty of the London School of Economics (LSE) in 1931 at the behest of Lionel Robbins.
Eager to promote alternatives to what he regarded as the narrow approach of the school of economic thought that then dominated the English-speaking academic world (centerd at the University of Cambridge and deriving largely from the work of Alfred Marshall), Robbins invited Hayek to join the faculty at LSE, which he did in 1931.
According to Nicholas Kaldor, Hayek's theory of the time-structure of capital and of the business cycle initially "fascinated the academic world" and appeared to offer a less "facile and superficial" understanding of macroeconomics than the Cambridge school's. Also in 1931, Hayek crititicized John Maynard Keynes's Treatise on Money (1930) in his "Reflections on the pure theory of Mr.
In 1931, Hayek's Prices and Production had enjoyed an ultra-short Byronic success.
In retrospect hindsight tells us that its mumbo-jumbo about the period of production grossly misdiagnosed the macroeconomics of the 1927–1931 (and the 1931–2007) historical scene".
Lerner and many others in the development of modern microeconomics. In 1932, Hayek suggested that private investment in the public markets was a better road to wealth and economic co-ordination in Britain than government spending programs as argued in an exchange of letters with John Maynard Keynes, co-signed with Lionel Robbins and others in The Times.
Hayek spelled out the Austrian approach in more detail in his book, published in 1929, an English translation of which appeared in 1933 as Monetary Theory and the Trade Cycle.
For his part, Hayek dedicated a collection of papers, Studies in Philosophy, Politics, and Economics, to Popper and in 1982 said that "ever since his Logik der Forschung first came out in 1934, I have been a complete adherent to his general theory of methodology".
This argument, first proposed by Max Weber and Ludwig von Mises, says that the efficient exchange and use of resources can be maintained only through the price mechanism in free markets (see economic calculation problem). In 1935, Hayek published Collectivist Economic Planning, a collection of essays from an earlier debate that had been initiated by Mises.
He subsequently lived and worked in Austria, Great Britain, the United States, and Germany; he became a British subject in 1938.
Hayek also taught or tutored many other LSE students, including David Rockefeller. Unwilling to return to Austria after the Anschluss brought it under the control of Nazi Germany in 1938, Hayek remained in Britain.
Hayek and his children became British subjects in 1938.
Keynes called Hayek's book Prices and Production "one of the most frightful muddles I have ever read", famously adding: "It is an extraordinary example of how, starting with a mistake, a remorseless logician can end in Bedlam". Notable economists who studied with Hayek at the LSE in the 1930s and 1940s include Arthur Lewis, Ronald Coase, William Baumol, John Kenneth Galbraith, Leonid Hurwicz, Abba Lerner, Nicholas Kaldor, George Shackle, Thomas Balogh, L.
Hayek's salary was funded not by the university, but by an outside foundation, the William Volker Fund. Hayek had made contact with many at the University of Chicago in the 1940s, with Hayek's The Road to Serfdom playing a seminal role in transforming how Milton Friedman and others understood how society works.
Kaldor later wrote that Hayek's Prices and Production had produced "a remarkable crop of critics" and that the total number of pages in British and American journals dedicated to the resulting debate "could rarely have been equalled in the economic controversies of the past". Hayek's work, throughout the 1940s, was largely ignored, except for scathing critiques by Nicholas Kaldor.
It was first published in Britain by Routledge in March 1944 and was quite popular, leading Hayek to call it "that unobtainable book" also due in part to wartime paper rationing.
In 1944, Hayek wrote in The Road to Serfdom: In 1973, Hayek reiterated in Law, Legislation and Liberty: There is no reason why in a free society government should not assure to all, protection against severe deprivation in the form of an assured minimum income, or a floor below which nobody need to descend.
In a letter to Hayek in 1944, Popper stated: "I think I have learnt more from you than from any other living thinker, except perhaps Alfred Tarski".
It was established in 1994 by a gift from entrepreneur Alan Gibbs. == Notable works == The Road to Serfdom, 1944. Individualism and Economic Order, 1948. The Constitution of Liberty, 1960.
At the instigation of editor Max Eastman, the American magazine Reader's Digest also published an abridged version in April 1945, enabling The Road to Serfdom to reach a far wider audience than academics.
In a letter to Rose Wilder Lane in 1946 she wrote:Now to your question: 'Do those almost with us do more harm than 100% enemies?’ I don’t think this can be answered with a flat 'yes' or 'no,’ because the 'almost' is such a wide term.
He lived in the United States from 1950 to 1962 and then mostly in Germany, but also briefly in Austria. In 1947, Hayek was elected a Fellow of the Econometric Society. === The Road to Serfdom === Hayek was concerned about the general view in Britain's academia that fascism was a capitalist reaction to socialism and The Road to Serfdom arose from those concerns.
That's the Hayek legacy". By 1947, Hayek was an organiser of the Mont Pelerin Society, a group of classical liberals who sought to oppose socialism.
Informal discussions with colleagues and friends stimulated a greater interest, which was reinforced by Friedrich Hayek's powerful book The Road to Serfdom, by my attendance at the first meeting of the Mont Pelerin Society in 1947, and by discussions with Hayek after he joined the university faculty in 1950.
Upon the close of World War II, Hayek restarted a relationship with his cousin, who had married since they first met, but kept it secret until 1948.
It was established in 1994 by a gift from entrepreneur Alan Gibbs. == Notable works == The Road to Serfdom, 1944. Individualism and Economic Order, 1948. The Constitution of Liberty, 1960.
After spending the 1949–1950 academic year as a visiting professor at the University of Arkansas, Hayek was conferred professorship by the University of Chicago, where he became a professor in the Committee on Social Thought.
He held this status for the remainder of his life, but he did not live in Great Britain after 1950.
He lived in the United States from 1950 to 1962 and then mostly in Germany, but also briefly in Austria. In 1947, Hayek was elected a Fellow of the Econometric Society. === The Road to Serfdom === Hayek was concerned about the general view in Britain's academia that fascism was a capitalist reaction to socialism and The Road to Serfdom arose from those concerns.
The book is widely popular among those advocating individualism and classical liberalism. === Chicago === In 1950, Hayek left the London School of Economics.
Informal discussions with colleagues and friends stimulated a greater interest, which was reinforced by Friedrich Hayek's powerful book The Road to Serfdom, by my attendance at the first meeting of the Mont Pelerin Society in 1947, and by discussions with Hayek after he joined the university faculty in 1950.
Hayek and Fritsch divorced in July 1950 and he married his cousin Helene Bitterlich (1900–1996) just a few weeks later after moving to Arkansas to take advantage of permissive divorce laws.
He completed The Constitution of Liberty in May 1959, with publication in February 1960.
He completed The Constitution of Liberty in May 1959, with publication in February 1960.
It was established in 1994 by a gift from entrepreneur Alan Gibbs. == Notable works == The Road to Serfdom, 1944. Individualism and Economic Order, 1948. The Constitution of Liberty, 1960.
He died in 1992 in Freiburg, Germany, where he had lived since leaving Chicago in 1961.
He lived in the United States from 1950 to 1962 and then mostly in Germany, but also briefly in Austria. In 1947, Hayek was elected a Fellow of the Econometric Society. === The Road to Serfdom === Hayek was concerned about the general view in Britain's academia that fascism was a capitalist reaction to socialism and The Road to Serfdom arose from those concerns.
After his divorce, his financial situation worsened. === Freiburg and Salzburg === From 1962 until his retirement in 1968, he was a professor at the University of Freiburg, West Germany, where he began work on his next book, Law, Legislation and Liberty.
Bruce Caldwell wrote that "[i]f one is judging his work against the standard of whether he provided a finished political philosophy, Hayek clearly did not succeed", although he thinks that "economists may find Hayek's political writings useful". ==== Dictatorship and totalitarianism ==== Hayek sent António de Oliveira Salazar a copy of The Constitution of Liberty (1960) in 1962.
After his divorce, his financial situation worsened. === Freiburg and Salzburg === From 1962 until his retirement in 1968, he was a professor at the University of Freiburg, West Germany, where he began work on his next book, Law, Legislation and Liberty.
The Sveriges-Riksbank Nobel Prize in Economics was established in 1968, and Hayek was the first non-Keynesian economist to win it. During the Nobel ceremony in December 1974, Hayek met the Russian dissident Aleksandr Solzhenitsyn.
Preliminary drafts of the book were completed by 1970, but Hayek chose to rework his drafts and finally brought the book to publication in three volumes in 1973, 1976 and 1979. Hayek became a professor at the University of Salzburg from 1969 to 1977 and then returned to Freiburg.
Preliminary drafts of the book were completed by 1970, but Hayek chose to rework his drafts and finally brought the book to publication in three volumes in 1973, 1976 and 1979. Hayek became a professor at the University of Salzburg from 1969 to 1977 and then returned to Freiburg.
Along with market monetarist economist Scott Sumner, White also noted that the monetary policy norm that Hayek prescribed, first in Prices and Production (1931) and as late as the 1970s, was the stabilization of nominal income. Hayek's ideas find their way into the discussion of the post-Great Recession issues of secular stagnation.
It also created new distortions and contributes to distributional conflicts. === Central European politics === In the 1970s and 1980s, the writings of Hayek were a major influence on some of the future postsocialist economic and political elites in Central and Eastern Europe.
Preliminary drafts of the book were completed by 1970, but Hayek chose to rework his drafts and finally brought the book to publication in three volumes in 1973, 1976 and 1979. Hayek became a professor at the University of Salzburg from 1969 to 1977 and then returned to Freiburg.
In 1944, Hayek wrote in The Road to Serfdom: In 1973, Hayek reiterated in Law, Legislation and Liberty: There is no reason why in a free society government should not assure to all, protection against severe deprivation in the form of an assured minimum income, or a floor below which nobody need to descend.
Rules and Order, 1973. * Volume II.
Hayek shared the 1974 Nobel Memorial Prize in Economic Sciences with Gunnar Myrdal for his work on economics.
The economics department was small and the library facilities were inadequate. Although Hayek's health suffered, and he fell into a depressionary bout, he continued to work on his magnum opus, Law, Legislation and Liberty in periods when he was feeling better. === Nobel Memorial Prize === On 9 October 1974, it was announced that Hayek would be awarded the Nobel Memorial Prize in Economics with Swedish economist Gunnar Myrdal, with the reasons for selection being listed in a press release.
The Sveriges-Riksbank Nobel Prize in Economics was established in 1968, and Hayek was the first non-Keynesian economist to win it. During the Nobel ceremony in December 1974, Hayek met the Russian dissident Aleksandr Solzhenitsyn.
When in 1974 he shared the Nobel Memorial Prize in Economics with Myrdal, the latter complained about being paired with an "ideologue".
Hayek" for 19 volumes; vol 2 excerpt and text search; vol 7 2012 excerpt. == External links == The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1974: Gunnar Myrdal, Friedrich August von Hayek.
Press release regarding the award of the Nobel Prize. with the Nobel lecture 11 December 1974 The Pretence of Knowledge Register of the Friedrich A.
He spoke with apprehension at his award speech about the danger the authority of the prize would lend to an economist, but the prize brought much greater public awareness to the then controversial ideas of Hayek and was described by his biographer as "the great rejuvenating event in his life". === British politics === In February 1975, Margaret Thatcher was elected leader of the British Conservative Party.
During Thatcher's only visit to the Conservative Research Department in the summer of 1975, a speaker had prepared a paper on why the "middle way" was the pragmatic path the Conservative Party should take, avoiding the extremes of left and right.
Preliminary drafts of the book were completed by 1970, but Hayek chose to rework his drafts and finally brought the book to publication in three volumes in 1973, 1976 and 1979. Hayek became a professor at the University of Salzburg from 1969 to 1977 and then returned to Freiburg.
The Mirage of Social Justice, 1976. * Volume III.
Preliminary drafts of the book were completed by 1970, but Hayek chose to rework his drafts and finally brought the book to publication in three volumes in 1973, 1976 and 1979. Hayek became a professor at the University of Salzburg from 1969 to 1977 and then returned to Freiburg.
When Hayek left Salzburg in 1977, he wrote: "I made a mistake in moving to Salzburg".
He defended himself by explaining that he made no racial judgements, only highlighted the problems of acculturation. In 1977, Hayek was critical of the Lib–Lab pact in which the British Liberal Party agreed to keep the British Labour government in office.
Besides Thatcher, Hayek also made a significant influence on Enoch Powell, Keith Joseph, Nigel Lawson, Geoffrey Howe and John Biffen. Hayek gained some controversy in 1978 by praising Thatcher's anti-immigration policy proposal in an article which ignited numerous accusations of anti-Semitism and racism because of his reflections on the inability of assimilation of Eastern European Jews in the Vienna of his youth.
In 1978 Hayek made a month-long visit to South Africa (his third) where he gave numerous lectures, interviews, and met prominent politicians and business leaders, unconcerned about possible propagandistic effect of his tour for Apartheid regime.
In a 1978 interview to explain his actions, Hayek stated that he was unhappy in his first marriage and as his wife would not grant him a divorce he had to enforce it. After divorce, for a time, Hayek rarely visited his children, but continued more regular contact with them in his older age, after moving to Europe.
Hayeks interviewed in 1978, transcript. Firing Line with William F.
Preliminary drafts of the book were completed by 1970, but Hayek chose to rework his drafts and finally brought the book to publication in three volumes in 1973, 1976 and 1979. Hayek became a professor at the University of Salzburg from 1969 to 1977 and then returned to Freiburg.
After winning the 1979 United Kingdom general election, Margaret Thatcher appointed Keith Joseph, the director of the Hayekian Centre for Policy Studies, as her secretary of state for industry in an effort to redirect parliament's economic strategies.
The Political Order of a Free People, 1979. The Fatal Conceit: The Errors of Socialism, 1988.
That one is real poison. Hayek made no known written references to Rand. === Hayek and conservatism === Hayek received new attention in the 1980s and 1990s with the rise of conservative governments in the United States, United Kingdom and Canada.
Andreas Hoffmann and Gunther Schnabl provide an international perspective and explain recurring financial cycles in the world economy as consequence of gradual interest rate cuts led by the central banks in the large advanced economies since the 1980s.
It also created new distortions and contributes to distributional conflicts. === Central European politics === In the 1970s and 1980s, the writings of Hayek were a major influence on some of the future postsocialist economic and political elites in Central and Eastern Europe.
For example, when Hayek visited Venezuela in May 1981, he was asked to comment on the prevalence of totalitarian regimes in Latin America.
Likewise, David Stockman, Ronald Reagan's most influential financial official in 1981, was an acknowledged follower of Hayek. Hayek wrote an essay, "Why I Am Not a Conservative" (included as an appendix to The Constitution of Liberty).
For his part, Hayek dedicated a collection of papers, Studies in Philosophy, Politics, and Economics, to Popper and in 1982 said that "ever since his Logik der Forschung first came out in 1934, I have been a complete adherent to his general theory of methodology".
His most popular work, The Road to Serfdom, has sold over 2.25 million copies (as of 2020). Hayek was appointed a Companion of Honour in 1984 for his academic contributions to economics.
He was the first recipient of the Hanns Martin Schleyer Prize in 1984.
Produced by Films for the Humanities in 1985. . . Booknotes interview with Alan Ebenstein on Friedrich Hayek: A Biography, July 8, 2001. The Liberalism/Conservatism of Edmund Burke and F.A.
Although he was old by the 80s, he continued to write, even finishing a book, The Fatal Conceit, in 1988. == Legacy and honours == Hayek holds a mixed legacy, and has been criticized for his advisorship to authoritarian leaders, like Chile's Pinochet. Even after his death, Hayek's intellectual presence is noticeable, especially in the universities where he had taught, namely the London School of Economics, the University of Chicago and the University of Freiburg.
The Political Order of a Free People, 1979. The Fatal Conceit: The Errors of Socialism, 1988.
Bartley, III and others (University of Chicago Press, 1988–); "Plan of the Collected Works of F.A.
That one is real poison. Hayek made no known written references to Rand. === Hayek and conservatism === Hayek received new attention in the 1980s and 1990s with the rise of conservative governments in the United States, United Kingdom and Canada.
He also received the Presidential Medal of Freedom in 1991 from President George H.
When later that evening Hayek was dropped off at the Reform Club, he commented: "I've just had the happiest day of my life". In 1991, President George H.W.
Friedrich August von Hayek ( , ; 8 May 1899 – 23 March 1992), often referred to by his initials F.
Bush awarded Hayek the Presidential Medal of Freedom, one of the two highest civilian awards in the United States, for a "lifetime of looking beyond the horizon". === Death === Hayek died on 23 March 1992, aged 92, in Freiburg, Germany and was buried on 4 April in the Neustift am Walde cemetery in the northern outskirts of Vienna according to the Catholic rite.
He died in 1992 in Freiburg, Germany, where he had lived since leaving Chicago in 1961.
It was established in 1994 by a gift from entrepreneur Alan Gibbs. == Notable works == The Road to Serfdom, 1944. Individualism and Economic Order, 1948. The Constitution of Liberty, 1960.
Produced by Films for the Humanities in 1985. . . Booknotes interview with Alan Ebenstein on Friedrich Hayek: A Biography, July 8, 2001. The Liberalism/Conservatism of Edmund Burke and F.A.
Professional Publishing 2004, Prague, profespubl.cz Plant, Raymond (2009).
Former World Bank Chief Economist William Easterly emphasizes why foreign aid tends to have no effect at best in books such as The White Man's Burden: Why the West's Efforts to Aid the Rest Have Done So Much Ill and So Little Good. Since the 2007–2008 financial crisis, there is a renewed interest in Hayek's core explanation of boom-and-bust cycles, which serves as an alternative explanation to that of the savings glut as launched by economist and former Federal Reserve Chair Ben Bernanke.
Whiggery as a political doctrine had little affinity for classical political economy, the tabernacle of the Manchester School and William Gladstone. Samuel Brittan, concluded in 2010 that "Hayek's book [The Constitution of Liberty] is still probably the most comprehensive statement of the underlying ideas of the moderate free market philosophy espoused by neoliberals".
In 2011, his article The Use of Knowledge in Society was selected as one of the top 20 articles published in The American Economic Review during its first 100 years. == Life == === Early life === Friedrich August von Hayek was born in Vienna to August von Hayek and Felicitas Hayek (née von Juraschek).
The Definitive Edition, 2011.
Hayek" for 19 volumes; vol 2 excerpt and text search; vol 7 2012 excerpt. == External links == The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1974: Gunnar Myrdal, Friedrich August von Hayek.
Hayek: A Collaborative Biography, Part I: Influences, from Mises to Bartley (Palgrave MacMillan, 2013), 241 pages Muller, Jerry Z.
His most popular work, The Road to Serfdom, has sold over 2.25 million copies (as of 2020). Hayek was appointed a Companion of Honour in 1984 for his academic contributions to economics.
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