View source for Friedrich Hayek

{{Short description|Austrian economist and philosopher (1899–1992)}}
{{Use British English|date=August 2014}}
{{Use dmy dates|date=July 2022}}
{{Infobox economist
| name             = Friedrich Hayek
| honorific_suffix = {{Postnominals|country=GBR|size=100%|CH|FBA}}
| school_tradition = [[Austrian School]]
| image            = Friedrich Hayek portrait.jpg
| caption          =
| birth_name       = Friedrich August von Hayek
| birth_date       = {{birth date|df=yes|1899|05|08}}
| birth_place      = [[Vienna]], Austria-Hungary
| death_date       = {{death date and age|df=yes|1992|03|23|1899|05|08}}
| death_place      = [[Freiburg im Breisgau]], Germany
| citizenship      = {{ubl|Austria (until 1938)|United Kingdom (from 1938)}}
| relatives         = {{plainlist|
* [[Heinrich von Hayek]] (brother)
* [[Gustav von Hayek]] (grandfather)
* [[Ludwig Wittgenstein]] (cousin)
}}
|father            = [[August von Hayek]]<ref name = "Marquis Who's Who"/>
|mother            = Felicitas (von Juraschek) von Hayek<ref name = "Marquis Who's Who"/>
|children          = 3, including [[Laurence Hayek|Laurence]]<ref name = "Marquis Who's Who"/><ref>{{cite journal |title= Laurence Hayek: Microbiologist who in later life commemorated his father's work |journal= The Times |date= 6 August 2004 |page= 31 |url= https://www.thetimes.com/uk/science/article/obituary-laurence-hayek-2w32wbrtb2m |archive-date= 14 April 2025 |access-date= 3 April 2025 |archive-url= https://web.archive.org/web/20250414205528/https://www.thetimes.com/uk/science/article/obituary-laurence-hayek-2w32wbrtb2m |url-status= live }}</ref>
|spouse          = {{plainlist|
* {{marriage |Helen Berta Maria von Fritsch|1926|July 1950|end=divorce}}
* {{marriage|Helene Bitterlich|1950}}<ref name = "Marquis Who's Who"/>
}}
| institution      = {{ublist|[[London School of Economics]] (1931–1950)|[[University of Chicago]] (1950–1962)|[[University of Freiburg]] (1962–1968; 1978–1992)|[[University of Salzburg]] (1969–1977)}}
| field            = {{hlist|[[Political economy]]|[[Jurisprudence]]|[[Political philosophy]]}}
| influences       = {{flatlist|
* [[Lord Acton|Acton]]
* [[H. Belloc|Belloc]]
* [[Böhm-Bawerk]]
* [[Robert Hugh Benson|Benson]]
* [[E. Burke|Burke]]
* [[Thomas Carlyle|Carlyle]]
* [[G.K. Chesterton|Chesterton]]
* [[Charles Darwin|Darwin]]
* [[Charles Dickens|Dickens]]
* [[W. Eucken|Eucken]]
* [[Adam Ferguson|Ferguson]]
* [[Frank Fetter|Fetter]]
* [[Benjamin Franklin|Franklin]]
* [[Sigmund Freud|Freud]]
* [[Edward Gibbon|Gibbon]]
* [[D. Hume|Hume]]
* [[Victor Hugo|Hugo]]
* [[Thomas Hobbes|Hobbes]]
* [[Thomas Jefferson|Jefferson]]
* [[John Maynard Keynes|Keynes]]
* [[C. S. Lewis|Lewis]]
* [[J. Locke|Locke]]
* [[E. Mach|Mach]]
* [[B. Mandeville|Mandeville]]
* [[Karl Marx|Marx]]
* [[Joseph De Maistre|Maistre]]
* [[C. Menger|Menger]]
* [[J. S. Mill|Mill]]
* [[L. von Mises|Mises]]
* [[John Henry Newman|Newman]]
* [[Friedrich Nietzsche|Nietzsche]]
* [[George Orwell|Orwell]]
* [[Thomas Paine|Paine]]
* [[K. Popper|Popper]]
* [[Jean-Jacques Rousseau|Rousseau]]
* [[C. Schmitt|Schmitt]]
* [[Algernon Sidney|Sidney]]
* [[Adam Smith|Smith]]
* [[O. Spann|Spann]]
* [[J.R.R. Tolkien|Tolkien]]
* [[Tocqueville]]
* [[Dean Tucker|Tucker]]
* [[Mark Twain|Twain]]
* [[Voltaire]]
* [[K. Wicksell|Wicksell]]
* [[Friedrich von Wieser|Wieser]]
* [[Wittgenstein]]
}}
| contributions    = {{ublist|[[Economic calculation problem]]|[[Dispersed knowledge]]|[[Price signal]]|[[Spontaneous order]]|[[Austrian Business Cycle Theory]]|[[Hebbian theory|Hayek–Hebb model]]|[[Hayekian triangle]]}}
| awards           = {{ublist|item_style=line-height:1.2em;padding:0.2em 0;|[[Nobel Memorial Prize in Economic Sciences]] (1974)|[[Member of the Order of the Companions of Honour]] (1984)|[[Presidential Medal of Freedom]] (1991)}}
| signature        = Friedrich Hayek signature.svg
| repec_prefix     = e
| repec_id         = pvo8
|education={{longitem|[[University of Vienna]]<br />([[Dr. jur.]], 1921; [[Dr. rer. pol]], 1923)}}}}
'''Friedrich August von Hayek'''{{efn|{{IPAc-en|ˈ|h|aɪ|ə|k}} {{respell|HY|ək}}; {{IPA|de|ˈfʁiːdʁɪç ˈaʊɡʊst fɔn ˈhaɪɛk|lang|Yandexhayek.wav}}}} (8 May 1899 – 23 March 1992) was an Austrian economist and philosopher.<ref name = "Marquis Who's Who">{{cite book |chapter=  HAYEK, Friedrich August (von) |title=Marquis Who's Who in the World |publisher= Macmillan Information Company |place= Wilmette, Illinois, USA |edition= 10th 1991-1992 |year = 1990 |url= https://archive.org/details/whoswhoinworld10edunse/page/n5/mode/2up |url-access= registration |page=[https://archive.org/details/whoswhoinworld10edunse/page/454/mode/2up 454] |accessdate= 23 January 2026 |via= [[Internet Archive]]}}</ref><ref>{{Cite web |title=F.A. Hayek {{!}} Biography, Books, & Facts {{!}} Britannica Money |url=https://www.britannica.com/money/F-A-Hayek |archive-url=https://web.archive.org/web/20251006101159/https://www.britannica.com/money/F-A-Hayek |archive-date=6 October 2025 |access-date=2025-12-17 |website=Encyclopedia Britannica |language=en |url-status=live }}</ref> He is known for his contributions to [[political economy]], [[political philosophy]] and [[intellectual history]].<ref>{{cite book |last1=Ebenstein |first1=Alan O. |title=Hayek's Journey: the mind of Friedrich Hayek |date=2003 |publisher=Palgrave Macmillan |location=New York |isbn=978-1-4039-6038-2 |edition=First Palgrave Macmillan}}</ref><ref>{{cite book |last1=Caldwell |first1=Bruce |title=Hayek's Challenge: an intellectual biography of F.A. Hayek |date=2004 |publisher=University of Chicago Press |location=Chicago |isbn=0-226-09193-7}}</ref><ref>{{Cite web |last1=Schmidtz |first1=David |last2=Boettke |first2=Peter |date=Summer 2021 |title=Friedrich Hayek |url=https://plato.stanford.edu/archives/sum2021/entries/friedrich-hayek/ |website=Stanford Encyclopedia of Philosophy}}</ref><ref>{{Cite book |last=Gamble |first=Andrew |title=Hayek: The Iron Cage of Liberty |publisher=Routledge |year=1996 |isbn=978-0-367-00974-8 |page=1}}</ref> Hayek shared the 1974 [[Nobel Memorial Prize in Economic Sciences]] with [[Gunnar Myrdal]] for work on money and economic fluctuations, and the interdependence of economic, social and institutional phenomena.<ref name=":2">{{cite web|url=http://nobelprize.org/nobel_prizes/economics/laureates/1974/index.html|title=The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1974|author=Bank of Sweden|year=1974|author-link=Nobel Memorial Prize in Economic Sciences|access-date=2 October 2006|archive-date=26 May 2013|archive-url=https://web.archive.org/web/20130526064142/http://www.nobelprize.org/nobel_prizes/economics/laureates/1974/index.html|url-status=live}}</ref> His account of how [[Price signal|prices communicate information]] is widely regarded as an important contribution to economics that led to his receiving the prize.<ref>{{cite journal|last=Skarbek|first=David|date=March 2009|title=F.A. Hayek's Influence on Nobel Prize Winners|url=http://www.davidskarbek.com/uploads/HayeksInfluence.pdf|journal=Review of Austrian Economics|volume=22|issue=1|pages=109–12|citeseerx=10.1.1.207.1605|doi=10.1007/s11138-008-0069-x|s2cid=144970753|archive-url=https://web.archive.org/web/20110727055703/http://www.davidskarbek.com/uploads/HayeksInfluence.pdf|archive-date=27 July 2011}}</ref><ref>{{cite web|url=http://www.nobelprize.org/nobel_prizes/economic-sciences/laureates/1974/hayek-facts.html|title=Friedrich August von Hayek – Facts|website=nobelprize.org|access-date=30 June 2017|archive-date=1 July 2017|archive-url=https://web.archive.org/web/20170701105029/http://www.nobelprize.org/nobel_prizes/economic-sciences/laureates/1974/hayek-facts.html|url-status=live}}</ref><ref>{{cite news|last=Rothbard|first=Murray N.|author-link=Murray Rothbard|date=28 January 2010|title=Hayek and the Nobel Prize|work=[[Mises Institute]]|url=https://mises.org/library/hayek-and-nobel-prize|access-date=30 June 2017|archive-date=20 October 2017|archive-url=https://web.archive.org/web/20171020013842/https://mises.org/library/hayek-and-nobel-prize|url-status=live}}</ref> He was a major contributor to the [[Austrian school of economics]].<ref>{{Cite web |title=Aaron Director, Founder of the field of Law and Economics |url=http://www-news.uchicago.edu/releases/04/040913.director.shtml |archive-url=https://web.archive.org/web/20220311003609/http://www-news.uchicago.edu/releases/04/040913.director.shtml |archive-date=March 11, 2022 |access-date=3 September 2019 |website=www-news.uchicago.edu}}</ref><ref name=":4">{{Cite web|url=https://www.pbs.org/wgbh/commandingheights/shared/minitext/ess_chicagoschool.html|title=Commanding Heights: The Chicago School|website=www.pbs.org|access-date=3 September 2019|archive-date=21 August 2019|archive-url=https://web.archive.org/web/20190821070630/http://www.pbs.org/wgbh/commandingheights/shared/minitext/ess_chicagoschool.html|url-status=live}}</ref>

During his teenage years, Hayek fought in [[World War I]]. He later said this experience, coupled with his desire to help avoid the mistakes that led to the war, drew him into economics.<ref name=":0">{{Cite web |date=20 June 2014 |title=Friedrich A. Hayek |url=https://mises.org/profile/friedrich-hayek |access-date=3 September 2019 |website=[[Mises Institute]] |language=en |archive-date=23 October 2020 |archive-url=https://web.archive.org/web/20201023161916/https://mises.org/profile/friedrich-hayek |url-status=live }}</ref><ref>{{Cite news|date=3 August 2011|title=Keynes v Hayek: Giants of economics|language=en-GB|publisher=[[BBC]]|url=https://www.bbc.com/news/business-14366054|access-date=4 September 2019|archive-date=23 October 2020|archive-url=https://web.archive.org/web/20201023161952/https://www.bbc.com/news/business-14366054|url-status=live}}</ref> He earned doctoral degrees in law in 1921 and political studies in 1923 from the [[University of Vienna]].<ref name=":0" /><ref>{{Cite web|url=https://www.nobelprize.org/prizes/economic-sciences/1974/hayek/biographical/|title=The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1974|website=NobelPrize.org|language=en-US|access-date=4 September 2019|archive-date=12 August 2019|archive-url=https://web.archive.org/web/20190812145119/https://www.nobelprize.org/prizes/economic-sciences/1974/hayek/biographical/|url-status=live}}</ref> He subsequently lived and worked in Austria, Great Britain, the United States and Germany. He became a British national in 1938.<ref name=":3" /> He studied and taught at the [[London School of Economics]] and later at the [[University of Chicago]], before returning to Europe late in life to teach at the [[University of Salzburg|Universities of Salzburg]] and [[University of Freiburg|Freiburg]].<ref>{{cite journal |last1=Schrepel |first1=Thibault |date=January 2015 |title=Friedrich Hayek's Contribution to Antitrust Law and Its Modern Application |journal=ICC Global Antitrust Review |pages=199–216 |ssrn=2548420}}</ref>

Hayek had considerable influence on a variety of political and economic movements of the 20th century, and his ideas continue to influence thinkers from a variety of political and economic backgrounds today.<ref>{{Cite book |last=Burczak |first=Theodore A. |title=Socialism after Hayek |year=2006 |publisher= University of Michigan Press |isbn=978-0-472-06951-4}}</ref><ref>{{Cite web |title=Conservatives Need to Reread Their Hayek |url=https://www.aei.org/articles/conservatives-need-to-reread-their-hayek/ |access-date=2023-02-23 |website=American Enterprise Institute – AEI |language=en-US |archive-date=23 February 2023 |archive-url=https://web.archive.org/web/20230223200941/https://www.aei.org/articles/conservatives-need-to-reread-their-hayek/ |url-status=live }}</ref><ref>{{Citation |last=van der Vossen |first=Bas |title=Libertarianism |date=2022 |url=https://plato.stanford.edu/archives/win2022/entries/libertarianism/ |encyclopedia=The Stanford Encyclopedia of Philosophy |editor-last= |editor-first= |edition=Winter 2022 |publisher= |access-date=2023-02-23 |editor2-last= |editor2-first=}}</ref> Although sometimes described as a [[conservative]],<ref>{{Cite journal |last=Cliteur  |first=Paul B. |date=1990 |title=Why Hayek is a Conservative |journal=ARSP: Archiv für Rechts- und Sozialphilosophie / Archives for Philosophy of Law and Social Philosophy |volume=76 |issue=4 |pages=467–78 |jstor=23681094 |issn=0001-2343}}</ref> Hayek himself was uncomfortable with this label and preferred to be thought of as a [[classical liberal]] or [[libertarian]].<ref>{{Cite book |last=Hayek |first=Friedrich A. |title=The Constitution of Liberty |publisher=The University of Chicago Press |year=2011 |isbn=978-0-226-31539-3 |edition=Definitive |chapter=Why I am not a Conservative}}</ref><ref>{{Cite journal |last=Caldwell |first=Bruce |date=2020-09-01 |title=The Road to Serfdom after 75 Years |journal=Journal of Economic Literature |language=en |volume=58 |issue=3 |pages=720–48 |doi=10.1257/jel.20191542 |s2cid=201350365 |issn=0022-0515|doi-access=free }}</ref> His most popular work, ''[[The Road to Serfdom]]'' (1944), has been republished many times over the eight decades since its original publication.<ref>{{Cite web|last=Ormerod|first=Paul|date=2006|title=The fading of Friedman|url=https://www.prospectmagazine.co.uk/magazine/thefadingoffriedman|access-date=31 August 2019|website=prospectmagazine.co.uk|language=en-US|archive-date=31 August 2019|archive-url=https://web.archive.org/web/20190831212217/https://www.prospectmagazine.co.uk/magazine/thefadingoffriedman|url-status=live}}</ref><ref name=":1">{{Cite journal|url=https://www.press.uchicago.edu/ucp/books/book/chicago/R/bo4138549.html|title=The Road to Serfdom|journal=Nature|volume=154|issue=3911|pages=473–74|bibcode=1944Natur.154..473C|last1=Catlin|first1=George|year=1944|doi=10.1038/154473a0|s2cid=4071358|access-date=31 August 2019|archive-date=12 November 2020|archive-url=https://web.archive.org/web/20201112024307/https://press.uchicago.edu/ucp/books/book/chicago/R/bo4138549.html|url-status=live|url-access=subscription}}</ref>

Hayek was appointed a [[Member of the Order of the Companions of Honour]] in 1984 for his academic contributions to economics.<ref name="LGCH">{{London Gazette|issue=49768|date=16 June 1984|page=4|supp=y}}</ref>{{sfn|Ebenstein|2001|p=305}} He was the first recipient of the [[Hanns Martin Schleyer Prize]] in 1984.<ref>{{cite web|url=http://www.schleyer-stiftung.de/preise/hms_preis/preise_schleyer_preistraeger_e.html|title=Hanns Martin Schleyer-Stiftung / Stiftungs-Preise|access-date=30 April 2013|archive-url=https://web.archive.org/web/20140225032000/http://www.schleyer-stiftung.de/preise/hms_preis/preise_schleyer_preistraeger_e.html|archive-date=25 February 2014}}</ref> He also received the [[Presidential Medal of Freedom]] in 1991 from President [[George H. W. Bush]].<ref>{{cite web|url=http://bushlibrary.tamu.edu/research/public_papers.php?id=3642&year=&month=|title=Remarks on Presenting the Presidential Medal of Freedom Awards|author=George H.W. Bush|date=18 November 1991|access-date=1 April 2008|archive-date=7 March 2009|archive-url=https://web.archive.org/web/20090307050531/http://bushlibrary.tamu.edu/research/public_papers.php?id=3642&year=&month=|url-status=live}}</ref> 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.<ref name="top">{{cite journal|last1=Arrow|first1=Kenneth J.|last2=Bernheim|first2=B. Douglas|last3=Feldstein|first3=Martin S.|last4=McFadden|first4=Daniel L.|last5=Poterba|first5=James M.|last6=Solow|first6=Robert M.|year=2011|title=100 Years of the American Economic Review: The Top 20 Articles|journal=American Economic Review|volume=101|issue=1|pages=1–8|doi=10.1257/aer.101.1.1|doi-access=free|hdl=1721.1/114169|hdl-access=free}}</ref>

== Early life ==
Friedrich August von Hayek was born in Vienna<ref>{{Cite web|url=https://uni-freiburg.de/en/university/outstanding-achievements/research-prizes/friedrich-von-hayek/|title=Friedrich von Hayek – University of Freiburg|access-date=11 December 2024|archive-date=24 January 2025|archive-url=https://web.archive.org/web/20250124164940/https://uni-freiburg.de/en/university/outstanding-achievements/research-prizes/friedrich-von-hayek/|url-status=live}}</ref> to [[August von Hayek]] and Felicitas Hayek (née von Juraschek).<ref name = "Marquis Who's Who"/> The surname [[Hayek]] is derived from the Czech surname Hájek and can be traced to an ancestor with the surname "Hagek" who migrated from [[Prague]] in the 1500s.{{sfn|Ebenstein|2001|p=12, 312}}

His father, born in 1871, also in Vienna, was a medical doctor employed by the municipal health ministry.{{sfn|Ebenstein|2001|pp=[https://archive.org/details/friedrichhayekbi00eben/page/62 62, 248, 284]}} August was a part-time botany lecturer at the [[University of Vienna]].<ref name=":2" /> Friedrich had two brothers, Heinrich (1900–1969) and Erich (1904–1986), who were one-and-a-half and five years younger than he was.{{sfn|Ebenstein|2001|p=7}}

His father's career as a university professor influenced Hayek's goals later in life.{{sfn|Ebenstein|2001|pp=7–8}} Both of his grandfathers, who lived long enough for Hayek to know them, were scholars.{{sfn|Ebenstein|2001|p=20}} His maternal grandfather, [[:de:Franz von Juraschek|Franz von Juraschek]], was an economist in [[Austria-Hungary]] and a close friend of [[Eugen von Böhm-Bawerk]], one of the founders of the [[Austrian School]] of Economics.<ref>Note: Von Juraschek was a statistician later employed by the Austrian government.</ref> Hayek's paternal grandfather, [[Gustav von Hayek|Gustav Edler von Hayek]], taught natural sciences at the Imperial ''Realobergymnasium'' (secondary school) in Vienna. He wrote works in the field of biological systematics.{{sfn|Ebenstein|2001|p=8}}

On his mother's side, Hayek was second cousin to the philosopher [[Ludwig Wittgenstein]].<ref>{{Cite book|last=Janik|first=Allan|title=Family Relationships and Family Resemblances: Hayek and Wittgenstein}}</ref> His mother knew Wittgenstein well and often played with his sisters. As a result of the family relationship, Hayek was among the first to read Wittgenstein's ''[[Tractatus Logico-Philosophicus]]'' when that book was published in its original German edition in 1921.<ref>{{Cite book|last=Erbacher|first=Christian|title=Friedrich August von Hayek's Draft Biography of Ludwig Wittgenstein}}</ref> Although he met Wittgenstein on only a few occasions, Hayek said that Wittgenstein's philosophy and methods of analysis had a profound influence on his own life and thought.{{sfn|Ebenstein|2001|p=245}} In his later years, Hayek recalled a discussion of philosophy with Wittgenstein when both were officers during World War I.<ref>''Hayek on Hayek: an autobiographical dialogue'', By Friedrich August Hayek, Routledge, 1994, p. 51</ref>

After Wittgenstein's death, Hayek had intended to write a biography of him; he worked on collecting family materials and later assisted biographers of Wittgenstein.<ref>''Young Ludwig: Wittgenstein's life'', 1889–1921, Brian McGuinness, Oxford University Press, 2005 p. xii</ref> He was related to Wittgenstein on the non-Jewish side of the [[Wittgenstein family]]. Since his youth, Hayek frequently socialized with [[Jews|Jewish]] intellectuals, and he mentioned that people often speculated as to whether he too was of Jewish ancestry. That made him curious, so he spent some time researching his ancestors and found out that he had no Jewish ancestors within five generations.<ref>Hayek on Hayek: an autobiographical dialogue, By Friedrich August Hayek, Routledge, 1995, p. 53.</ref>

Hayek displayed an intellectual and academic bent from a very young age and was an avid reader before entering school.<ref name=":3"/>{{sfn|Ebenstein|2001|p=9}} However, he did quite poorly at school, due to his lack of interest and problems with teachers.{{sfn|Ebenstein|2001|p=14}} He was at the bottom of his class in most subjects and once received failing grades in Latin, Greek and mathematics.{{sfn|Ebenstein|2001|p=14}} He was very interested in theater, even attempting to write some tragedies, and in [[biology]], regularly helping his father with botanical work.{{sfn|Ebenstein|2001|p=13}} At his father's suggestion, as a teenager he read the genetic and evolutionary works of [[Hugo de Vries]] and [[August Weismann]] and the philosophical works of [[Ludwig Feuerbach]],<ref name=UCLA>{{cite web|url=https://archive.org/details/nobelprizewinnin00haye |title=UCLA Oral History 1978 Interviews with Friedrich Hayek|pages=32–38 |date=10 March 2001 |access-date=14 September 2011}}</ref> noting [[Johann Wolfgang von Goethe|Goethe]] as his greatest early intellectual influence.{{sfn|Ebenstein|2001|p=13}} In school, Hayek was much taken by one instructor's lectures on [[Aristotle's ethics]].<ref>{{Cite book| publisher = Routledge| isbn = 978-0-226-32062-5| last1 = Kresge| first1 = Stephen| last2 = Wenar| first2 = Leif| title = Hayek on Hayek: An Autobiographical Dialogue| year=2005|page=39}}</ref> In his unpublished autobiographical notes, Hayek recalled a division between him and his younger brothers, whom he regarded as somehow of a different generation, despite their having been born only a few years after he was. He preferred to associate with adults.{{sfn|Ebenstein|2001|p=9}}

In 1917, Hayek joined an artillery regiment in the [[Austro-Hungarian Army]] and fought on the [[Italian front (World War I)|Italian front]].<ref>''Friedrich August von Hayek'', [https://www.nbs.sk/_img/Documents/BIATEC/BIA11_02/20_23.pdf link] {{Webarchive|url=https://web.archive.org/web/20210623183242/https://www.nbs.sk/_img/Documents/BIATEC/BIA11_02/20_23.pdf |date=23 June 2021 }}</ref> Hayek suffered damage to his hearing in his left ear during the war<ref>{{cite web|url=https://mises.org/daily/3458|title=Friedrich Hayek as a Teacher|author=David Gordon|date=8 May 2009|access-date=13 September 2014|archive-date=17 October 2014|archive-url=https://web.archive.org/web/20141017232529/http://mises.org/daily/3458|url-status=live}}</ref> and was decorated for bravery.{{Citation needed|date=October 2024}}

Hayek's pursuit of an academic career was influenced by a desire to help avoid the mistakes that he saw as having led to the war. Hayek said of his experience: "The decisive influence was really [[World War I]]. It's bound to draw your attention to the problems of political organization".<ref>{{cite book|author=Deirdre N. McCloskey|title=How to Be Human: Though an Economist|url=https://books.google.com/books?id=RPw3dMi95WoC&pg=PA33|year=2000|publisher=U of Michigan Press|page=33|isbn=978-0-472-06744-2}}</ref>

== Education ==
At the [[University of Vienna]], Hayek initially studied mostly philosophy, psychology and economics.<ref name=":4"/><ref>{{Cite web|url=https://contemporarythinkers.org/friedrich-hayek/biography/|title=Biography|website=Friedrich Hayek|access-date=11 December 2024|archive-date=14 December 2024|archive-url=https://web.archive.org/web/20241214013324/https://contemporarythinkers.org/friedrich-hayek/biography/|url-status=live}}</ref> The university allowed students to choose their subjects freely and there was not much obligatory written work, or tests except main exams at the end of the study.{{sfn|Ebenstein|2001|p=28}} By the end of his studies Hayek became more interested in economics, mostly for financial and career reasons; he planned to combine law and economics to start a career in diplomatic service.{{sfn|Ebenstein|2001|p=22}} He earned doctorates in law and political science in 1921 and 1923 respectively.<ref name=":4" />

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.<ref name=":6">''Some Reflection on Hayek's The Sensory Order'', Caldwell, 2004</ref> Hayek's time in Monakow's lab and his deep interest in the work of [[Ernst Mach]] inspired his first intellectual project, eventually published as ''The Sensory Order'' (1952).<ref name="Backhaus2005" /><ref name=":6" /> It located connective learning at the physical and neurological levels, rejecting the "sense data" associationism of the [[empiricists]] and [[logical positivism|logical positivists]].<ref name="Backhaus2005">
The Sensory Order (1952) on learning
* {{cite book| publisher = Edward Elgar Publishing| isbn = 978-1-84542-795-5| last = Backhaus| first = Jurgen G.| title = Entrepreneurship, Money and Coordination: Hayek's Theory of Cultural Evolution| year= 2005|page=48}}
* {{cite book| publisher = Edward Elgar Publishing| isbn = 978-1-78100-102-8 |editor=Richard Arena |editor2=Agnès Festré |editor3=Nathalie Lazaric | title = Handbook of Knowledge and Economics| year= 2012|page=133}}
</ref> Hayek presented his work to the private seminar he had created with [[Herbert Furth]] called [[the Geistkreis]].<ref>{{cite web|url=https://mises.org/library/viennese-connection-alfred-schutz-and-austrian-school-0|title=The Viennese Connection: Alfred Schutz and the Austrian School|last=kanopiadmin|date=30 July 2014|website=Mises Institute|access-date=2 January 2019|archive-date=11 September 2013|archive-url=https://web.archive.org/web/20130911152119/http://mises.org/journals/qjae/pdf/qjae6_2_2.pdf|url-status=live}}</ref>

During Hayek's years at the University of Vienna, [[Carl Menger]]'s work on the explanatory strategy of social science and [[Friedrich von Wieser]]'s commanding presence in the classroom left a lasting influence on him.<ref name=UCLA/> Upon the completion of his examinations, Hayek was hired by [[Ludwig von Mises]] on the recommendation of Wieser as a specialist for the Austrian government working on the legal and economic details of the [[Treaty of Saint-Germain-en-Laye (1919)|Treaty of Saint-Germain-en-Laye]].<ref name=":7">{{Citation|last=French|first=Douglas|title=Hayek and Mises|date=2013|work=Hayek: A Collaborative Biography: Part 1 Influences, from Mises to Bartley|pages=80–92|editor-last=Leeson|editor-first=Robert|series=Archival Insights into the Evolution of Economics Series|location=London|publisher=Palgrave Macmillan UK|language=en|doi=10.1057/9781137328564_6|isbn=978-1-137-32856-4}}</ref> 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]].<ref>A.J. Tebble, ''F.A. Hayek'', Continuum International Publishing Group, 2010, pp. 4–5</ref> He was influenced by [[Wesley Clair Mitchell]] and started a doctoral program on problems of monetary stabilization but didn't finish it.{{sfn|Ebenstein|2001|p=33}} His time in America wasn't especially happy. He had very limited social contacts, missed the cultural life of Vienna, and was troubled by his poverty.{{sfn|Ebenstein|2001|p=35}} His family's financial situation deteriorated significantly after the War.<ref name=":8">{{Cite book|last=Leeson|first=Robert|title=Hayek: A Collaborative Biography|year=2018}}</ref>

Initially sympathetic to Wieser's [[democratic socialism]], Hayek found [[Marxism]] rigid and unattractive, and his mild socialist phase lasted until he was about 23.{{sfn|Ebenstein|2001|p=23}} Hayek's economic thinking shifted away from socialism and toward the [[classical liberalism]] of Carl Menger after reading von Mises' book ''[[Socialism (book)|Socialism]]''.<ref name=":7" /> It was sometime after reading ''Socialism'' that Hayek began attending von Mises' private seminars, joining several of his university friends, including [[Fritz Machlup]], [[Alfred Schutz]], [[Felix Kaufmann]] and [[Gottfried Haberler]], who were also participating in Hayek's own more general and private seminar. It was during this time that he also encountered and befriended noted political philosopher [[Eric Voegelin]], with whom he retained a long-standing relationship.<ref>Federici, Michael. ''Eric Voegelin: The Restoration of Order'', ISI Books, 2002, p. 1</ref>

== Career ==

=== London School of Economics ===
With the help of Mises, in the late 1920s, he founded and served as director of the [[Austrian Institute of Economic Research|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]].<ref name=":9">{{Cite web|date=23 January 2013|title=WIFO – About WIFO|url=http://www.wifo.ac.at/wwa/jsp/index.jsp?&language=2&fid=23910|access-date=28 April 2021|archive-url=https://web.archive.org/web/20130123163235/http://www.wifo.ac.at/wwa/jsp/index.jsp?&language=2&fid=23910|archive-date=23 January 2013}}</ref> Upon his arrival in London, Hayek was quickly recognised as one of the leading economic theorists in the world and his development of the economics of processes in time and the co-ordination function of prices inspired the ground-breaking work of [[John Hicks]], [[Abba P. Lerner]] and many others in the development of modern microeconomics.<ref>{{cite web |last=Baxendale |first=Toby |url=http://www.cobdencentre.org/2010/07/the-battle-of-the-letters/ |title=The Battle of the Letters: Keynes v Hayek 1932, Skidelsky v Besley 2010 |publisher=The Cobden Centre |date=25 October 2010 |access-date=14 September 2011 |archive-date=2 September 2011 |archive-url=https://web.archive.org/web/20110902120125/http://www.cobdencentre.org/2010/07/the-battle-of-the-letters/ |url-status=live }}</ref>

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]]''.<ref>{{cite web |url=http://thinkmarkets.files.wordpress.com/2010/06/keynes-hayek-1932-cambridgelse.pdf |title=Info |date=2010 |website=thinkmarkets.files.wordpress.com |access-date=20 August 2011 |archive-date=18 July 2013 |archive-url=https://web.archive.org/web/20130718000832/http://thinkmarkets.files.wordpress.com/2010/06/keynes-hayek-1932-cambridgelse.pdf |url-status=live }}</ref><ref>Malcolm Perrine McNair, Richard Stockton Meriam, ''Problems in business economics'', McGraw-Hill, 1941, p. 504</ref> The nearly decade long [[deflation]]ary 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.<ref>{{Cite book|last=Hayek|title=Reader's Digest Road to Serfdom|publisher=Reader's Digest|year=1945}}</ref> 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".<ref>[https://www.bbc.com/news/business-14366054 "Keynes v Hayek: Two economic giants go head to head"] {{Webarchive|url=https://web.archive.org/web/20201023161952/https://www.bbc.com/news/business-14366054 |date=23 October 2020 }}, Business – ''BBC News'', 2 August 2011.</ref>

Notable economists who studied with Hayek at the LSE in the 1930s and 1940s include [[Arthur Lewis (economist)|Arthur Lewis]], [[Ronald Coase]], [[William Baumol]], [[CH Douglas]], [[John Kenneth Galbraith]], [[Leonid Hurwicz]], [[Abba Lerner]], [[Nicholas Kaldor]], [[George Shackle]], [[Thomas Balogh]], [[L. K. Jha]], [[Arthur Seldon]], [[Paul Rosenstein-Rodan]] and [[Oskar Lange]].<ref>{{cite book |first=J.K. |last=Galbraith |chapter=Nicholas Kaldor Remembered |title=Nicholas Kaldor and Mainstream Economics: Confrontation or Convergence? |location=New York |publisher=St. Martin's Press |isbn=978-0-312-05356-7 |year=1991 }}</ref><ref>{{cite web |url=http://nobelprize.org/nobel_prizes/economics/laureates/1979/lewis-autobio.html |title=Sir Arthur Lewis Autobiography |publisher=Nobelprize.org |access-date=14 September 2011 |archive-date=26 September 2011 |archive-url=https://web.archive.org/web/20110926021808/http://www.nobelprize.org/nobel_prizes/economics/laureates/1979/lewis-autobio.html |url-status=live }}</ref>{{sfn|Ebenstein|2001|pp=[https://archive.org/details/friedrichhayekbi00eben/page/62 62, 248, 284]}} Some were supportive and some were critical of his ideas. Hayek also taught or tutored many other LSE students, including [[David Rockefeller]].<ref>{{Cite web|url=http://www.mskousen.com/Speeches/rockefeller.html|archive-url=https://web.archive.org/web/20090706093719/http://www.mskousen.com/Speeches/rockefeller.html|title=Interview with David Rockefeller|archive-date=6 July 2009}}</ref>

In 1937, Hayek gave a summer course at the [[Geneva Graduate Institute]], then a stronghold of neoliberal thought that was home to [[Ludwig von Mises]].<ref>{{Cite journal |last=Denord |first=François |date=2002 |title=Le prophète, le pèlerin et le missionnaire |url=https://www.persee.fr/doc/arss_0335-5322_2002_num_145_1_2794 |journal=Actes de la Recherche en Sciences Sociales |volume=145 |issue=1 |pages=9–20 |doi=10.3406/arss.2002.2794 |archive-date=14 December 2024 |access-date=14 December 2024 |archive-url=https://web.archive.org/web/20241214050552/https://www.persee.fr/doc/arss_0335-5322_2002_num_145_1_2794 |url-status=live }}</ref> 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 subject]]s in 1938.<ref>{{London Gazette|issue=34541|date=12 August 1938 |page=5182}}</ref> 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.<ref name="ODNB">{{cite ODNB|id=51095|title=Hayek, Friedrich August (1899–1992)|year=2004|last=Brittan|first=Samuel}}</ref>

In 1947, Hayek was elected a [[List of Fellows of the Econometric Society|Fellow of the Econometric Society]].<ref>{{cite journal |date= January 1948 |title= Election of Fellows, 1947 |journal= [[Econometrica]] |volume= 16 |issue= 1 |pages= 117–122 |jstor= 1914293 }}</ref>

=== ''The Road to Serfdom'' ===
{{main|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.<ref>{{Cite web|last=kanopiadmin|date=18 August 2014|title=The Road to Serfdom|url=https://mises.org/library/road-serfdom-0|access-date=28 April 2021|website=Mises Institute|language=en|archive-date=15 September 2017|archive-url=https://web.archive.org/web/20170915010727/https://mises.org/library/road-serfdom-0|url-status=live}}</ref> In the book, Hayek {{nowrap|"[warns]}} of the danger of [[tyranny]] that inevitably results from government control of economic [[decision-making]] through [[Planned economy|central planning]]."<ref>{{cite journal |last=Ebeling |first=Richard M. |date=May 1999 |title=Friedrich A. Hayek: A Centenary Appreciation |url=http://www.thefreemanonline.org/featured/friedrich-a-hayek-a-centenary-appreciation/# |url-status=dead |journal=The Freeman |volume=49 |issue=5 }}</ref>{{New archival link needed|date=April 2026}} He further argues that the abandonment of [[individualism]] and [[classical liberalism]] inevitably leads to a loss of [[Liberty|freedom]], the creation of an oppressive society, the tyranny of a [[dictator]], and the [[serfdom]] of the individual. Hayek challenged the view, popular among British Marxists, that [[fascism]] (including [[Nazism]]) was a [[capitalist]] reaction against [[socialism]]. He argued that fascism, Nazism, and state-socialism had common roots in central economic planning and empowering the state over the individual.

The title was inspired by the French classical liberal thinker [[Alexis de Tocqueville]]'s writings on the "road to servitude".<ref>Ebenstein, p. 116.</ref> 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.<ref>Ebenstein, p. 128.</ref> When it was published in the United States by the University of Chicago in September of that year, it achieved greater popularity than in Britain.<ref>A.J. Tebble, ''F.A. Hayek'', Continuum International Publishing Group, 2010, p. 8</ref> 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. The book is widely popular among those advocating [[individualism]] and [[classical liberalism]].<ref>{{cite news|last1=Beam|first1=Christopher|title=The Trouble With Liberty|url=https://nymag.com/news/politics/70282/index2.html|access-date=7 November 2015|work=New York Magazine|publisher=New York Media, LLC|date=3 January 2011|archive-date=21 September 2024|archive-url=https://web.archive.org/web/20240921023511/https://nymag.com/news/politics/70282/index2.html|url-status=live}}</ref>

=== Chicago ===
In 1950, Hayek left the London School of Economics. After spending the 1949–1950 academic year as a visiting professor at the [[University of Arkansas]], Hayek became a professor at the [[University of Chicago]]'s [[Committee on Social Thought]].<ref name=":10">{{Citation|last=Mitch|first=David|title=Morality versus Money: Hayek's Move to the University of Chicago|date=2015|work=Hayek: A Collaborative Biography: Part IV, England, the Ordinal Revolution and the Road to Serfdom, 1931–50|pages=215–55|editor-last=Leeson|editor-first=Robert|series=Archival Insights into the Evolution of Economics|place=London|publisher=Palgrave Macmillan UK|language=en|doi=10.1057/9781137452603_7|isbn=978-1-137-45260-3}}</ref> Hayek's salary was funded not by the university but by an outside foundation, the [[William Volker Fund]].<ref>{{Cite book|last=Compton|first=John|title=The End of Empathy|publisher=Oxford University Press|year=2020}}</ref>

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 the workings of society.<ref>Milton and Rose Friedman, ''Two Lucky People: Memoirs'' (Chicago: U. of Chicago Press, 1998)</ref> Hayek conducted a number of influential faculty seminars while at the University of Chicago, and a number of academics worked on research projects sympathetic to Hayek's own, such as [[Aaron Director]], who was active in the [[Chicago school of economics|Chicago School]] in helping to fund and establish what became the University of Chicago Law School's "Law and Society" program.<ref>{{cite book|author=Ross B. Emmett|title=The Elgar Companion to the Chicago School of Economics|url=https://books.google.com/books?id=MaCciKWcDIAC&pg=PA266|year=2010|publisher=Edward Elgar Publishing|pages= 164, 200, 266–67|isbn=978-1-84980-666-4}}</ref> Hayek, [[Frank Knight]], Friedman and [[George Stigler]] worked together in forming the [[Mont Pèlerin Society]], an international forum for neoliberals.<ref>{{Cite journal|last=Friedman|first=Milton|date=1951|title=Neo-Liberalism and its Prospects|journal=Farmand|pages=89–93}}</ref> Hayek and Friedman cooperated in support of the Intercollegiate Society of Individualists, later renamed the [[Intercollegiate Studies Institute]], an American student organisation devoted to libertarian ideas.<ref name="ODNB"/><ref>Johan Van Overtveldt, ''The Chicago School: How the University of Chicago Assembled the Thinkers Who Revolutionized Economics and Business'' (2006) pp. 7, 341–46</ref>

Although they shared most political beliefs, disagreeing primarily on monetary policy,{{sfn|Ebenstein|2001|p=270}} Hayek and Friedman worked in separate university departments with different research interests and never developed a close working relationship.<ref>{{Citation|last=Van Horn|first=Robert|title=Hayek and the Chicago School|date=2015|work=Hayek: A Collaborative Biography: Part V Hayek's Great Society of Free Men|pages=91–111|editor-last=Leeson|editor-first=Robert|series=Archival Insights into the Evolution of Economics|place=London|publisher=Palgrave Macmillan UK|language=en|doi=10.1057/9781137478245_3|isbn=978-1-137-47824-5}}</ref> According to [[Alan O. Ebenstein]], who wrote biographies of both of them, Hayek may have had a closer friendship with Keynes than with Friedman.{{sfn|Ebenstein|2001|p=267}}

Hayek received a [[Guggenheim Fellowship]] in 1954.<ref>{{Cite web|title=John Simon Guggenheim Foundation {{!}} Friedrich August von Hayek|work=John Simon Guggenheim Memorial Foundation |url=https://www.gf.org/fellows/all-fellows/friedrich-august-von-hayek/|access-date=28 April 2021|language=en-US|archive-date=21 September 2024|archive-url=https://web.archive.org/web/20240921023515/https://www.gf.org/fellows/friedrich-august-von-hayek/|url-status=live}}</ref><ref>[http://www.libertystory.net/LSTHINKHAYEKLIFE.htm Biography] {{Webarchive|url=https://web.archive.org/web/20120717051359/http://www.libertystory.net/LSTHINKHAYEKLIFE.htm |date=17 July 2012 }} at LibertyStory.net</ref>

Another influential political philosopher and German-speaking exile at the University of Chicago at the time was [[Leo Strauss]], but according to his student [[Joseph Cropsey]], who also knew Hayek, there was no contact between the two.{{sfn|Ebenstein|2001|p=253}}

After editing a book on [[John Stuart Mill]]'s letters, he planned to publish two books on the liberal order, ''[[The Constitution of Liberty]]'' and "The Creative Powers of a Free Civilization" (eventually the title for the second chapter of ''The Constitution of Liberty'').<ref>Ebenstein, p. 195.</ref> He completed ''The Constitution of Liberty'' in May 1959, with publication in February 1960. Hayek was concerned with "that condition of men in which coercion of some by others is reduced as much as is possible in society"<ref name=":11">F.A. Hayek, ''The Constitution of Liberty'' (London: Routledge & Kegan Paul, 1960)</ref> and was disappointed that the book received a poor reception.<ref>Ebenstein, p. 203.</ref>

He left Chicago mostly for financial reasons, complaining about his pension provisions.<ref>''F.A. Hayek, on the Occasion of the Centenary of His Birth'', [[Ronald Hamowy]], Cato Institute</ref> He supplemented his salary with additional money from book royalties but avoided other lucrative sources of income for academics, such as writing textbooks.{{sfn|Ebenstein|2001|p=209}} Much of his income was spent on his frequent travels,{{sfn|Ebenstein|2001|p=209}} regularly spending summers in the [[Austrian Alps]], usually in the Tyrolean village of [[Obergurgl]], where he enjoyed mountain climbing. He also visited Japan four times, with additional trips to [[Tahiti]], [[Fiji]], [[Indonesia]], [[Australia]], [[New Caledonia]] and [[Ceylon]].{{sfn|Ebenstein|2001|p=218}} After his divorce, his financial situation worsened.{{sfn|Ebenstein|2001|pp=209–10}}

=== Freiburg and Salzburg ===
From 1962 until his retirement in 1968, he was a professor at the [[Albert Ludwigs University of Freiburg|University of Freiburg]], West Germany, where he began work on his next book, ''[[Law, Legislation and Liberty]]''. Hayek regarded his years at Freiburg as "very fruitful".<ref>Ebenstein, p. 218.</ref> Following his retirement, Hayek spent a year as a visiting professor of philosophy at the [[University of California, Los Angeles]], where he continued work on ''Law, Legislation and Liberty'', teaching a graduate seminar by the same name and another on the philosophy of social science.<ref name=":8" /> 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.<ref name=":12" />

Hayek became a professor at the [[University of Salzburg]] from 1969 to 1977 and then returned to Freiburg.<ref name=":3" /> When Hayek left Salzburg in 1977, he wrote: "I made a mistake in moving to Salzburg". The economics department was small, and the library facilities were inadequate.<ref>Ebenstein, p. 254.</ref>

Although Hayek's health suffered, and he fell into a depressive bout, he continued to work on his [[Masterpiece|magnum opus]], ''[[Law, Legislation and Liberty]]'' in periods when he was feeling better.{{sfn|Ebenstein|2001|pp=251–53}}

=== 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]].<ref name="Economics Prize For Works in Economic Theory And Inter-Disciplinary Research">{{cite web |url=http://nobelprize.org/nobel_prizes/economics/laureates/1974/press.html |title=The Prize in Economics 1974 |publisher=Nobelprize.org |date=9 October 1974 |access-date=14 September 2011 |archive-date=17 May 2013 |archive-url=https://web.archive.org/web/20130517131815/http://www.nobelprize.org/nobel_prizes/economics/laureates/1974/press.html |url-status=live }}</ref> He was surprised at being given the award and believed that he was given it with Myrdal to balance the award with someone from the opposite side of the political spectrum.<ref name="Ref-1">Ebenstein, p. 263.</ref>

Among the reasons given, the committee stated, Hayek "was one of the few economists who gave warning of the possibility of a major economic crisis before the great crash came in the autumn of 1929."<ref name="Economics Prize For Works in Economic Theory And Inter-Disciplinary Research"/> The following year, Hayek further confirmed his original prediction. An interviewer asked, "We understand that you were one of the only economists to forecast that America was headed for a depression, is that true?" Hayek responded, "Yes."<ref>{{cite book|url=https://books.google.com/books?id=3wJ2DwAAQBAJ&dq=I+was+one+of+the+only+ones+to+predict+what+was+going+to+happen.+In+early+1929%2C+when+I+made+this+forecast%2C+I+was+living+in+Europe+which+was+then+going+through+a+period+of+depression.+I+said+that+there+no+hope+of+recovery+in+Europe+until+interest+rates+fell%2C+and+interest+rates+would+not+fall+until+the+American+boom+collapses%2C+which+I+said+was+likely+to+happen+within+the+next+few+months&pg=PA194 | title=Gold & Silver Newsletter | year= 1975| isbn=978-3-319-95219-2 | last1=Leeson | first1=Robert | publisher=Springer }}</ref> However, no textual evidence has emerged of "a prediction".<ref>{{cite book |chapter=Hayek on Practical Business Cycle Research A Note |title=Austrian Economics in Transition: From Carl Menger to Friedrich Hayek |author=Klausinger, H. |editor=H. Hagemann |editor2=T. Nishizawa |editor3=Y. Ikeda| date=2010}}</ref><ref>{{citation |author=F.A. Hayek |contribution=Editorial Notes |title=The Collected Works of F.A. Hayek |volume=VII: Business Cycles |contributor=Klausinger, H. |editor=Klausinger, H. |date=2012}}</ref> Indeed, Hayek wrote on 26 October 1929, three days before the crash, "at present there is no reason to expect a sudden crash of the New York stock exchange. ... The credit possibilities/conditions are, at any rate, currently very great, and therefore it appears assured that an outright crisis-like destruction of the present high [price] level should not be feared."<ref>{{cite web|url=http://socialdemocracy21stcentury.blogspot.com/2011/12/hayek-and-stock-market-crash-of-1929-so.html | title=Translation of Quote in the blog: 'Hayek and the Stock Market Crash of 1929: So Much for His Predictive Powers'| date=18 December 2011}}</ref><ref>{{citation| title=Monatsberichte des Österreichen Institutes für Konjunkturforschung| date=26 October 1929| page=182| author=Hayek, Friedrich August| url=https://www.wifo.ac.at/bibliothek/archiv/MOBE/1929Heft10.pdf| access-date=19 November 2021| archive-date=19 November 2021| archive-url=https://web.archive.org/web/20211119225500/https://www.wifo.ac.at/bibliothek/archiv/MOBE/1929Heft10.pdf| url-status=live}}</ref>

During the Nobel ceremony in December 1974, Hayek met the Russian dissident [[Aleksandr Solzhenitsyn]].<ref>{{Cite web|date=1 July 1992|title=The Road from Serfdom: An Interview with F.A. Hayek|url=https://reason.com/1992/07/01/the-road-from-serfdom-2/|access-date=28 April 2021|website=Reason.com|language=en-US|archive-date=28 April 2021|archive-url=https://web.archive.org/web/20210428190056/https://reason.com/1992/07/01/the-road-from-serfdom-2/|url-status=live}}</ref> Hayek later sent him a Russian translation of ''The Road to Serfdom''.<ref name="Ref-1"/> He spoke with apprehension at his award speech about the danger the authority of the prize would lend to an economist,<ref>{{cite web |url=http://nobelprize.org/nobel_prizes/economics/laureates/1974/hayek-speech.html |title=Friedrich August von Hayek – Banquet Speech |publisher=Nobelprize.org |date=10 December 1974 |access-date=14 September 2011 |archive-date=9 January 2010 |archive-url=https://web.archive.org/web/20100109114200/http://nobelprize.org/nobel_prizes/economics/laureates/1974/hayek-speech.html |url-status=live }}</ref> 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".<ref>Ebenstein, p. 261.</ref>

=== British politics ===
In February 1975, [[Margaret Thatcher]] was elected leader of the [[Conservative Party (UK)|British Conservative Party]]. The [[Institute of Economic Affairs]] arranged a meeting between Hayek and Thatcher in London soon after.<ref>Richard Cockett, ''Thinking the Unthinkable. Think-Tanks and the Economic Counter-Revolution, 1931–1983'' (Fontana, 1995), pp. 174–76.</ref> 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. Before he had finished, Thatcher "reached into her briefcase and took out a book. It was Hayek's ''The Constitution of Liberty''. Interrupting our pragmatist, she held the book up for all of us to see. 'This', she said sternly, 'is what we believe', and banged Hayek down on the table".<ref>John Ranelagh, ''Thatcher's People: An Insider's Account of the Politics, the Power, and the Personalities'' (Fontana, 1992), p. ix.</ref>

Despite the media depictions of him as Thatcher's guru and power behind the throne, the communication between him and the Prime Minister was not very regular, they were in contact only once or twice a year.{{sfn|Ebenstein|2001|pp=291–92}} Besides Thatcher, Hayek also had a significant influence on [[Enoch Powell]], [[Keith Joseph]], [[Nigel Lawson]], [[Geoffrey Howe]] and [[John Biffen]].{{sfn|Ebenstein|2001|p=293}}

Hayek gained some controversy in 1978 by praising Thatcher's [[Opposition to immigration|anti-immigration]] policy proposal in an article which ignited numerous accusations of [[antisemitism]] and racism because of his reflections on the inability of assimilation of Eastern European Jews in the Vienna of his youth.{{sfn|Ebenstein|2001|p=293}} He defended himself by explaining that he made no racial judgements, only highlighted the problems of acculturation.{{sfn|Ebenstein|2001|p=294}}

In 1977, Hayek was critical of the [[Lib–Lab pact#1977|Lib–Lab pact]] in which the [[Liberal Party (UK)|British Liberal Party]] agreed to keep the [[Labour Party (UK)|British Labour]] government in office. Writing to ''The Times'', Hayek said: "May one who has devoted a large part of his life to the study of the history and the principles of liberalism point out that a party that keeps a socialist government in power has lost all title to the name 'Liberal'. Certainly no liberal can in future vote 'Liberal{{'"}}.<ref>"Letters to the Editor: Liberal pact with Labour", ''The Times'' (31 March 1977), p. 15.</ref> Hayek was criticised by Liberal politicians [[Gladwyn Jebb]] and [[Andrew Phillips, Baron Phillips of Sudbury|Andrew Phillips]], who both claimed that the purpose of the pact was to discourage socialist legislation.

Lord Gladwyn pointed out that the [[Free Democratic Party (Germany)|German Free Democrats]] were in coalition with the [[Social Democratic Party of Germany|German Social Democrats]].<ref>"Letters to the Editor: Liberal pact with Labour", ''The Times'' (2 April 1977), p. 15.</ref> Hayek was defended by Professor [[Antony Flew]], who stated that—unlike the British Labour Party—the German Social Democrats had since the late 1950s abandoned public ownership of the means of production, distribution and exchange and had instead embraced the [[social market economy]].<ref>"Letters to the Editor: German socialist aims", ''The Times'' (13 April 1977), p. 13.</ref>

In 1978, Hayek came into conflict with Liberal Party leader [[David Steel]], who argued that liberty was possible only with "social justice and an equitable distribution of wealth and power, which in turn require a degree of active government intervention" and that the Conservative Party were more concerned with the connection between liberty and private enterprise than between liberty and democracy. Hayek argued that a limited democracy might be better than other forms of limited government at protecting liberty, but that an unlimited democracy was worse than other forms of unlimited government because "its government loses the power even to do what it thinks right if any group on which its majority depends thinks otherwise".

Hayek stated that if the Conservative leader had said "that free choice is to be exercised more in the market place than in the ballot box, she has merely uttered the truism that the first is indispensable for individual freedom while the second is not: free choice can at least exist under a dictatorship that can limit itself but not under the government of an unlimited democracy which cannot".<ref>"Letters to the Editor: The dangers to personal liberty", ''The Times'' (11 July 1978), p. 15.</ref>

Hayek supported Britain in the [[Falklands War]], writing that it would be justified to attack Argentinian territory instead of just defending the islands, which earned him a lot of criticism in Argentina, a country which he also visited several times. He was also displeased by the weak response of the United States to the [[Iran hostage crisis]], claiming that an ultimatum should be issued and Iran bombed if they do not comply. He supported Ronald Reagan's decision to keep high defence spending, believing that a strong US military is a guarantee of world peace and necessary to keep the Soviet Union under control.{{sfn|Ebenstein|2001|pp=300–01}} President [[Ronald Reagan|Reagan]] listed Hayek as among the two or three people who most influenced his philosophy and welcomed him to the White House as a special guest.<ref>Martin Anderson, "Revolution" (Harcourt Brace Jovanovich, 1988), p. 164</ref> Senator [[Barry Goldwater]] listed Hayek as his favourite political philosopher and congressman [[Jack Kemp]] named him an inspiration for his political career.{{sfn|Ebenstein|2001|pp=207–08}}

=== Recognition ===
In 1980, Hayek was one of twelve Nobel laureates to meet with [[Pope John Paul II]] "to dialogue, discuss views in their fields, communicate regarding the relationship between Catholicism and science, and 'bring to the Pontiff's attention the problems which the Nobel Prize Winners, in their respective fields of study, consider to be the most urgent for contemporary man'".{{sfn|Ebenstein|2001|p=301}}

Hayek was appointed a [[Member of the Order of the Companions of Honour]] (CH) in the [[1984 Birthday Honours]] on the advice of British Prime Minister [[Margaret Thatcher]] for his "services to the study of economics".<ref name="LGCH"/>{{sfn|Ebenstein|2001|p=305}} Hayek had hoped to receive a [[baronet]]cy and after being awarded the CH sent a letter to his friends requesting that he be called the English version of Friedrich (i.e. Frederick) from now on. After his twenty-minute audience with the Queen, he was "absolutely besotted" with her according to his daughter-in-law Esca Hayek. Hayek said a year later that he was "amazed by her. That ease and skill, as if she'd known me all my life". The audience with the Queen was followed by a dinner with family and friends at the [[Institute of Economic Affairs]]. When later that evening Hayek was dropped off at the [[Reform Club]], he commented: "I've just had the happiest day of my life".{{sfn|Ebenstein|2001|p=305}}

In 1991, President [[George H. W. 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".<ref name=":13" />

== Personal life ==
[[File:Neustifter Friedhof - Friedrich August Hayek (cropped).jpg|thumb|Hayek's grave in Neustifter Friedhof, Vienna]]

In August 1926, Hayek married Helen Berta Maria von Fritsch (1901–1960), a secretary at the civil service office where he worked. They had two children together.<ref>Ebenstein, p. 44.</ref> Upon the close of World War II, Hayek restarted a relationship with an old girlfriend, who had married since they first met, but kept it secret until 1948. Hayek and Fritsch divorced in July 1950 and he married his third cousin{{sfn|Ebenstein|2001|p=169}} Helene Bitterlich (1900–1996)<ref>Ebenstein, p. 169.</ref> just a few weeks later, after moving to Arkansas to take advantage of permissive divorce laws.<ref name="Ebenstein, p. 155">Ebenstein, p. 155.</ref> His wife and children were offered settlement and compensation for accepting a divorce. The divorce caused a scandal at LSE, where some academics refused to have anything to do with Hayek.<ref name="Ebenstein, p. 155"/> 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 taken steps to obtain one unilaterally.<ref>{{cite AV media |url=https://www.hayek.ufm.edu/index.php?title=Armen_A._Alchian |title=Armen A. Alchian interviews Friedrich A. Hayek (Part I) |time=48:50 |website=The Hayek Interviews |access-date=31 August 2021 |archive-date=31 August 2021 |archive-url=https://web.archive.org/web/20210831154644/https://www.hayek.ufm.edu/index.php?title=Armen_A._Alchian }}</ref>

For a time after his divorce, Hayek rarely visited his children, but kept up more regular contact with them in his older years after moving to Europe.{{sfn|Ebenstein|2001|p=169}}{{sfn|Ebenstein|2001|p=297}} Hayek's son, [[Laurence Hayek]] (1934–2004) was a distinguished microbiologist.<ref>{{Cite web|url=http://www.independent.co.uk/news/obituaries/laurence-hayek-550426.html|title=Laurence Hayek|date=7 September 2004|website=The Independent}}</ref> His daughter Christine was an [[Entomology|entomologist]] at the [[British Museum of Natural History]],<ref>{{Cite web |title=Friedrich August von Hayek (May 8, 1899) |url=https://oll.libertyfund.org/pages/friedrich-hayek-birthday-biography-may-1899 |access-date=2025-06-16 |website=Online Library of Liberty |archive-date=2 July 2025 |archive-url=https://web.archive.org/web/20250702023810/https://oll.libertyfund.org/pages/friedrich-hayek-birthday-biography-may-1899 |url-status=live }}</ref> and she cared for him during his last years, when he had declining health.{{sfn|Ebenstein|2001|p=297}}{{sfn|Ebenstein|2001|p=316}}

Hayek had a lifelong interest in biology and was also concerned with ecology and [[environmental protection]]. After being awarded his Nobel Prize, he offered his name to be used for endorsements by [[World Wide Fund for Nature|World Wildlife Fund]], [[National Audubon Society]], and the [[National Trust for Places of Historic Interest or Natural Beauty|National Trust]], a British conservationist organisation. Evolutionary biology was simply one of his interests in natural sciences. Hayek also had an interest in epistemology, which he often applied to his own thinking, as a social scientist. He held that methodological differences in the social sciences and in natural sciences were key to understanding why incompetent policies are often allowed.<ref>{{Cite journal|last=Beck|first=Naomi|date=December 2009|title=In Search of the Proper Scientific Approach: Hayek's Views on Biology, Methodology, and the Nature of Economics|url=https://www.cambridge.org/core/journals/science-in-context/article/abs/in-search-of-the-proper-scientific-approach-hayeks-views-on-biology-methodology-and-the-nature-of-economics/8D6B282B219FB3A72FCFDD2AA2872D6E|journal=Science in Context|language=en|volume=22|issue=4|pages=567–85|doi=10.1017/S0269889709990160|pmid=20509429|s2cid=46364934|issn=1474-0664|access-date=28 April 2021|archive-date=28 April 2021|archive-url=https://web.archive.org/web/20210428003307/https://www.cambridge.org/core/journals/science-in-context/article/abs/in-search-of-the-proper-scientific-approach-hayeks-views-on-biology-methodology-and-the-nature-of-economics/8D6B282B219FB3A72FCFDD2AA2872D6E|url-status=live|url-access=subscription}}</ref>{{sfn|Ebenstein|2001|p=225}}

Hayek was brought up in a non-religious setting and decided from age 15 that he was an agnostic.{{sfn|Ebenstein|2001|p=13}}

Hayek died on 23 March 1992, aged 92,  in [[Freiburg, Germany|Freiburg]], Germany, where he had lived since leaving Chicago in 1961. Despite his advanced age by the 1980s, he continued to write, even purportedly finishing a book, ''[[The Fatal Conceit]]'', in 1988, although its actual authorship is unclear.<ref name=":3">{{cite news|url=https://mises.org/library/biography-f-hayek-1899-1992|title=Biography of F.A. Hayek (1899–1992)|author=Peter G. Klein|newspaper=Mises Institute|date=18 August 2014|access-date=23 March 2018|archive-date=21 September 2024|archive-url=https://web.archive.org/web/20240921024144/https://mises.org/articles-interest/biography-f-hayek-1899-1992|url-status=live}}</ref><ref>{{Cite web |date=22 June 2008 |title=Liberty – The Fatal Deceit |url=http://libertyunbound.com/archive/2005_03/ebenstein-deceit.html |access-date=2022-06-01 |website= |archive-url=https://web.archive.org/web/20080622201757/http://libertyunbound.com/archive/2005_03/ebenstein-deceit.html |archive-date=22 June 2008 }}</ref>
He was buried on 4 April in the [[Neustift am Walde]] cemetery in the northern outskirts of Vienna according to the Catholic rite.{{sfn|Ebenstein|2001|p=317}}

== Work and views ==
=== Business cycle ===
{{main|Austrian business cycle theory}}

{{multiple image
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{{Austrian School sidebar|expanded=people}}
[[Ludwig von Mises]] had earlier applied the concept of [[marginal utility]] to the value of money in his ''[[Theory of Money and Credit]]'' (1912) in which he also proposed an explanation for "industrial fluctuations" based on the ideas of the old [[British Currency School]] and of Swedish economist [[Knut Wicksell]].<ref>{{Cite book|last=Mises|first=Ludwig|title=Theory of Money and Credit|year=1912}}</ref> Hayek used this body of work as a starting point for his own interpretation of the business cycle, elaborating what later became known as the [[Austrian business cycle theory|Austrian theory of the business cycle]].<ref>{{Cite book|last=Hayek|first=Friedrich|title=Prices and Production|year=1931}}</ref> 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''. There, Hayek argued for a monetary approach to the origins of the cycle. In his ''Prices and Production'' (1931), Hayek argued that the business cycle resulted from the [[central bank]]'s inflationary [[Credit cycle|credit expansion]] and its transmission over time, leading to a capital misallocation caused by the artificially low interest rates.<ref>''The Austrian Theory of Business Cycles: Old Lessons For Modern Economic Policy?'', Oppers, International Monetary Fund</ref> Hayek argued that "the past instability of the market economy is the consequence of the exclusion of the most important regulator of the market mechanism, money, from itself being regulated by the market process".<ref name=":14">{{Cite book|last=Hayek|first=Friedrich|title=Good Money: Part 2|year= 2012|isbn=978-0-226-32119-6|page=202|publisher=University of Chicago Press }}</ref>

Hayek's analysis was based on [[Eugen Böhm von Bawerk]]'s concept of the "average period of production" and on the effects that monetary policy could have upon it.<ref>See the chapter [https://books.google.com/books?id=fkVHIn8y8qkC&pg=PA7 "The collaboration with Keynes and the controversy with Hayek,"], Heinz D. Kurz and Neri Salvadori, "Piero Sraffa's contributions to economics," in ''Critical Essays on Piero Sraffa's Legacy in Economics'', ed. H.D. Kurz, (Cambridge: Cambridge University Press, 2000), pp. 3–24. {{ISBN|978-0-521-58089-2}}</ref> 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.<ref>{{cite book |title=The Collected Works of F.A. Hayek |last=Hayek |first=Friedrich |year=1989 |publisher=University of Chicago Press |isbn=978-0-226-32097-7 |page=202 }}</ref>

In 1929, Lionel Robbins assumed the helm of the [[London School of Economics]] (LSE).<ref name=":9" /> 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 (centred 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.<ref name=":15" /> 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.<ref name="Kaldor1942">{{cite journal | author=Nicholas Kaldor | title=Professor Hayek and the Concertina-Effect | journal=Economica | volume=9 | year=1942 | pages =359–82 | jstor=2550326 | doi=10.2307/2550326 | issue=36}}</ref>

Also in 1931, Hayek crititicised [[John Maynard Keynes]]'s ''[[A Treatise on Money|Treatise on Money]]'' (1930) in his "Reflections on the pure theory of Mr. J.M. Keynes"<ref>F.A. Hayek, [https://mises.org/daily/2474 "Reflection on the pure theory of money of Mr. J.M. Keynes,"] {{Webarchive|url=https://web.archive.org/web/20140914054940/http://mises.org/daily/2474 |date=14 September 2014 }} ''Economica'', '''11''', S. 270–95 (1931).</ref> and published his lectures at the LSE in book form as ''Prices and Production''.<ref>F.A. Hayek, [http://liberty.me/library/prices-production/ ''Prices and Production''] {{Webarchive|url=https://web.archive.org/web/20140812041657/http://liberty.me/library/prices-production/ |date=12 August 2014 }}, (London: Routledge, 1931).</ref> For Keynes, unemployment and idle resources are caused by a lack of effective demand, but for Hayek they stem from a previous unsustainable episode of easy money and artificially low interest rates.<ref name=":14" /> Keynes asked his friend [[Piero Sraffa]] to respond. Sraffa elaborated on the effect of inflation-induced "forced savings" on the capital sector and about the definition of a "natural" interest rate in a growing economy (see [[Sraffa–Hayek debate]]).<ref>P. Sraffa, [https://www.jstor.org/stable/2223735 "Dr. Hayek on Money and Capital,"] ''Economic Journal'', '''42''', S. 42–53 (1932).</ref> Others who responded negatively to Hayek's work on the business cycle included [[John Hicks]], [[Frank Knight]] and [[Gunnar Myrdal]], who, later on, would share the [[Nobel Memorial Prize in Economic Sciences|Sveriges-Riksbank Prize in Economics]] with him.<ref name="Caldwell-criticism">Bruce Caldwell, ''Hayek's Challenge: An Intellectual Biography of F.A. Hayek'' (Chicago: University of Chicago Press, 2004), p. 179. {{ISBN|0-226-09193-7}}</ref> 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".<ref name="Kaldor1942"/>

Hayek's work, throughout the 1940s, was largely ignored, except for scathing critiques by Nicholas Kaldor.<ref name="Kaldor1942" /><ref name="Kaldor1939">{{cite journal | author=Nicholas Kaldor | title=Capital Intensity and the Trade Cycle| journal=Economica| volume=6 | issue=21 | year=1939 | pages=40–66 | doi=10.2307/2549077 | jstor=2549077}}</ref> Lionel Robbins himself, who had embraced the Austrian theory of the business cycle in ''The Great Depression'' (1934), later regretted having written the book and accepted many of the Keynesian counter-arguments.<ref name="Garrison">[[Roger Garrison|R. W. Garrison]], [http://www.auburn.edu/~garriro/amagi.htm "F.A. Hayek as 'Mr. Fluctooations:' In Defense of Hayek's 'Technical Economics'"] {{Webarchive|url=https://web.archive.org/web/20110808141645/http://www.auburn.edu/~garriro/amagi.htm |date=8 August 2011 }}, ''Hayek Society Journal'' (LSE), '''5'''(2), 1 (2003).</ref>

Hayek never produced the book-length treatment of "the dynamics of capital" that he had promised in the ''Pure Theory of Capital.''<ref>{{Cite book|last=Hayek|first=Friedrich|title=Pure Theory of Capital|year=1941}}</ref> At the [[University of Chicago]], Hayek was not part of the economics department and did not influence the rebirth of neoclassical theory that took place there (see [[Chicago school of economics]]).<ref name=":10" /> When in 1974 he shared the Nobel Memorial Prize in Economics with [[Gunnar Myrdal|Myrdal]], the latter complained about being paired with an "ideologue". [[Milton Friedman]] declared himself "an enormous admirer of Hayek, but not for his economics".<ref>''Hayek and Friedman: Head to Head'', Garrison, Auburn University</ref> Milton Friedman also commented on some of his writings, saying "I think ''Prices and Production'' is a very flawed book. I think his [''Pure Theory of Capital''] is unreadable. On the other hand, ''The Road to Serfdom'' is one of the great books of our time".<ref name="Garrison" />

=== Economic calculation problem ===
{{main|Economic calculation problem}}

{{Capitalism sidebar|expanded=Intellectuals}}
Building on the earlier work of Mises and others, Hayek also argued that while in centrally planned economies an individual or a select group of individuals must determine the distribution of resources, these planners will never have enough information to carry out this allocation reliably. 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]]).<ref>{{Cite book|last=Mises|first=Ludwig|title=Economic Calculation in the Socialist Commonwealth}}</ref>

In 1935, Hayek published ''Collectivist Economic Planning'', a collection of essays from an earlier debate that had been initiated by Mises. Hayek included Mises's essay in which Mises argued that rational planning was impossible under socialism.<ref name=":16">{{Cite book|last=Hayek|first=Friedrich|title=Collectivist Economic Planning|year=1935|publisher=G. Routledge |isbn=978-1-61016-162-6}}</ref>

Socialist [[Oskar Lange]] responded by invoking [[general equilibrium theory]], which they argued disproved Mises's thesis. They noted that the difference between a planned and a free market system lay in who was responsible for solving the equations.<ref>Lange, O. (1967): The Computer and the Market in Socialism</ref> They argued that if some of the prices chosen by socialist managers were wrong, gluts or shortages would appear, signalling them to adjust the prices up or down, just as in a free market.<ref>Lange, 1938, ''On the Economic Theory of Socialism,'' University of Minnesota Press</ref> Through such a trial and error, a socialist economy could mimic the efficiency of a free market system while avoiding its many problems.<ref>Milton Friedman, 'Lange on Price Flexibility and Employment', ''Essays in Positive Economics''.</ref>

Hayek challenged this vision in a series of contributions. In "Economics and Knowledge" (1937), he pointed out that the standard equilibrium theory assumed that all agents have full and correct information, and how, in his mind, in the real world different individuals have different bits of knowledge and furthermore some of what they believe is wrong.<ref>{{Cite book|last=Hayek|first=Friedrich|title=Economics and Knowledge|year=1937}}</ref>

In "[[The Use of Knowledge in Society]]" (1945), Hayek argued that the price mechanism serves to share and synchronise local and personal knowledge, allowing society's members to achieve diverse and complicated ends through a principle of spontaneous [[self-organization]]. He contrasted the use of the price mechanism with central planning, arguing that the former allows for more rapid adaptation to changes in particular circumstances of time and place.<ref>Hein Schreuder, "Coase, Hayek and Hierarchy", In: S. Lindenberg et Hein Schreuder, dir., Interdisciplinary Perspectives on Organization Studies, Pergamon Press</ref> Thus, Hayek set the stage for [[Oliver E. Williamson|Oliver Williamson]]'s later contrast between markets and hierarchies as alternative co-ordination mechanisms for economic transactions.<ref>[[Douma, Sytse]] and [[Hein Schreuder]], 2013. ''Economic Approaches to Organizations'', 5th ed., London: Pearson, {{ISBN|978-0-273-73529-8}}</ref> He used the term [[catallaxy]] to describe a "self-organizing system of voluntary co-operation". Hayek's research into this argument was specifically cited by the Nobel Committee in its press release awarding Hayek the Nobel prize.<ref name="Economics Prize For Works in Economic Theory And Inter-Disciplinary Research"/>

=== Investment and choice ===
Hayek made breakthroughs in the [[Choice theory (economics)|choice theory]], and examined the inter-relations between non-permanent production goods and "latent" or potentially economic permanent resources, building on the choice theoretical insight that "processes that take more time will evidently not be adopted unless they yield a greater return than those that take less time".<ref>''The Pure Theory of Capital'' ([https://mises.org/books/puretheory.pdf pdf] {{Webarchive|url=https://web.archive.org/web/20121110173939/http://mises.org/books/puretheory.pdf |date=10 November 2012 }}), Chicago: University of Chicago Press, 1941/2007 (Vol. 12 of the Collected Works): p. 90.</ref>

=== Philosophy of science ===
{{see also|The Counter-Revolution of Science}}
During World War II, Hayek began the Abuse of Reason project. His goal was to show how a number of then-popular doctrines and beliefs had a common origin in some fundamental misconceptions about the social science.<ref name="auto">Caldwell, Bruce. "Hayek, Friedrich August von (1899–1992)." ''The New Palgrave Dictionary of Economics''. 3rd ed., Eds. Steven N. Durlauf and Lawrence E. Blume. Palgrave Macmillan, 2018.</ref>

Ideas were developed in ''[[The Counter-Revolution of Science]]'' in 1952 and in some of Hayek's later essays in the philosophy of science such as "Degrees of Explanation" (1955) and "The Theory of Complex Phenomena" (1964).<ref>{{Cite book|last=Hayek|first=Friedrich|title=The Counter-Revolution of Science|year=1952}}</ref>

In ''Counter-Revolution'', for example, Hayek observed that the hard sciences attempt to remove the "human factor" to obtain objective and strictly controlled results: {{blockquote|[T]he persistent effort of modern Science has been to get down to 'objective facts', to cease studying what men thought about nature or regarding the given concepts as true images of the real world, and, above all, to discard all theories which pretended to explain phenomena by imputing to them a directing mind like our own. Instead, its main task became to revise and reconstruct the concepts formed from ordinary experience on the basis of a systematic testing of the phenomena, so as to be better able to recognize the particular as an instance of a general rule.|Friedrich Hayek|''The Counter-Revolution of Science'' (Chapter II, "The Problem and the Method of the Natural Sciences")}}

Meanwhile, the soft sciences are attempting to measure human action itself: {{blockquote|The social sciences in the narrower sense, i.e., those which used to be described as the moral sciences, are concerned with man's conscious or reflected action, actions where a person can be said to choose between various courses open to him, and here the situation is essentially different. The external stimulus which may be said to cause or occasion such actions can of course also be defined in purely physical terms. But if we tried to do so for the purposes of explaining human action, we would confine ourselves to less than we know about the situation.|Friedrich Hayek|''The Counter-Revolution of Science'' (Chapter III, "The Subjective Character of the Data of the Social Sciences")}}

He notes that these are mutually exclusive and that [[social science]]s should not attempt to impose [[positivist]] methodology, nor to claim objective or definite results:<ref>{{cite book|url=https://books.google.com/books?id=a_8g8eK-Q5kC&pg=PA59|title=The Moral Foundations of Civil Society|first=Wilhelm|last=Röpke|author-link=Wilhelm Röpke|publisher=Transaction Publishers|via=Google Books|isbn=978-1-4128-3785-9|year=|access-date=27 May 2015|archive-date=21 September 2024|archive-url=https://web.archive.org/web/20240921023006/https://books.google.com/books?id=a_8g8eK-Q5kC&pg=PA59#v=onepage&q&f=false|url-status=live}}</ref>

=== Psychology ===
Hayek's first academic essay was a psychological work titled "Contributions to the Theory of the Development of Consciousness" (''Beiträge zur Theorie der Entwicklung des Bewußtseins'') In ''The Sensory Order: An Inquiry into the Foundations of Theoretical Psychology'' (1952), Hayek independently developed a "[[Hebbian learning]]" model of learning and memory—an idea he first conceived in 1920 prior to his study of economics. Hayek's expansion of the "Hebbian synapse" construction into a global brain theory received attention in neuroscience, [[cognitive science]], computer science and [[evolutionary psychology]] by scientists such as [[Gerald Edelman]], [[Vittorio Guidano]] and [[Joaquin Fuster]].<ref>[[Gerald Edelman]], Neural Darwinism, 1987, p. 25</ref><ref>Joaquin Fuster (1995): ''Memory in the Cerebral Cortex: An Empirical Approach to Neural Networks in the Human and Nonhuman Primate''. Cambridge: MIT Press, pp. 87–88</ref><ref>Joaquin Fuster, "Network Memory", ''Trends in Neurosciences'', 1997. Vol. 20, No. 10. (Oct.): 451–59.</ref>

''The Sensory Order'' can be viewed as a development of his attack on scientism. Hayek posited two orders, namely the sensory order that we experience and the natural order that natural science revealed. Hayek thought that the sensory order actually is a product of the brain. He described the brain as a very complex yet self-ordering [[hierarchical classification]] system, a huge network of connections. Because of the nature of the classifier system, richness of our sensory experience can exist. Hayek's description posed problems to [[behaviorism]], whose proponents took the sensory order as fundamental.<ref name="auto"/>

===International relations===
Hayek was a lifelong federalist. He joined several pan-European and pro-federalist movements throughout his career, and called for federal ties between the U.K. and Europe, and between Europe and the United States. After the 1950s, when the Cold War began in earnest, Hayek largely kept his federalist proposals out of the public sphere, although he did propose to federate Jerusalem as late as the 1970s.<ref>{{cite web|last=van de Haar|first=Edwin|title=Ludwig von Mises and Friedrich Hayek: Federation as Last Resort|url=https://cosmosandtaxis.files.wordpress.com/2022/09/vandehaar_ct_vol10_iss11_12.pdf|access-date=14 October 2022|website=Cosmos + Taxis: Studies in Emergent Order|archive-date=15 October 2022|archive-url=https://web.archive.org/web/20221015043806/https://cosmosandtaxis.files.wordpress.com/2022/09/vandehaar_ct_vol10_iss11_12.pdf|url-status=live}}</ref>

Hayek argued that closer economic ties without closer political ties would lead to more problems because interest groups in nation-states would best be able to counter the internationalisation of markets that comes with closer economic ties by appealing to nationalism.<ref name=":5">{{cite book|last=Hayek|first=Friedrich|title='The Road to Serfdom'|series=The Collected Works of F.A. Hayek|publisher=University of Chicago Press|url=https://press.uchicago.edu/ucp/books/book/chicago/R/bo4138549.html|access-date=14 October 2022|archive-date=19 September 2020|archive-url=https://web.archive.org/web/20200919092250/https://press.uchicago.edu/ucp/books/book/chicago/R/bo4138549.html|url-status=live}}</ref> Much of his time in the pro-federalist and pan-European groups was spent arguing with pro-federal and pan-European democratic socialists over the proper extent of a world federal government. Hayek argued that such a world government should do little more than act as a negative check on national sovereignties and serve as a focal point for collective defense.<ref>{{cite journal |last=Rosenboim |first=Or |title=Barbara Wootton, Friedrich Hayek and the debate on democratic federalism in the 1940s |journal=The International History Review |year=2014 |volume=36 |issue=5 |pages=894–918 |doi=10.1080/07075332.2013.871320 |jstor=24703266 |s2cid=154887466 |url=https://openaccess.city.ac.uk/id/eprint/18396/10/Barbara%20Wootton%20for%20IHR%20special%20issue.pdf |archive-date=3 March 2025 |access-date=11 January 2025 |archive-url=https://web.archive.org/web/20250303220329/https://openaccess.city.ac.uk/id/eprint/18396/10/Barbara%20Wootton%20for%20IHR%20special%20issue.pdf |url-status=live }}</ref>

As the Cold War heated up, Hayek grew more hawkish and he pushed his federal proposals onto the backburner in favour of more traditional public policy proposals that acknowledged and respected the sovereignty of nation-states.<ref>{{cite web|last=van de Haar|first=Edwin|title=Hayekian Spontaneous Order and the International Balance of Power|url=https://www.independent.org/pdf/tir/tir_16_01_6_vandehaar.pdf|access-date=14 October 2022|website=The Independent Review|archive-date=21 September 2024|archive-url=https://web.archive.org/web/20240921022716/https://www.independent.org/pdf/tir/tir_16_01_6_vandehaar.pdf|url-status=live}}</ref> Yet Hayek never disavowed his famous call for "the abrogation of national sovereignties"<ref>{{cite journal|last=Hayek|first=Friedrich|title=The Economic Conditions of Interstate Federalism|url=https://fee.org/articles/the-economic-conditions-of-interstate-federalism/|access-date=14 October 2022|via=Foundation for Economic Education |journal=New Commonwealth Quarterly |volume=V |issue=2 |date=September 1939 |pages=131–149)|archive-date=15 October 2022|archive-url=https://web.archive.org/web/20221015043839/https://fee.org/articles/the-economic-conditions-of-interstate-federalism/}}</ref> and his lifetime of work in the area of international relations continues to attract attention from scholars searching for federalist answers to contemporary problems in international relations.<ref>{{cite web|last=Nientiedt|first=Daniel|title=F.A. Hayek and the World of Tomorrow: The Principles of International Federalism|url=https://cosmosandtaxis.files.wordpress.com/2022/09/nientiedt_ct_vol10_iss11_12.pdf|access-date=14 October 2022|website=Cosmos + Taxis: Studies in Emergent Order|archive-date=21 September 2024|archive-url=https://web.archive.org/web/20240921023752/https://cosmosandtaxis.org/wp-content/uploads/2022/09/nientiedt_ct_vol10_iss11_12.pdf|url-status=live}}</ref><ref>{{cite web|last=Masini|first=Fabio|title=Hayek's Federalism and the Making of European Integration|url=https://cosmosandtaxis.files.wordpress.com/2022/09/masini_ct_vol10_iss11_12.pdf|access-date=14 October 2022|website=Cosmos + Taxis: Studies in Emergent Order|archive-date=21 September 2024|archive-url=https://web.archive.org/web/20240921023749/https://cosmosandtaxis.org/wp-content/uploads/2022/09/masini_ct_vol10_iss11_12.pdf|url-status=live}}</ref><ref>{{cite web|last=Christensen|first=Brandon|title=Reviving the Libertarian Interstate Federalist Tradition: The American Proposal|url=https://www.independent.org/pdf/tir/tir_26_3_08_christensen.pdf|access-date=14 October 2022|website=The Independent Review|archive-date=9 February 2023|archive-url=https://web.archive.org/web/20230209221602/http://www.independent.org/pdf/tir/tir_26_3_08_christensen.pdf|url-status=live}}</ref><ref>{{cite journal|last=Spieker|first=Jorg|title=F.A. Hayek and the Reinvention of Liberal Internationalism|url=https://www.tandfonline.com/doi/pdf/10.1080/07075332.2014.900814|access-date=14 October 2022|journal=The International History Review|year=2014|volume=36|issue=5|pages=919–42|doi=10.1080/07075332.2014.900814|s2cid=143713445|archive-date=21 September 2024|archive-url=https://web.archive.org/web/20240921023745/https://www.tandfonline.com/doi/pdf/10.1080/07075332.2014.900814|url-status=live|url-access=subscription}}</ref>

=== Social and political philosophy ===

==== Two traditions in the theory of liberty ====
In the latter half of his career, Hayek made a number of contributions to [[social philosophy|social]] and [[political philosophy]] which he based on his views on the limits of human knowledge and the idea of spontaneous order in social institutions. He argues in favour of a society organised around a market order in which the apparatus of state is employed almost (though not entirely) exclusively to enforce the legal order (consisting of abstract rules and not particular commands) necessary for a market of free individuals to function. These ideas were informed by a moral philosophy derived from [[epistemological]] concerns regarding the inherent limits of human knowledge. Hayek argued that his ideal individualistic and free-market polity would be self-regulating to such a degree that it would be "a society which does not depend for its functioning on our finding good men for running it".<ref name="Individualism and economic order">{{cite book |last1=Hayek |first1=Friedrich August |title=Individualism and economic order |date=1980 |publisher=the University of Chicago press |location=Chicago; London |isbn=0-226-32093-6 |edition=Reprint}}</ref>

Hayek discusses the contrasting traditions of liberty—British and French—in the theory of freedom. The British tradition, influenced by thinkers like David Hume and Adam Smith, emphasises the organic growth of institutions and the spontaneous evolution of society. It recognises that political order arises from the cumulative experience and success of individuals, rather than from deliberate design. In contrast, the French tradition, rooted in Cartesian rationalism, seeks to construct a utopia based on a belief in the unlimited powers of human reason. The French tradition, that Hayek called constructivist rationalism, gained influence over time, partly due to its assumptions about human ambition and pride. However, according to Hayek, the British tradition, with its emphasis on the gradual development of civilization and the role of individual freedom, provides a more valid theory of liberty.<ref name="Individualism and economic order"/><ref>{{cite book |last1=Hayek |first1=Friedrich A. von |title=The constitution of liberty: the definitive edition |date=2011 |publisher=Univ. of Chicago Press |location=Chicago |isbn=978-0-226-31539-3}}</ref><ref>{{cite book |last1=Hayek |first1=Friedrich A. von |title=Law, legislation and liberty: a new statement of the liberal principles of justice and political economy |date=2012 |publisher=Routledge |location=London (u.a.) |isbn=978-0-415-52229-8}}</ref>

==== Spontaneous order ====
{{main|Spontaneous order}}

Hayek viewed the [[free price system]] not as a conscious invention (that which is intentionally designed by man), but as [[spontaneous order]] or what Scottish philosopher [[Adam Ferguson]] referred to as "the result of human action but not of human design".<ref name="Ferguson1767">{{cite book|last=Ferguson|first=Adam|title=An Essay on the History of Civil Society|publisher=T. Cadell, London|year=1767|location=[[Project Gutenberg]]|page=205|url=https://www.gutenberg.org/ebooks/8646|access-date=12 June 2019|archive-date=23 May 2024|archive-url=https://web.archive.org/web/20240523061721/https://www.gutenberg.org/ebooks/8646|url-status=live}}</ref> For instance, Hayek put the price mechanism on the same level as language, which he developed in his price signal theory.<ref>{{Cite web|last=Ebeling|first=Richard M.|date=6 January 2018|title=Price Is the Only Language that Everyone Speaks|url=https://fee.org/articles/price-is-the-only-language-that-everyone-speaks/|access-date=28 April 2021|website=fee.org|language=en|archive-date=4 May 2024|archive-url=https://web.archive.org/web/20240504040803/https://fee.org/articles/price-is-the-only-language-that-everyone-speaks/|url-status=live}}</ref>

Hayek attributed the birth of civilisation to [[private property]] in his book ''[[The Fatal Conceit]]'' (1988).<ref name=":18">{{Cite book|last=Hayek|first=Friedrich|title=The Fatal Conceit|year=1988}}</ref> He explained that [[price signals]] are the only means of enabling each economic decision maker to communicate [[tacit knowledge]] or [[dispersed knowledge]] to each other to solve the economic calculation problem.<ref name=":18" /> [[Alain de Benoist]] of the ''[[Nouvelle Droite]]'' (New Right) produced a highly critical essay on Hayek's work in an issue of ''[[Telos (journal)|Telos]]'', citing the flawed assumptions behind Hayek's idea of "spontaneous order" and the authoritarian and totalising implications of his [[Free market|free-market]] ideology.<ref>{{cite journal |last=de Benoist |first=Alain |author-link=Alain de Benoist |title=Hayek: A Critique |journal=[[Telos (journal)|Telos]] |volume=1998 |year=1998 |issue=110|pages=71–104 |doi=10.3817/1298110071 |s2cid=219203705 }}</ref>

Hayek's concept of the market as a spontaneous order has been applied to ecosystems to defend a broadly non-interventionist policy.<ref>{{Cite SSRN|title = Ecosystems as Spontaneous Orders|ssrn = 2501745|date = 24 September 2014 |first = Andy|last = Lamey}}</ref> Like the market, ecosystems contain complex networks of information, involve an ongoing dynamic process, contain orders within orders and the entire system operates without being directed by a conscious mind.<ref>{{Cite SSRN|title = Ecosystems as Spontaneous Orders|ssrn = 2501745|date = 24 September 2014 |first = Andy|last = Lamey|pages = 2–11}}</ref> On this analysis, species takes the place of price as a visible element of the system formed by a complex set of largely unknowable elements. Human ignorance about the countless interactions between the organisms of an ecosystem limits our ability to manipulate nature.<ref>{{Cite SSRN|title = Ecosystems as Spontaneous Orders|ssrn = 2501745|date = 24 September 2014 |first = Andy|last = Lamey|pages = 12–13}}</ref>

Hayek's price signal concept is in relation to how consumers are often unaware of specific events that change market, yet change their decisions, simply because the price goes up. Thus pricing communicates information.<ref>{{Cite web|title=Essential Hayek|url=https://www.fraserinstitute.org/sites/default/files/essential-hayek.pdf|website=Fraser Institute|access-date=28 April 2021|archive-date=28 April 2021|archive-url=https://web.archive.org/web/20210428191206/https://www.fraserinstitute.org/sites/default/files/essential-hayek.pdf}}</ref>

==== Criticism of collectivism ====
Hayek was one of the leading academic critics of collectivism in the 20th century.<ref name=":3" /> 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.<ref name=":11" /> In his popular book ''[[The Road to Serfdom]]'' (1944) and in subsequent academic works, Hayek argued that socialism required central economic planning and that such planning in turn leads towards [[totalitarianism]].<ref>{{cite book|last1=Chang|first1=Ha-Joon|title=Economics: The User's Guide|date=2014|publisher=Penguin Books Ltd.|location=London|isbn=978-0-7181-9703-2|language=en|chapter=4}}</ref>

In ''The Road to Serfdom'', Hayek wrote:{{blockquote|Although our modern socialists' promise of greater freedom is genuine and sincere, in recent years observer after observer has been impressed by the unforeseen consequences of socialism, the extraordinary similarity in many respects of the conditions under "communism" and "fascism".<ref name="ReferenceA">Hayek, F.A. ''The Road to Serfdom'', Ch. 9</ref>|sign=|source=}}

Hayek posited that a central planning authority would have to be endowed with powers that would impact and ultimately control social life because the knowledge required for centrally planning an economy is inherently decentralised, and would need to be brought under control.<ref name=":16" />

Though Hayek did argue that the state should provide law centrally, others have pointed out that this contradicts his arguments about the role of judges in "discovering" the law, suggesting that Hayek would have supported decentralized provision of legal services.<ref>{{cite SSRN|last1=Stringham|first1=Edward|last2=Zywicki|first2=Todd|title=Hayekian Anarchism |date=20 January 2011 |ssrn=1744364}}</ref>

Hayek also wrote that the state can play a role in the economy, specifically in creating a safety net, saying: <blockquote>There is no reason why, in a society which has reached the general level of wealth ours has, the first kind of security should not be guaranteed to all without endangering general freedom; that is: some minimum of food, shelter and clothing, sufficient to preserve health. Nor is there any reason why the state should not help to organize a comprehensive system of social insurance in providing for those common hazards of life against which few can make adequate provision.<ref>{{cite news| url=http://voices.washingtonpost.com/ezra-klein/2010/07/hayek_on_social_insurance.html | archive-url=https://web.archive.org/web/20110514092530/http://voices.washingtonpost.com/ezra-klein/2010/07/hayek_on_social_insurance.html | archive-date=14 May 2011 | newspaper=The Washington Post | title=Hayek on Social Insurance}}</ref></blockquote>

Hayek's argument has been criticized as a [[Slippery slope|slippery slope argument]] and therefore fallacious.<ref>{{Cite news |last=Fukuyama |first=Francis |date=2011-05-06 |title=Friedrich A. Hayek, Big-Government Skeptic |language=en-US |work=The New York Times |url=https://www.nytimes.com/2011/05/08/books/review/f-a-hayek-big-government-skeptic.html |access-date=2023-02-25 |issn=0362-4331 |archive-date=21 September 2024 |archive-url=https://web.archive.org/web/20240921023753/https://www.nytimes.com/2011/05/08/books/review/f-a-hayek-big-government-skeptic.html |url-status=live }}</ref> Peter Boettke has argued that this is a fundamental misunderstanding of the book and Hayek's point is about what central planning directly entails, not what it is likely to lead to.<ref>{{Cite journal |last=Boettke |first=Peter J. |date=1995 |title=Hayek's the Road to Serfdom Revisited: Government Failure in the Argument against Socialism |journal=Eastern Economic Journal |volume=21 |issue=1 |pages=7–26 |jstor=40325611 |issn=0094-5056}}</ref>

"[[The Denationalisation of Money]]" is one of his literary works, in which he advocated the establishment of competitions in issuing moneys.<ref>{{Cite book|last=Hayek|first=Friedrich|title=The Denationalisation of Money|year=1976}}</ref>

==== Social safety nets ====
With regard to a [[social safety net]], Hayek advocated "some provision for those threatened by the extremes of indigence or starvation due to circumstances beyond their control" and argued that the "necessity of some such arrangement in an industrial society is unquestioned—be it only in the interest of those who require protection against acts of desperation on the part of the needy".<ref>{{cite book|first=Friedrich|last=Hayek|editor-first=Ronald|editor-last=Hamowy|editor-link=Ronald Hamowy|title=The Constitution of Liberty|publisher=University of Chicago Press|place=Chicago|edition=Definitive|year=2011|page=405|orig-date=1960|isbn=978-0-226-31539-3|title-link=The Constitution of Liberty}}</ref> Summarizing Hayek's views on the topic, journalist [[Nicholas Wapshott]] has argued that "[Hayek] advocated mandatory universal health care and unemployment insurance, enforced, if not directly provided, by the state".<ref>{{citation|first=Nicholas|last=Wapshott|author-link=Nicholas Wapshott|title=Keynes Hayek: The Clash That Defined Modern Economics|publisher=W.W. Norton & Co.|place=New York|year=2011|page=291}}</ref> [[Critical theory|Critical theorist]] [[Bernard Harcourt]] has argued further that "Hayek was adamant about this".<ref>{{cite news|last=Harcourt|first=Bernard|author-link=Bernard Harcourt|title=How Paul Ryan enslaves Friedrich Hayek's The Road to Serfdom|url=https://www.theguardian.com/commentisfree/2012/sep/12/paul-ryan-enslaves-friedrich-hayek-road-serfdom|work=The Guardian|access-date=27 December 2014|date=12 September 2012|archive-date=21 September 2024|archive-url=https://web.archive.org/web/20240921023955/https://www.theguardian.com/commentisfree/2012/sep/12/paul-ryan-enslaves-friedrich-hayek-road-serfdom|url-status=live}}</ref> In 1944, Hayek wrote in ''[[The Road to Serfdom]]'': {{blockquote|There is no reason why in a society which has reached the general level of wealth which ours has attained [that security against severe physical privation, the certainty of a given minimum of sustenance for all; or more briefly, the security of a [[Guaranteed minimum income|minimum income]]] should not be guaranteed to all without endangering general freedom. There are difficult questions about the precise standard which should thus be assured... but there can be no doubt that some minimum of [[Standard of living|food, shelter, and clothing, sufficient to preserve health and the capacity to work]], can be assured to everybody. Indeed, for a considerable part of the population of [[English Poor Laws|England this sort of security has long been achieved]].
<br />Nor is there any reason why the state should not assist... individuals in providing for those [[Act of God|common hazards of life]] against which, because of their [[Knightian uncertainty|uncertainty]], few individuals can make adequate provision. Where, as in the case of [[Health insurance|sickness]] and [[Accident insurance|accident]], neither the desire to avoid such calamities nor the efforts to overcome their consequences are as a rule weakened by the provision of assistance—where, in short, we deal with genuinely insurable risks—the case for the [[Social safety net|state's helping to organize a comprehensive system]] of [[social insurance]] is very strong. There are many points of detail where [[Capitalism|those wishing to preserve the competitive system]] and [[Socialism|those wishing to supersede it by something different]] will disagree on the details of such schemes; and it is possible under the name of social insurance to introduce measures which tend to make [[Competition (economics)|competition]] more or less effective. But there is no incompatibility in principle between the state's providing greater security in this way and the preservation of [[Individualism#Political individualism|individual freedom]]. Wherever communal action can mitigate disasters against which the individual can neither attempt to guard himself nor make the provision for the consequences, such communal action should undoubtedly be taken.<ref>{{Cite book|first=Friedrich|last=Hayek|editor-first=Bruce|editor-last=Caldwell|editor-link=Bruce Caldwell (economist)|title=The Road to Serfdom|publisher=University of Chicago Press|place=Chicago|edition=Definitive|year=2007|pages=[https://archive.org/details/roadtoserfdom00frie/page/147 147–148]|orig-date=1944|isbn=978-0-226-32055-7|title-link=The Road to Serfdom}}</ref>|sign=|source=}}

In 1973, Hayek reiterated in ''[[Law, Legislation and Liberty]]'': <blockquote>There is no reason why in a free society government should not assure to all, protection against severe deprivation in the form of an [[Guaranteed minimum income|assured minimum income]], or a [[Universal basic income|floor below which nobody need to descend]]. To enter into such an insurance against extreme misfortune may well be in the interest of all; or it may be felt to be a clear moral duty of all to assist, within the organised community, those who cannot help themselves. So long as such a uniform minimum income is provided outside the market to all those who, for any reason, are unable to earn in the market an adequate maintenance, this need not lead to a restriction of freedom, or conflict with the [[Rule of law]].<ref>{{Cite book|first=Friedrich|last=Hayek|title=Law, Legislation and Liberty|publisher=University of Chicago Press|place=Chicago|volume=2|year=1976|page=87|isbn=978-0-226-32083-0|title-link=Law, Legislation and Liberty}}</ref></blockquote>

Political theorist Adam James Tebble has argued that Hayek's concession of a social minimum provided by the state introduces a conceptual tension with his epistemically derived commitment to [[private property rights]], [[free markets]], and [[spontaneous order]].<ref>{{cite journal|last1=Tebble|first1=Adam James|year = 2009|title=Hayek and social justice: a critique|journal=Critical Review of International Social and Political Philosophy|volume = 12|issue = 4| pages=581–604|doi=10.1080/13698230903471343|s2cid=145380847}}</ref> Hayek's views on social welfare policies have also been the subject of criticism. Critics contend that his opposition to government intervention in the economy fails to recognize the need for social safety nets and other forms of support for vulnerable populations. Furthermore, it has been argued that his views on welfare policy contradict his views on social justice.<ref>{{Cite journal |last=Tebble |first=Adam James |date=2009-12-01 |title=Hayek and social justice: a critique |journal=Critical Review of International Social and Political Philosophy |volume=12 |issue=4 |pages=581–604 |doi=10.1080/13698230903471343 |s2cid=145380847 |issn=1369-8230}}</ref>

==== Criticism of "social justice" ====
Although Hayek believed in a society governed by laws, he disapproved of the notion of "[[social justice]]". He compared the market to a game in which "there is no point in calling the outcome just or unjust"<ref>''The Mirage of Social Justice'', chap. 10</ref> and argued that "social justice is an empty phrase with no determinable content".<ref name=hayek1948ch12>''The Mirage of Social Justice'', chap. 12</ref> Likewise, "the results of the individual's efforts are necessarily unpredictable, and the question as to whether the resulting distribution of incomes is just has no meaning".<ref>''The Constitution of Liberty'', chap. 6</ref> He generally regarded government redistribution of income or capital as an unacceptable intrusion upon individual freedom, saying that "the principle of [[distributive justice]], once introduced, would not be fulfilled until the whole of society was organized in accordance with it. This would produce a kind of society which in all essential respects would be the opposite of a free society".<ref name=hayek1948ch12/>

==== Liberalism and skepticism ====
{{Liberalism UK|Intellectuals}}
Arthur M. Diamond argues Hayek's problems arise when he goes beyond claims that can be evaluated within economic science. Diamond argued: <blockquote>The human mind, Hayek says, is not just limited in its ability to synthesize a vast array of concrete facts, it is also limited in its ability to give a deductively sound ground to ethics. Here is where the tension develops, for he also wants to give a reasoned moral defense of the free market. He is an intellectual skeptic who wants to give political philosophy a secure intellectual foundation. It is thus not too surprising that what results is confused and contradictory.<ref>{{cite journal|last1=Diamond|first1=Arthur M.|title=F.A. Hayek on Constructivism and Ethics|journal=The Journal of Libertarian Studies|date=Fall 1980|volume=IV/4|pages=353–65}}</ref></blockquote>

[[Chandran Kukathas]] argues that Hayek's defence of liberalism is unsuccessful because it rests on presuppositions that are incompatible. The unresolved dilemma of his political philosophy is how to mount a systematic defence of liberalism if one emphasizes the limited capacity of reason.<ref>{{cite book|last1=Kukathas|first1=Chandran|title=Hayek and Modern Liberalism|date=1990|publisher=Oxford University Press|page=215}}</ref> [[Norman P. Barry]] similarly notes that the "[[critical rationalism]]" in Hayek's writings appears incompatible with "a certain kind of fatalism, that we must wait for evolution to pronounce its verdict".<ref>N.P. Barry(1994), "The road to freedom{{snd}}Hayek's social and economic philosophy," in Birner, J., and van Zijp, R. (eds) Hayek, Co-ordination and Evolution – His Legacy in Philosophy, Politics, Economics and the History of Ideas, pp. 141–63. London: Routledge.</ref> [[Milton Friedman]] and [[Anna Schwartz]] argue that the element of paradox exists in the views of Hayek. Noting Hayek's vigorous defense of "invisible hand" evolution that Hayek claimed created better economic institutions than could be created by rational design, Friedman pointed out the irony that Hayek was then proposing to replace the monetary system thus created with a deliberate construct of his own design.<ref>Milton Friedman and Anna J. Schwartz, "Has Government Any Role in Money?" (1986)</ref> [[John Gray (philosopher)|John N. Gray]] summarized this view as "his scheme for an [[Ultraliberalism#Market liberalism|ultra-liberal]] constitution was a prototypical version of the philosophy he had attacked".<ref>John Gray, [http://www.newstatesman.com/politics/2015/07/john-gray-friedrich-hayek-i-knew-and-what-he-got-right-and-wrong "The Friedrich Hayek I knew, and what he got right – and wrong"] {{Webarchive|url=https://web.archive.org/web/20150910050445/http://www.newstatesman.com/politics/2015/07/john-gray-friedrich-hayek-i-knew-and-what-he-got-right-and-wrong |date=10 September 2015 }} (30 July 2015)</ref> [[Bruce Caldwell (economist)|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".<ref>Bruce Caldwell, ''Hayek's Challenge: An Intellectual Biography of F.A. Hayek'' (Chicago: University of Chicago Press, 2004), pp. 347–48</ref>

==== Dictatorship and totalitarianism ====
Hayek sent [[António de Oliveira Salazar]] a copy of ''[[The Constitution of Liberty]]'' (1960) in 1962. Hayek hoped that his book—this "preliminary sketch of new constitutional principles"—"may assist" Salazar "in his endeavour to design a constitution which is proof against the abuses of democracy".<ref name="Farrant, Andrew 2012">{{cite journal | last1 = Farrant | first1 = Andrew | last2 = McPhail | first2 = Edward | last3 = Berger | first3 = Sebastian | year = 2012 | title = Preventing the 'Abuses' of Democracy: Hayek, the 'Military Usurper' and Transitional Dictatorship in Chile?. | journal = American Journal of Economics and Sociology | volume = 71 | issue = 3| pages = 513–38 | doi = 10.1111/j.1536-7150.2012.00824.x }}</ref>

Hayek visited Chile in the 1970s and 1980s during the [[Government Junta of Chile (1973)|Government Junta]] of general [[Augusto Pinochet]] and accepted being appointed Honorary Chairman of the [[Centro de Estudios Públicos]], the think tank formed by the economists who transformed Chile into a free market economy.<ref name="Farrant, Andrew 2012"/>

Asked about the [[Military dictatorship of Chile (1973–90)|military dictatorship of Chile]] by a Chilean interviewer, Hayek is translated from German to Spanish to English as having said the following: <blockquote>As long term institutions, I am totally against dictatorships. But a dictatorship may be a necessary system for a transitional period. [...] Personally I prefer a liberal dictatorship to democratic government devoid of liberalism. My personal impression—and this is valid for South America—is that in Chile, for example, we will witness a transition from a dictatorial government to a liberal government.<ref name=":12">{{cite journal |last1=Caldwell |first1=Bruce |last2=Montes |first2=Leonidas |title=Friedrich Hayek and his visits to Chile |journal=The Review of Austrian Economics |date=26 September 2014 |volume=28 |issue=3 |pages=261–309 |doi=10.1007/s11138-014-0290-8 |s2cid=189953475 |url=https://researchonline.lse.ac.uk/id/eprint/63318/ |access-date=13 June 2019 |archive-date=21 September 2024 |archive-url=https://web.archive.org/web/20240921023224/https://researchonline.lse.ac.uk/id/eprint/63318/ |url-status=live }}</ref></blockquote>

In a letter to the ''[[London Times]]'', he defended the Pinochet regime and said that he had "not been able to find a single person even in much maligned Chile who did not agree that personal freedom was much greater under Pinochet than it had been under [[Salvador Allende|Allende]]".<ref>Greg Grandin, professor of history, New York University, [https://books.google.com/books?id=t5itdZ7oycUC&pg=PA172 ''Empire's Workshop: Latin America, the United States, and the Rise of the New Imperialism''] {{Webarchive|url=https://web.archive.org/web/20240921023952/https://books.google.com/books?id=t5itdZ7oycUC&pg=PA172#v=onepage&q&f=false |date=21 September 2024 }}, pp. 172–73, Metropolitan, 2006, {{ISBN|0-8050-7738-3}}.</ref><ref>Dan Avnôn, [https://books.google.com/books?id=E6TmN-9qAmQC ''Liberalism and its Practice''], p. 56, Routledge, 1999, {{ISBN|0-415-19354-0}}.</ref> Hayek admitted that "it is not very likely that this will succeed, even if, at a particular point in time, it may be the only hope there is", but he explained that "[i]t is not certain hope, because it will always depend on the goodwill of an individual, and there are very few individuals one can trust. But if it is the sole opportunity which exists at a particular moment it may be the best solution despite this. And only if and when the dictatorial government is visibly directing its steps towards limited democracy".

For Hayek, the distinction between authoritarianism and totalitarianism has much importance and he was at pains to emphasise his opposition to totalitarianism, noting that the concept of transitional dictatorship which he defended was characterised by authoritarianism, not totalitarianism. For example, when Hayek visited Venezuela in May 1981, he was asked to comment on the prevalence of totalitarian regimes in Latin America. In reply, Hayek warned against confusing "totalitarianism with authoritarianism" and said that he was unaware of "any totalitarian governments in Latin America. The only one was Chile under Allende". For Hayek, the word "totalitarian" signifies something very specific, namely the intention to "organize the whole of society" to attain a "definite social goal" which is stark in contrast to "liberalism and individualism".<ref>{{cite web|url=http://coreyrobin.files.wordpress.com/2012/07/hayekchile.pdf|title=Preventing the 'Abuses' of Democracy: Hayek, the 'Military Usurper' and Transitional Dictatorship in Chile?|publisher=[[The American Journal of Economics and Sociology]]|access-date=12 September 2013|archive-date=25 April 2013|archive-url=https://web.archive.org/web/20130425203809/http://coreyrobin.files.wordpress.com/2012/07/hayekchile.pdf|url-status=live}}</ref> He claimed that democracy can also be repressive and totalitarian; in ''[[The Constitution of Liberty]]'' he often refers to [[Jacob Talmon]]'s concept of [[totalitarian democracy]].

==== Immigration, nationalism and race ====
Hayek was skeptical about international immigration and supported [[Margaret Thatcher|Thatcher's]] anti-immigration policies.{{sfn|Ebenstein|2001|p=293}} In ''[[Law, Legislation and Liberty]]'' he elaborated:
<blockquote>Freedom of migration is one of the widely accepted and wholly admirable principles of liberalism. But should this generally give the stranger a right to settle down in a community in which he is not welcome? Has he a claim to be given a job or be sold a house if no resident is willing to do so? He clearly should be entitled to accept a job or buy a house if offered to him. But have the individual inhabitants a duty to offer either to him? Or ought it to be an offence if they voluntarily agree not to do so? Swiss and Tyrolese villages have a way of keeping out strangers which neither infringe nor rely on any law. Is this anti-liberal or morally justified? For established old communities I have no certain answers to these questions.<ref>Hayek, Friedrich (1979) ''Law, Legislation and Liberty, Vol. 3: The Political Order of a Free People.'' Routledge 1982. p. 195</ref></blockquote>
He was mainly preoccupied with practical problems concerning immigration:
<blockquote>There exist, of course, other reasons why such restrictions appear unavoidable so long as certain differences in national or ethnic traditions (especially differences in the rate of propagation) exist-which in turn are not likely to disappear so long as restrictions on migration continue. We must face the fact that we here encounter a limit to the universal application of those liberal principles of policy which the existing facts of the present world make unavoidable.<ref>Hayek, Friedrich (1979) ''Law, Legislation and Liberty, Vol. 3: The Political Order of a Free People.'' Routledge 1982. p. 56</ref></blockquote>
He was not sympathetic to [[Nationalism|nationalist]] ideas and was afraid that mass immigration might revive nationalist sentiment among domestic population and ruin the postwar progress that was made among Western nations.<ref name="Hayek, Friedrich 1976 p 58">Hayek, Friedrich (1976) ''Law, Legislation and Liberty, Vol. 2: The Mirage of Social Justice''. Routledge 1982. p 58)</ref> He additionally explained:
<blockquote>However far modern man accepts in principle the ideal that the same rules should apply to all men, in fact he does concede it only to those whom he regards as similar to himself, and only slowly learns to extend the range of those he does accept as his likes. There is little legislation can do to speed up this process and much it may do to reverse it by re-awakening sentiments that are already on the wane.<ref name="Hayek, Friedrich 1976 p 58"/></blockquote>
Hayek made several culturally insensitive remarks about ethnic groups which he stated was not based on a racial feeling.{{sfn|Ebenstein|2001|p=390}} During [[World War II]] he discussed the possibility of sending his children to the United States but was concerned that they might be placed with a "coloured family".{{sfn|Ebenstein|2001|p=295}} In a later interview, questioned about his attitude towards [[Black people]], he said laconically that he "did not like dancing Negroes"<ref>Leeson, Robert (2015) ''Hayek: A Collaborative Biography: Part II, Austria, America and the Rise of Hitler, 1899–1933.'' Palgrave Macmillan, 2015. p. 112</ref> and on another occasion he ridiculed the decision to award the [[Nobel Peace Prize]] to [[Martin Luther King Jr.]]<ref name="Leeson, Robert 2018 p. 175">Leeson, Robert (2018) ''Hayek: A Collaborative Biography: Part XV: The Chicago School of Economics, Hayek's 'Luck' and the 1974 Nobel Prize for Economic Science.'' Palgrave Macmillan, 2015. p. 175</ref> He also made negative comments about awarding the Prize to [[Ralph Bunche]], [[Albert Luthuli]], and his LSE colleague [[W. Arthur Lewis]] who he described as an "unusually able West Indian negro".<ref name="Leeson, Robert 2018 p. 175"/> 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. He expressed his opposition to some of the government policies, believing that publicly funded institutions should treat all citizens equally, but also claimed that private institutions have the right to discriminate. Additionally, he condemned the "scandalous" [[Foreign relations of South Africa during apartheid|hostility and interference]] of the international community in South African internal affairs.{{sfn|Ebenstein|2001|p=299}} He further explained his attitude:
<blockquote>People in South Africa have to deal with their own problems, and the idea that you can use external pressure to change people, who after all have built up a civilization of a kind, seems to me morally a very doubtful belief.<ref>Leeson, Robert (2015) ''Hayek: A Collaborative Biography: Part II, Austria, America and the Rise of Hitler, 1899–1933.'' Palgrave Macmillan, 2015. p. 85</ref></blockquote>
While Hayek gave somewhat ambiguous comments on the injustices of Apartheid and proper role of the state, some of his Mont Pelerin colleagues, such as [[John Davenport (economic journalist)|John Davenport]] and [[Wilhelm Röpke]], were more ardent supporters of South African government and criticized Hayek for being too soft on the subject.<ref>Slobodian, Quinn (2018) ''Globalists: The End of Empire and the Birth of Neoliberalism''. Harvard University Press: Cambridge, MA, p. 154</ref>

==== Inequality and class ====
In ''[[The Constitution of Liberty]]'', Hayek wrote:
<blockquote>Yet is it really so obvious that the tennis or golf professional is a more useful member of society than the wealthy amateurs who devoted their time to perfecting these games? Or that the paid curator of a public museum is more useful than a private collector? Before the reader answers these questions too hastily, I would ask him to consider whether there would ever have been golf or tennis professionals or museum curators if wealthy amateurs had not preceded them. Can we not hope that other new interests will still arise from the playful explorations of those who can indulge in them for the short span of a human life? It is only natural that the development of the art of living and of the non-materialistic values should have profited most from the activities of those who had no material worries.<ref>Hayek, Friedrich (1960): ''The Constitution of Liberty''. Routledge, 2006. p. 113</ref></blockquote>

Hayek was against high [[Inheritance tax|taxes on inheritance]], believing that it is natural function of the family to transmit standards, traditions and material goods. Without transmission of property, parents might try to secure the future of their children by [[Nepotism|placing]] them in prestigious and high-paying positions, as was customary in socialist countries, which creates even worse injustices.<ref>Hayek, Friedrich (1960) ''The Constitution of Liberty''. Routledge, 2006. p. 80</ref> He was also strongly against [[progressive taxation]], noting that in most countries additional taxes paid by the rich amount to insignificantly small amount of total tax revenue and that the only major result of the policy is "gratification of the envy of the less-well-off".<ref>Hayek, Friedrich (1960) ''The Constitution of Liberty''. Routledge, 2006. p. 270</ref> He also claimed that it is contrary to the idea of equality under the law and against democratic principle that the majority should not impose discriminatory rules against the minority.<ref>Hayek, Friedrich (1960) ''The Constitution of Liberty''. Routledge, 2006. p. 269</ref><ref>Hayek, Friedrich (1960) ''The Constitution of Liberty''. Routledge, 2006. p. 273</ref>

== Influence and recognition ==
[[File:Friedrich August von Hayek, 27th January 1981, the 50th Anniversary of his first lecture at LSE, 1981 (4303825588).jpg|thumb|An elderly Hayek in 1981]]
Hayek's influence on the development of economics is widely acknowledged. With regard to the popularity of his Nobel acceptance lecture, Hayek is the second-most frequently cited economist (after [[Kenneth Arrow]]) in the Nobel lectures of the prize winners in economics. Hayek wrote critically there of the field of orthodox economics and neo-classical modelisation.<ref>{{cite journal|last1=Skarbek|first1=David|title=F.A. Hayek's Influence on Nobel Prize Winners|journal=Review of Austrian Economics|date=2009|volume=22|issue=1|pages=109–12|doi=10.1007/s11138-008-0069-x|s2cid=144970753|url=https://kclpure.kcl.ac.uk/portal/en/publications/fa-hayeks-influence-on-nobel-prize-winners(46921883-b80f-4c4c-b0a3-6e840be7a3ee).html|access-date=3 June 2020|archive-date=21 September 2024|archive-url=https://web.archive.org/web/20240921024008/https://kclpure.kcl.ac.uk/portal/en/publications/fa-hayeks-influence-on-nobel-prize-winners|url-status=live}}</ref> A number of [[Nobel Laureates]] in economics, such as [[Vernon L. Smith|Vernon Smith]] and [[Herbert A. Simon]], recognise Hayek as the greatest modern economist.{{refn | Smith
* {{cite journal|last1=Smith|first1=Vernon|title=Reflections on Human Action after 50 years|journal=Cato Journal|date=1999|volume=19|issue=2|url=https://object.cato.org/sites/cato.org/files/serials/files/cato-journal/1999/11/cj19n2-1.pdf|quote=Hayek, in my view, is the leading economic thinker of the 20th century.}}
* {{cite book|last1=Simon|first1=Herbert|title=The Sciences of the Artificial|url=https://archive.org/details/sciencesofartif00herb|url-access=registration|date=1981|publisher=The MIT Press|location=Cambridge|edition=2nd|quote=No one has characterized market mechanisms better than Friedrich von Hayek}}{{rp|41}}
}} Economic historian [[Douglass North]], also a Nobel Laureate, claimed in a lecture that "Hayek talked about most of the interesting problems of our time" and that he considered him "the most interesting economist of the 20th century".<ref>{{Cite journal |last=North |first=Douglass |date=16 May 2002 |title=UNDERSTANDING ECONOMIC CHANGE AND ECONOMIC GROWTH |url=https://www.tiger.edu.pl/publikacje/dist/north.pdf |journal=Distinguished Lectures Series |volume=7}}</ref> Another Nobel winner, [[Paul Samuelson]], believed that Hayek was worthy of his award, but nevertheless claimed that "there were good historical reasons for fading memories of Hayek within the mainstream last half of the twentieth century economist fraternity. 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".<ref>{{cite journal | doi=10.1016/j.jebo.2008.07.001 | volume=69 | title=A few remembrances of Friedrich von Hayek (1899–1992) | journal=Journal of Economic Behavior & Organization | pages=1–4| year=2009 | last1=Samuelson | first1=Paul A | doi-access=free }}</ref> Despite this comment, Samuelson spent the last 50 years of his life obsessed with the problems of capital theory identified by Hayek and Böhm-Bawerk, and Samuelson flatly judged Hayek to have been right and his own teacher [[Joseph Schumpeter]] to have been wrong on the central economic question of the 20th century, the feasibility of socialist economic planning in a production goods dominated economy.<ref>The collected scientific papers of Paul A. Samuelson, Volume 5, p. 315.</ref>

Conservative philosopher [[Roger Scruton]] wrote that Hayek was "the most powerful intellect on the right<ref>{{Cite book |last=Scruton |first=Roger |title=Conservatism: an invitation to the great tradition |date=2018 |publisher=All Points Books |isbn=978-1-250-17056-9 |edition=First U.S. |location=New York, NY}}</ref>".

In 1944, he was elected as a Fellow of the [[British Academy]]<ref>Fritz Machlup, ''Essays on Hayek'', Routledge, 2003. p. 14.</ref> after he was nominated for membership by Keynes.<ref>Sylvia Nasar, ''Grand Pursuit: The Story of Economic Genius'', Simon and Schuster, 2011, p. 402</ref>

Harvard economist and former Harvard University President [[Lawrence Summers]] explains Hayek's place in modern economics: "What's the single most important thing to learn from an economics course today? What I tried to leave my students with is the view that the invisible hand is more powerful than the [un]hidden hand. Things will happen in well-organized efforts without direction, controls, plans. That's the consensus among economists. That's the Hayek legacy".<ref>Lawrence Summers, quoted in ''The Commanding Heights: The Battle Between Government and the Marketplace that Is Remaking the Modern World'', by Daniel Yergin and Joseph Stanislaw. New York: Simon & Schuster. 1998, pp. 150–51.</ref>

By 1947, Hayek was an organiser of the [[Mont Pelerin Society]], a group of [[Classical liberalism|classical liberals]] who sought to oppose [[socialism]]. Hayek was also instrumental in the founding of the [[Institute of Economic Affairs]], the [[Right-libertarianism|right-wing libertarian]] and [[free-market]] [[think tank]] that inspired [[Thatcherism]]. He was in addition a member of the conservative and [[Libertarianism|libertarian]] [[Philadelphia Society]].<ref>{{cite web |url=http://phillysoc.org/DistinguishedMembers.pdf |title=Distinguished Members of The Philadelphia Society |access-date=5 May 2012 |archive-url=https://web.archive.org/web/20120118151439/http://phillysoc.org/DistinguishedMembers.pdf |archive-date=18 January 2012}}</ref>

Hayek had a long-standing and close friendship with philosopher of science [[Karl Popper]], who was also from Vienna. 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]]".<ref>See Hacohen, 2000.</ref> Popper dedicated his ''Conjectures and Refutations'' to Hayek. 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".<ref>See Weimer and Palermo, 1982</ref> Popper also participated in the inaugural meeting of the Mont Pelerin Society. Their friendship and mutual admiration do not change the fact that there are important differences between their ideas.<ref>See Birner, 2001, and for the mutual influence they had on each other's ideas on evolution, Birner 2009</ref>

Hayek also played a central role in [[Milton Friedman]]'s intellectual development. Friedman wrote: <blockquote>My interest in public policy and political philosophy was rather casual before I joined the faculty of the University of Chicago. 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. In addition, Hayek attracted an exceptionally able group of students who were dedicated to a libertarian ideology. They started a student publication, The New Individualist Review, which was the outstanding libertarian journal of opinion for some years. I served as an adviser to the journal and published a number of articles in it....<ref>Milton & Rose Friedman, ''Two Lucky People: Memoirs'' (U. of Chicago Press), 1998. p. 333</ref></blockquote>
While Friedman often mentioned Hayek as an important influence, Hayek rarely mentioned Friedman.{{sfn|Ebenstein|2001|p=266}} He deeply disagreed with [[Chicago School of economics|Chicago School]] methodology, quantitative and macroeconomic focus, and claimed that Friedman's ''[[Essays in Positive Economics]]'' was as dangerous a book as Keynes' ''[[The General Theory of Employment, Interest and Money|General Theory]]''.{{sfn|Ebenstein|2001|p=271}} Friedman also claimed that despite some Popperian influence, Hayek always retained basic [[Ludwig von Mises|Misesian]] [[Praxeology|praxeological]] views, which he found "utterly nonsensical".{{sfn|Ebenstein|2001|p=272}} He also noted that he admired Hayek only for his political works and disagreed with his technical economics; he called ''Prices and Production'' a "very flawed book" and ''The Pure Theory of Capital'' "unreadable".{{sfn|Ebenstein|2001|p=81}} There were occasional tensions at the Mont Pelerin meetings between Hayek's and Friedman's followers that sometimes threatened to split the Society.{{sfn|Ebenstein|2001|p=270}} Although they worked at the same university and shared political beliefs, Hayek and Friedman rarely collaborated professionally and were not close friends.{{sfn|Ebenstein|2001|p=267}}

Some radical libertarians had a negative view of Hayek and his milder form of liberalism. [[Ayn Rand]] disliked him, seeing him as a conservative and compromiser.{{sfn|Ebenstein|2001|p=275}} In a letter to [[Rose Wilder Lane]] in 1946 she wrote:<blockquote>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. There is one general rule to observe: those who are with us, but merely do not go far enough are the ones who may do us some good. Those who agree with us in some respects, yet preach contradictory ideas at the same time, are definitely more harmful than 100% enemies. As an example of the kind of 'almost' I would tolerate, I'd name Ludwig von Mises. As an example of our most pernicious enemy, I would name Hayek. That one is real poison.<ref>Berliner, M.S. (ed.), ''Letters of Ayn Rand''. New York, Dutton, 1995. p. 299</ref></blockquote>
Hayek made no known written references to Rand.{{sfn|Ebenstein|2001|p=274}}

[[Wikipedia]] co-founder [[Jimmy Wales]] was influenced by Hayek's ideas on spontaneous order and the Austrian School of economics, after being exposed to these ideas by Austrian economist and [[Mises Institute]] Senior Fellow [[Mark Thornton]].<ref>{{cite web|date=15 April 2009|title=Wikipedia's Model Follows Hayek|url=https://www.wsj.com/articles/SB123976347774119699|newspaper=[[The Wall Street Journal]]|access-date=4 February 2022|archive-date=21 September 2024|archive-url=https://web.archive.org/web/20240921023242/https://www.wsj.com/articles/SB123976347774119699|url-status=live}}</ref>

In the 21st century, some libertarian political scientists argue that Hayek would be in favor of [[Bitcoin]] and [[Cryptocurrency|cryptocurrencies]] due to its resistance to political pressure and due to Hayek's emphasis of [[Hard currency|sound money]] and competition in currencies.<ref>{{Cite web |last=Phaneuf |first=Emile |title=Hayek and Bitcoin {{!}} AIER |url=https://www.aier.org/article/hayek-and-bitcoin/ |access-date=2024-03-28 |website=www.aier.org |date=17 April 2023 |language=en-US |archive-date=28 March 2024 |archive-url=https://web.archive.org/web/20240328131425/https://www.aier.org/article/hayek-and-bitcoin/ |url-status=live }}</ref> They also argue that cryptocurrency and Bitcoin serve as a "Hayekian escape", a method that people can use to escape the government's currency monopoly.<ref>{{Cite web |last=Pollock |first=Alex J. |date=2022-03-30 |title=Are Cryptocurrencies the Great Hayekian Escape? |url=https://lawliberty.org/are-cryptocurrencies-the-great-hayekian-escape/ |access-date=2024-03-28 |website=Law & Liberty |language=en-US |archive-date=28 March 2024 |archive-url=https://web.archive.org/web/20240328125924/https://lawliberty.org/are-cryptocurrencies-the-great-hayekian-escape/ |url-status=live }}</ref>

=== Relation to conservatism ===
{{Conservatism UK|Intellectuals}}
Hayek received new attention in the 1980s and 1990s with the rise of conservative governments in the United States, United Kingdom and Canada. 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. Likewise, [[David Stockman]], [[Ronald Reagan]]'s most influential financial official in 1981, was an acknowledged follower of Hayek.<ref>Kenneth R. Hoover, ''Economics as Ideology: Keynes, Laski, Hayek, and the Creation of Contemporary Politics'' (2003), p. 213</ref>

Although usually identified as a [[Conservative liberalism|conservative liberal]] or a [[Liberal conservatism|liberal conservative]],<ref>{{Cite book |last=Söderbaum |first=Jakob E:son |title=Modern konservatism: Filosofi, bärande idéer och inriktningar i Burkes efterföljd |date=2020 |publisher=Recito |isbn=978-91-7765-497-1 |location=Borås |pages=38, 116–17, 269}}</ref> Hayek published an essay, "Why I Am Not a Conservative" (included as an appendix to ''[[The Constitution of Liberty]]''), in which he criticized certain aspects of conservatism from a liberal perspective. [[Edmund Fawcett]] summarizes Hayek's critique as follows:

{{blockquote|Conservatives, on Hayek's account, suffered from the following weaknesses. They feared change unduly. They were unreasonably frightened of uncontrolled social forces. They were too fond of authority. They had no grasp of economics. They lacked the feel for "abstraction" needed for engaging with people of different outlooks. They were too cozy with elites and establishments. They gave in to [[jingoism]] and [[chauvinism]]. They tended to think mystically, much as socialists tended to overrationalize. They were, last, too suspicious of democracy.<ref>{{cite book|title=Liberalism: The Life of an Idea|author-last=Fawcett|author-first=Edmund|isbn=978-0-691-18038-0|url=https://books.google.com/books?id=TXOYDwAAQBAJ|year=2018|publisher=Princeton University Press|edition=2nd|page=327|access-date=2 December 2023|archive-date=21 September 2024|archive-url=https://web.archive.org/web/20240921023959/https://books.google.com/books?id=TXOYDwAAQBAJ|url-status=live}}</ref>}}

Hayek identified himself as a classical liberal but noted that in the United States it had become almost impossible to use "liberal" in its original definition and the term "[[Libertarianism in the United States|libertarian]]" was used instead.<ref>{{Cite web|last=Hazlett|first=Thomas W.|date=1 September 1979|title=F.A. Hayek: Classical Liberal|url=https://fee.org/articles/f-a-hayek-classical-liberal/|website=Foundation for Economic Education|language=en|access-date=28 April 2021|archive-date=28 April 2021|archive-url=https://web.archive.org/web/20210428191157/https://fee.org/articles/f-a-hayek-classical-liberal/|url-status=live}}</ref> He also found libertarianism as a term "singularly unattractive" and offered the term "Old [[British Whig Party|Whig]]" (a phrase borrowed from [[Edmund Burke]]) instead. In his later life, he said: "I am becoming a Burkean Whig".<ref>{{Cite book|last=Bogus|first=Carl|title=Buckley|year=2011|publisher=Bloomsbury Publishing USA |isbn=978-1-60819-355-4}}</ref> Whiggery as a political doctrine had little affinity for classical political economy, the tabernacle of the [[Manchester Liberalism|Manchester School]] and [[William Ewart Gladstone|William Gladstone]].<ref>E.H.H. Green, ''Ideologies of Conservatism. Conservative Political Ideas in the Twentieth Century'' (Oxford: Oxford University Press, 2004), p. 259.</ref>

In his 1956 preface to ''[[The Road to Serfdom]]'', Hayek summarized all his disagreements with conservatism in this way:
<blockquote>Conservatism, though a necessary element in any stable society, is not a social program; in its paternalistic, nationalistic, and poweradoring tendencies it is often closer to socialism than true liberalism; and with its traditionalistic, anti-intellectual, and often mystical propensities it will never, except in short periods of disillusionment, appeal to the young and all those others who believe that some changes are desirable if this world is to become a better place. A conservative movement, by its very nature, is bound to be a defender of established privilege and to lean on the power of government for the protection of privilege. The essence of the liberal position, however, is the denial of all privilege, if privilege is understood in its proper and original meaning of the state granting and protecting rights to some which are not available on equal terms to others.</blockquote>

[[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".<ref name="brittan">Samuel Brittan, "The many faces of liberalism," [https://www.ft.com/content/529c55fe-06df-11df-b058-00144feabdc0 ft.com] {{Webarchive|url=https://web.archive.org/web/20100129053312/http://www.ft.com/cms/s/2/529c55fe-06df-11df-b058-00144feabdc0.html |date=29 January 2010 }}, 22 January 2010</ref> Brittan adds that although [[Raymond Plant, Baron Plant of Highfield|Raymond Plant]] (2009) comes out in the end against Hayek's doctrines, Plant gives ''The Constitution of Liberty'' a "more thorough and fair-minded analysis than it has received even from its professed adherents". As a neo-liberal, he helped found the [[Mont Pelerin Society]], a prominent neo-liberal think tank where many other minds, such as Mises and Friedman gathered.<ref>{{Cite web|title=F.A. Hayek {{!}} MPS|url=https://www.montpelerin.org/f-a-hayek/|access-date=28 April 2021|language=en-US|archive-date=14 February 2016|archive-url=https://web.archive.org/web/20160214110311/https://www.montpelerin.org/f-a-hayek/}}</ref><ref name="brittan" />

Although Hayek is likely a student of the neo-liberal school of libertarianism,<ref>{{Citation|last=Hoerber|first=Thomas|title=The Roots of Neoliberalism in Friedrich von Hayek|date=2019|work=Economic Theory and Globalization|pages=169–194|editor-last=Hoerber|editor-first=Thomas|place=Cham|publisher=Springer International Publishing|language=en|doi=10.1007/978-3-030-23824-7_8|isbn=978-3-030-23824-7|s2cid=202307278|editor2-last=Anquetil|editor2-first=Alain}}</ref> he is nonetheless influential in the [[Conservatism in the United States|conservative movement]], mainly for his critique of [[Collectivism and individualism|collectivism]].<ref name=":1" />

=== Policy discussions ===
Hayek's ideas on spontaneous order and the importance of prices in dealing with the knowledge problem inspired a debate on economic development and transition economies after the fall of the Berlin wall. For instance, economist [[Peter Boettke]] elaborated in detail on why reforming socialism failed and the Soviet Union broke down.<ref>{{cite book|title=Why Perestroika Failed: The Politics and Economics of Socialist Transformation|first=Peter J.|last=Boettke|author-link=Peter Boettke|year=2002|publisher=[[Routledge]]|access-date=2 January 2019|isbn=978-1-134-88631-9|url=https://books.google.com/books?id=4y6IAgAAQBAJ&pg=PP1|archive-date=21 September 2024|archive-url=https://web.archive.org/web/20240921023237/https://books.google.com/books?id=4y6IAgAAQBAJ&pg=PP1#v=onepage&q&f=false|url-status=live}}</ref> Economist [[Ronald McKinnon (economist)|Ronald McKinnon]] uses Hayekian ideas to describe the challenges of transition from a centralized state and planned economy to a market economy.<ref>{{cite journal|first=Ronald|last=McKinnon|author-link=Ronald McKinnon (economist)|title=Spontaneous Order on the Road Back from Socialism: An Asian Perspective|journal=[[American Economic Review]]|publisher=[[American Economic Association]]|volume=82|issue=2|pages=31–36|year=1992|jstor=2117371}}</ref> 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''.<ref name="Easterly2006">{{cite book|first=William|last=Easterly|author-link=William Easterly|title=The White Man's Burden: Why the West's Efforts to Aid the Rest Have Done So Much Ill and So Little Good|url=https://archive.org/details/whitemansburdenw00east|url-access=registration|year=2006|publisher=[[Penguin Books]]|isbn=978-1-101-21812-9}}</ref>

Since the [[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 [[Global saving glut|savings glut]] as launched by economist and former [[Chair of the Federal Reserve|Federal Reserve Chair]] [[Ben Bernanke]]. Economists at the [[Bank for International Settlements]], e.g. [[William White (economist)|William R. White]], emphasize the importance of Hayekian insights and the impact of monetary policies and credit growth as root causes of financial cycles.<ref>{{cite news|first=William R.|last=White|author-link=William White (economist)|year=2009|title=Modern Macroeconomics is on the Wrong Track|work=[[Finance & Development]]|publisher=[[International Monetary Fund]]|url=https://www.imf.org/external/pubs/ft/fandd/2009/12/pdf/white.pdf|access-date=7 September 2016|archive-date=21 September 2024|archive-url=https://web.archive.org/web/20240921021641/https://www.imf.org/external/pubs/ft/fandd/2009/12/pdf/white.pdf|url-status=live}}</ref> 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.<ref>{{cite journal|last1=Hoffmann|first1=Andreas|last2=Schnabl|first2=Gunther|title=A Vicious Cycle of Manias, Crises and Asymmetric Policy Responses – An Overinvestment View|journal=[[The World Economy (journal)|The World Economy]]|publisher=[[Wiley (publisher)|Wiley]]|volume=34|issue=3|pages=382–403|year=2011|ssrn=1513171|doi=10.1111/j.1467-9701.2011.01334.x|s2cid=153097003}}</ref><ref>{{cite journal|first1=Gunther|last1=Schnabl|last2=Hoffmann|first2=Andreas|title=Monetary Policy, Vagabonding Liquidity and Bursting Bubbles in New and Emerging Markets – An Overinvestment View|year=2008|journal=[[The World Economy (journal)|The World Economy]]|publisher=[[Wiley (publisher)|Wiley]]|volume=31|issue=9|pages=1226–52|doi=10.1111/j.1467-9701.2008.01126.x|ssrn=1018342|s2cid=154603748|url=https://mpra.ub.uni-muenchen.de/5201/1/MPRA_paper_5201.pdf|access-date=22 November 2021|archive-date=21 September 2024|archive-url=https://web.archive.org/web/20240921023736/https://mpra.ub.uni-muenchen.de/5201/1/MPRA_paper_5201.pdf|url-status=live}}</ref> Nicolas Cachanosky outlines the impact of American monetary policy on the production structure in Latin America.<ref>{{cite news|last=Cachanosky|first=Nicolas|year=2014|title=The Effects of U.S. Monetary Policy in Colombia and Panama (2002–2007)|work=The Quarterly Review of Economics and Finance|publisher=[[Elsevier]]|volume=54|issue=3|pages=428–36|ssrn=2170566}}</ref>

In line with Hayek, an increasing number of contemporary researchers sees expansionary monetary policies and too low interest rates as mal-incentives and main drivers of financial crises in general and the [[Subprime mortgage crisis|subprime market crisis]] in particular.<ref>{{cite book|last1=Brunnermeier|first1=Markus K.|author-link1=Markus Brunnermeier|first2=Isabel|last2=Schnabel|author-link2=Isabel Schnabel|chapter=12. Bubbles and Central Banks: Historical Perspectives|title=Central Banks at a Crossroads: What Can We Learn from History?|editor-first1=Michael D.|editor-last1=Bordo|editor-link1=Michael D. Bordo|editor-first2=Øyvind|editor-last2=Eitrheim|editor-first3=Marc|editor-last3=Flandreau|editor-first4=Jan F.|editor-last4=Qvigstad|place=New York|publisher=[[Cambridge University Press]]|isbn=978-1-107-14966-3|chapter-url=http://scholar.princeton.edu/markus/publications/bubbles-and-central-banks-historical-perspectives|date=9 June 2016|access-date=7 September 2016|archive-date=21 September 2024|archive-url=https://web.archive.org/web/20240921023237/https://markus.scholar.princeton.edu//publications/bubbles-and-central-banks-historical-perspectives|url-status=live}}</ref><ref>{{cite report|first=John B.|last=Taylor|author-link=John B. Taylor|title=Housing and Monetary Policy|year=2007|publisher=[[National Bureau of Economic Research]]|series=NBER Working Papers|volume=13682|url=https://www.nber.org/papers/w13682.pdf|access-date=24 July 2019|archive-date=7 October 2019|archive-url=https://web.archive.org/web/20191007085818/https://www.nber.org/papers/w13682.pdf|url-status=live}}</ref> To prevent problems caused by monetary policy, Hayekian and Austrian economists discuss alternatives to current policies and organizations. For instance, [[Lawrence H. White]] argued in favor of [[free banking]] in the spirit of Hayek's "[[The Denationalisation of Money|Denationalisation of Money]]".<ref>{{cite web|url=http://mercatus.org/video/lawrence-h-white-monetary-policy-free-banking-and-financial-crisis|title=Lawrence H. White on Monetary Policy, Free Banking and the Financial Crisis |website=mercatus.org|date=13 December 2011|access-date=19 September 2016|archive-date=15 September 2016|archive-url=https://web.archive.org/web/20160915123748/http://mercatus.org/video/lawrence-h-white-monetary-policy-free-banking-and-financial-crisis|url-status=live}}</ref> Along with [[Market monetarism|market monetarist]] economist [[Scott Sumner]],<ref>{{cite news|first=Scott B.|last=Sumner|author-link=Scott Sumner|title=Nominal GDP Targeting: A Simple Rule to Improve Fed Performance|year=2014|work=[[Cato Journal]]|publisher=[[Cato Institute]]|volume=34|issue=2|pages=315–37|url=https://object.cato.org/sites/cato.org/files/serials/files/cato-journal/2014/5/cato-journal-v34n2-7.pdf|access-date=24 July 2019|archive-date=10 December 2018|archive-url=https://web.archive.org/web/20181210193514/https://object.cato.org/sites/cato.org/files/serials/files/cato-journal/2014/5/cato-journal-v34n2-7.pdf|url-status=live}}</ref> White also noted that the monetary policy norm that Hayek prescribed, first in ''Prices and Production'' (1931) and as late as the 1970s,<ref>{{cite book|first=Friedrich|last=Hayek|editor-first=Joseph T.|editor-last=Salerno|editor-link=Joseph T. Salerno|title=Prices and Production and Other Works on Money, the Business Cycle, and the Gold Standard|year=2008|place=[[Auburn, Alabama|Auburn, AL]]|publisher=[[Ludwig von Mises Institute]]|page=297|isbn=978-1-933550-22-0|url=https://www.hayek.sk/wp-content/uploads/2012/12/hayekcollection.pdf|access-date=24 July 2019|archive-date=31 July 2020|archive-url=https://web.archive.org/web/20200731201800/https://www.hayek.sk/wp-content/uploads/2012/12/hayekcollection.pdf}}</ref><ref>{{cite interview|last=Hayek|first=Friedrich|date=9 April 1975|title=A Discussion with Friedrich A. von Hayek|place=Washington, D.C.|publisher=[[American Enterprise Institute]]|pages=12–13|isbn=0-8447-3190-0|url=http://www.aei.org/wp-content/uploads/2016/03/Conversation01.pdf|access-date=24 July 2019|archive-date=21 September 2024|archive-url=https://web.archive.org/web/20240921023736/http://www.aei.org/wp-content/uploads/2016/03/Conversation01.pdf|url-status=live}}</ref> was the [[Nominal income target|stabilization of nominal income]].<ref name=":15">{{cite journal|first=Lawrence H.|last=White|author-link=Lawrence H. White|year=2008|title=Did Hayek and Robbins Deepen the Great Depression?|journal=[[Journal of Money, Credit and Banking]]|publisher=[[Wiley-Blackwell]]|volume=40|issue=4|pages=751–68|jstor=25096276|doi=10.1111/j.1538-4616.2008.00134.x|url=https://dergipark.org.tr/tr/pub/liberal/issue/48188/609854|access-date=16 December 2019|archive-date=15 April 2021|archive-url=https://web.archive.org/web/20210415095946/https://dergipark.org.tr/tr/pub/liberal/issue/48188/609854|url-status=live}}</ref>

Hayek's ideas find their way into the discussion of the post-[[Great Recession]] issues of [[secular stagnation theory|secular stagnation]]. Monetary policy and mounting regulation are argued to have undermined the innovative forces of the market economies. Quantitative easing following the financial crises is argued to have not only conserved structural distortions in the economy, leading to a fall in trend-growth. It also created new distortions and contributes to distributional conflicts.<ref>{{cite journal|last1=Hoffmann|first1=Andreas|last2=Schnabl|first2=Gunther|title=Adverse Effects of Unconventional Monetary Policy|journal=[[Cato Journal]]|publisher=[[Cato Institute]]|volume=36|issue=3|year=2016|url=https://object.cato.org/sites/cato.org/files/serials/files/cato-journal/2016/9/cj-v36n3-full.pdf|access-date=24 July 2019|archive-date=21 September 2024|archive-url=https://web.archive.org/web/20240921023737/https://object.cato.org/sites/cato.org/files/serials/files/cato-journal/2016/9/cj-v36n3-full.pdf|url-status=live}}</ref>

=== 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. Supporting examples include the following:

{{blockquote|There is no figure who had more of an influence, no person had more of an influence on the intellectuals behind the Iron Curtain than Friedrich Hayek. His books were translated and published by the underground and black market editions, read widely, and undoubtedly influenced the climate of opinion that ultimately brought about the collapse of the Soviet Union.<ref>{{cite web|url= https://www.pbs.org/thinktank/transcript726.html|title= Transcript for: Friedrich Hayek|website= pbs.org|access-date= 14 February 2015|archive-date= 21 September 2024|archive-url= https://web.archive.org/web/20240921024151/https://www.pbs.org/thinktank/transcript726.html|url-status= live}}</ref>|[[Milton Friedman]] (Hoover Institution)}}

{{blockquote|The most interesting among the courageous dissenters of the 1980s were the classical liberals, disciples of F.A. Hayek, from whom they had learned about the crucial importance of economic freedom and about the often-ignored conceptual difference between liberalism and democracy.<ref>Andrzy Walicki, "Liberalism in Poland", ''Critical Review'', Winter, 1988, p.&nbsp;9.</ref>|[[Andrzej Walicki]] (History, Notre Dame)}}

{{blockquote|[[Estonian Prime Minister]] [[Mart Laar]] came to my office the other day to recount his country's remarkable transformation. He described a nation of people who are harder-working, more virtuous—yes, more virtuous, because the market punishes immorality—and more hopeful about the future than they've ever been in their history. I asked Mr. Laar where his government got the idea for these reforms. Do you know what he replied? He said, "We read Milton Friedman and F.A. Hayek."<ref>Dick Armey, "Address at the Dedication of the Hayek Auditorium", [[Cato Institute]], Washington, DC, 9 May 1995.</ref>|United States Representative [[Dick Armey]]}}

{{blockquote|I was 25 years old and pursuing my doctorate in economics when I was allowed to spend six months of post-graduate studies in Naples, Italy. I read the Western economic textbooks and also the more general work of people like Hayek. By the time I returned to Czechoslovakia, I had an understanding of the principles of the market. In 1968, I was glad at the political liberalism of the Dubcek Prague Spring, but was very critical of the Third Way they pursued in economics.<ref>Vaclav Klaus, "No Third Way Out: Creating a Capitalist Czechoslovakia", ''Reason'', 1990, (June): 28–31.</ref>|[[Václav Klaus]] (former President of the Czech Republic)}}

== Legacy and honours ==
[[File:Friedrich-von-Hayek-Straße Freiburg.jpg|thumb|A street sign named for Hayek in Freiburg im Breisgau, Germany]]

Hayek's intellectual presence has remained evident in the years following his death, especially in the universities where he had taught, namely the London School of Economics, the University of Chicago and the University of Freiburg. His influence and contributions have been noted by many. A number of tributes have resulted, many established posthumously:
* The [[LSE Students' Union#Hayek Society|Hayek Society]], a student-run group at the [[London School of Economics]], was established in his honour.<ref>{{cite web|url=https://www.lsesu.com/activities/societies/society/6664/|title=Hayek|website=www.lsesu.com|access-date=7 March 2016|archive-date=11 April 2016|archive-url=https://web.archive.org/web/20160411025137/http://www.lsesu.com/activities/societies/society/6664/|url-status=live}}</ref>
* The [[Oxford University|Oxford]] Hayek Society, founded in 1983, is named after Hayek.<ref>{{cite web|last1=Ellis|first1=Lydia|title=About the Oxford Hayek Society|url=http://oxfordhayek.org.uk/about/|publisher=Oxford Hayek Society|access-date=6 November 2015|archive-date=4 March 2016|archive-url=https://web.archive.org/web/20160304092636/http://oxfordhayek.org.uk/about/}}</ref>
* The [[Cato Institute]] named its lower level auditorium after Hayek, who had been a Distinguished Senior Fellow at Cato during his later years.<ref>{{Cite web|date=29 November 2016|title=Housing Crisis: Should Urban Areas Grow Up or Grow Out to Keep Housing Affordable?|url=https://www.cato.org/events/housing-crisis-should-urban-areas-grow-or-grow-out-keep-housing-affordable|access-date=27 April 2021|website=Cato Institute|language=en|archive-date=28 April 2021|archive-url=https://web.archive.org/web/20210428003308/https://www.cato.org/events/housing-crisis-should-urban-areas-grow-or-grow-out-keep-housing-affordable|url-status=live}}</ref>
* The auditorium of the school of economics in [[Universidad Francisco Marroquín]] in Guatemala is named after him.
* The Hayek Fund for Scholars<ref>{{cite web |url=http://www.theihs.org/ContentDetails.aspx?id=516 |archive-url=https://web.archive.org/web/20090716142314/http://www.theihs.org/ContentDetails.aspx?id=516 |archive-date=16 July 2009 |title=Hayek Fund for Scholars &#124; Institute For Humane Studies |publisher=Theihs.org |access-date=14 September 2011 }}</ref> of the [[Institute for Humane Studies]] provides financial awards for academic career activities of graduate students and untenured faculty members.
* The Ludwig von Mises Institute holds a lecture named after Hayek every year at its Austrian Scholars Conference and invites notable academics to speak about subjects relating to Hayek's contributions to the Austrian School.
* [[George Mason University]] has an economics essay award named in honour of Hayek.<ref>{{Cite web|title=Economics {{!}} F.A. Hayek Essay Awards|url=https://economics.gmu.edu/awards/41|access-date=27 April 2021|website=Economics|language=en|archive-date=28 April 2021|archive-url=https://web.archive.org/web/20210428003308/https://economics.gmu.edu/awards/41|url-status=live}}</ref>
* The [[Mercatus Center]], a free-market [[think tank]] also at George Mason University, who has a philosophy, politics and economics program of study named for Hayek.
* The [[Mont Pelerin Society]] has a quadrennial economics essay contest named in his honour.
* Hayek was awarded honorary degrees from [[Rikkyo University]], University of Vienna and University of Salzburg.<ref>{{Cite web|title=The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1974|url=https://www.nobelprize.org/prizes/economic-sciences/1974/hayek/biographical/|access-date=27 April 2021|website=NobelPrize.org|language=en-US|archive-date=12 August 2019|archive-url=https://web.archive.org/web/20190812145119/https://www.nobelprize.org/prizes/economic-sciences/1974/hayek/biographical/|url-status=live}}</ref>
* Hayek has an investment portfolio named after him. The Hayek Fund<ref>{{cite web |url=http://www.hayekfund.com |title=Hayekfund.com |publisher=Hayekfund.com |access-date=14 September 2011 |archive-url=https://web.archive.org/web/20110920005436/http://www.hayekfund.com/ |archive-date=20 September 2011 }}</ref> invests in corporations who financially support free market public policy organisations
* 1974: [[Austrian Decoration for Science and Art]]
* 1974: [[Nobel Memorial Prize in Economic Sciences]] (Sweden)<ref>{{Cite web|title=The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1974|url=https://www.nobelprize.org/prizes/economic-sciences/1974/press-release/|access-date=27 April 2021|website=NobelPrize.org|language=en-US|archive-date=17 May 2013|archive-url=https://web.archive.org/web/20130517131815/http://www.nobelprize.org/nobel_prizes/economics/laureates/1974/press.html|url-status=live}}</ref>
* 1977: [[Pour le Mérite for Science and Art]] (Germany)<ref>{{Cite web|title=Friedrich August von Hayek {{!}} Orden Pour le Mérite|url=http://www.orden-pourlemerite.de/mitglieder/friedrich-august-von-hayek|access-date=27 April 2021|website=www.orden-pourlemerite.de}}</ref>
* 1983: Honorary Ring of Vienna
* 1984: Honorary Dean of [[WHU – Otto Beisheim School of Management]]
* 1984: [[Hanns Martin Schleyer Foundation#Hanns Martin Schleyer Prize|Hanns Martin Schleyer Prize]]
* 1984: [[Member of the Order of the Companions of Honour]] (United Kingdom)<ref>{{Cite web|url=https://www.sothebys.com/en/buy/auction/2019/friedrich-von-hayek-his-nobel-prize-and-family-collection/f4e367f2-f80d-45f8-a953-a3e41df93568|title=Companion of Honour, 1984, Awarded by Queen Elizabeth II &#124; Friedrich von Hayek: His Nobel Prize and Family Collection &#124; Books & Manuscripts|website=Sotheby's}}</ref>
* 1990: [[Grand Gold Medal with Star for Services to the Republic of Austria]]<ref>{{cite web | url = http://www.parlament.gv.at/PAKT/VHG/XXIV/AB/AB_10542/imfname_251156.pdf | title = Reply to a parliamentary question | language = de | page = 885 | access-date = 24 February 2013 | archive-date = 8 November 2017 | archive-url = https://web.archive.org/web/20171108060130/https://www.parlament.gv.at/PAKT/VHG/XXIV/AB/AB_10542/imfname_251156.pdf | url-status = live }}</ref>
* 1991: [[Presidential Medal of Freedom]] (United States)<ref name=":13">{{Cite news|last=Nasar|first=Sylvia|date=19 November 1991|title=Business Profile; Neglected Economist Honored by President|language=en-US|work=The New York Times|url=https://www.nytimes.com/1991/11/19/business/business-people-neglected-economist-honored-by-president.html|access-date=27 April 2021|issn=0362-4331|archive-date=28 April 2021|archive-url=https://web.archive.org/web/20210428003307/https://www.nytimes.com/1991/11/19/business/business-people-neglected-economist-honored-by-president.html|url-status=live}}</ref>
* 1994: The FA Hayek Scholarship in Economics or Political Science, [[University of Canterbury]]. The scholarship supports students toward study for an honours or master's degree in the Economics or Political Science at the university. It was established in 1994 by a gift from entrepreneur [[Alan Gibbs]].<ref>{{Cite web|title=F.A. Hayek Scholarship in Political Science or Economics|url=https://www.canterbury.ac.nz/scholarshipsforms/regulations/F_A_Hayek_Scholarship_in_Economics_or_Political_Science.pdf|access-date=28 April 2021|archive-date=28 April 2021|archive-url=https://web.archive.org/web/20210428003310/https://www.canterbury.ac.nz/scholarshipsforms/regulations/F_A_Hayek_Scholarship_in_Economics_or_Political_Science.pdf|url-status=live}}</ref>

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.<ref name="top" />

The [[New York University Journal of Law & Liberty|New York University ''Journal of Law and Liberty'']] holds an annual lecture in his honor.<ref>{{Cite web|url=http://lawandlibertyblog.com/about|title=About|website=NYU Journal of Law & Liberty|access-date=15 May 2014|archive-date=17 May 2014|archive-url=https://web.archive.org/web/20140517121207/http://lawandlibertyblog.com/about/}}</ref>

== Notable works ==
{{main|Friedrich Hayek bibliography}}

* ''[[The Road to Serfdom]]'', 1944.
* ''[[Individualism and Economic Order]]'', 1948.
* ''[[The Constitution of Liberty]]'', 1960. ''The Definitive Edition'', 2011. Description and preview.
* ''[[Law, Legislation and Liberty]]'' (3 volumes)
** Volume I. ''Rules and Order'', 1973.<ref>{{cite book |url=https://books.google.com/books?id=UunDsFD25fYC |title=Law, Legislation and Liberty, Volume |via=Google Books |year=1978 |access-date=14 September 2011 |isbn=978-0-226-32086-1 |last1=Hayek |first1=F.A. |publisher=University of Chicago Press |archive-date=21 September 2024 |archive-url=https://web.archive.org/web/20240921024424/https://books.google.com/books?id=UunDsFD25fYC |url-status=live }}</ref>
** Volume II. ''The Mirage of Social Justice'', 1976.<ref>{{cite book |url=https://books.google.com/books?id=qq6p11NPdOoC |title=Law, Legislation and Liberty, Volume |via=Google Books |year=1978 |access-date=14 September 2011 |isbn=978-0-226-32083-0 |last1=Hayek |first1=F.A. |publisher=University of Chicago Press |archive-date=21 September 2024 |archive-url=https://web.archive.org/web/20240921024423/https://books.google.com/books?id=qq6p11NPdOoC |url-status=live }}</ref>
** Volume III. ''The Political Order of a Free People'', 1979.<ref>{{Cite book | url = https://books.google.com/books?id=0HzIUyFkwlYC | title = Law, Legislation and Liberty, Volume 3: The Political Order of a Free People | isbn = 978-0-226-32090-8 | last1 = Hayek | first1 = F.A. | year = 1981 | publisher = University of Chicago Press | access-date = 3 June 2020 | archive-date = 21 September 2024 | archive-url = https://web.archive.org/web/20240921024427/https://books.google.com/books?id=0HzIUyFkwlYC | url-status = live }}</ref>
* ''[[The Fatal Conceit]]: The Errors of Socialism'', 1988. Note that the authorship of ''The Fatal Conceit'' is under scholarly dispute.<ref>
Alan Ebenstein: [http://libertyunbound.com/archive/2005_03/ebenstein-deceit.html Investigation: The Fatal Deceit] {{Webarchive|url=https://web.archive.org/web/20080212040658/http://libertyunbound.com/archive/2005_03/ebenstein-deceit.html |date=12 February 2008 }}. ''Liberty'' '''19''':3 (March 2005)
</ref> The book in its published form may actually have been written entirely by its editor [[W. W. Bartley III]] and not by Hayek.<ref>[[Ian Jarvie]] (Editor), Karl Milford (Editor), [[David Miller (philosopher)|David Miller]] (Editor) (2006), ''[[Karl Popper]]: a Centenary Assessment Vol. 1: Life and Times, and Values in a World of Facts'', pp. 120, 295, {{ISBN|978-0-7546-5375-2}}</ref>

== Notes ==
{{Noteslist}}

== See also ==
* [[Neoliberalism]]
* [[Constructivist epistemology]]
* [[Hayek Lecture]]
* ''[[Fear the Boom and Bust]]'', a series of music videos produced by the [[Mercatus Center]] in which Keynes and Hayek take part in a rap battle
* [[Global financial system]], which describes the financial system consisting of institutions and regulators that act on the international level
* [[History of economic thought]]
* [[Liberalism in Austria]]

== References ==
{{reflist}}

=== Sources ===
{{refbegin|30em}}
* Birner, Jack (2001). "The mind-body problem and social evolution," CEEL Working Paper 1-02.
* Birner, Jack, and Rudy van Zijp, eds. (1994). ''Hayek: Co-ordination and Evolution: His legacy in philosophy, politics, economics and the history of ideas''{{ISBN?}}
* Birner, Jack (2009). "From group selection to ecological niches. Popper's rethinking of evolutionary theory in the light of Hayek's theory of culture", in S. Parusnikova & R.S. Cohen eds. (Spring 2009). "Rethinking Popper", ''Boston Studies in the Philosophy of Science''. Vol. 272
* {{cite journal | last1 = Boettke | first1 = Peter J. | year = 1995 | title = Hayek's the Road to Serfdom Revisited: Government Failure in the Argument against Socialism | journal = Eastern Economic Journal | volume = 21 | issue = 1| pages = 7–26 | jstor=40325611}}
* {{cite ODNB|id=51095|title=Hayek, Friedrich August (1899–1992)|year=2004|last=Brittan|first=Samuel}}
* Caldwell, Bruce (2005). ''Hayek's Challenge: An Intellectual Biography of F.A. Hayek''{{ISBN?}}
* {{cite journal | last1 = Caldwell | first1 = Bruce | year = 1997 | title = Hayek and Socialism | journal = Journal of Economic Literature | volume = 35 | issue = 4| pages = 1856–90 | jstor=2729881}}
* Cohen, Avi J. (2003). "The Hayek/Knight Capital Controversy: the Irrelevance of Roundaboutness, or Purging Processes in Time?" ''History of Political Economy''  35(3): 469–90. {{ISSN|0018-2702}} Fulltext: online in Project Muse, Swetswise and Ebsco
* {{cite journal|last=Clavé|first=Francis|year=2015|title=Comparative Study of Lippmann's and Hayek's Liberalisms (or neo-liberalisms)|journal=The European Journal of the History of Economic Thought|volume=22|issue=6|pages=978–99|doi=10.1080/09672567.2015.1093522|s2cid=146137987}}
* Doherty, Brian (2007). ''Radicals for Capitalism: A Freewheeling History of the Modern American Libertarian Movement''{{ISBN?}}
* Douma, Sytse and Hein Schreuder, (2013). "Economic Approaches to Organizations". 5th edition. London: Pearson, {{ISBN|978-0-273-73529-8}}
* Ebeling, Richard M. (March 2004). [https://web.archive.org/web/20110114212523/http://www.thefreemanonline.org/from-the-president/f-a-hayek-and-the-road-to-serfdom-a-sixtieth-anniversary-appreciation/ "F.A. Hayek and ''The Road to Serfdom'': A Sixtieth Anniversary Appreciation"] (''The Freeman''
* Ebeling, Richard M. (March 2001). [https://mises.org/daily/638/FA-Hayek-A-Biography "F.A. Hayek: A Biography"] {{Webarchive|url=https://web.archive.org/web/20140914004249/https://mises.org/daily/638/FA-Hayek-A-Biography |date=14 September 2014 }} Ludwig von Mises Institute
* Ebeling, Richard M. (May 1999). [https://archive.today/20130415224932/http://www.thefreemanonline.org/featured/friedrich-a-hayek-a-centenary-appreciation/ "Friedrich A. Hayek: A Centenary Appreciation"] ''The Freeman''
* {{cite book |last=Ebenstein |first=Alan |year=2001 |title=Friedrich Hayek: A Biography |location=Basingstoke |publisher=Palgrave Macmillan Trade |isbn=978-0-312-23344-0 |url-access=registration |url=https://archive.org/details/friedrichhayekbi00eben }}
* {{cite journal | last1 = Feldman | first1 = Jean-Philippe | year = 1999 | title = Hayek's Critique of the Universal Declaration of Human Rights | doi = 10.2202/1145-6396.1172 | journal = Journal des Économistes et des Études Humaines | volume = 9 | issue = 4| pages = 1145–6396 }}
* Frowen, S. ed. (1997). ''Hayek: economist and social philosopher''
* Gamble, Andrew (1996). ''The Iron Cage of Liberty'', an analysis of Hayek's ideas{{ISBN?}}
* Goldsworthy, J.D. (1986). [http://www.austlii.edu.au/au/journals/SydLawRw/1986/3.html "Hayek's Political and Legal Philosophy: An Introduction"] {{Webarchive|url=https://web.archive.org/web/20121112125008/http://www.austlii.edu.au/au/journals/SydLawRw/1986/3.html |date=12 November 2012 }} [1986] SydLawRw 3; 11(1) ''Sydney Law Review'' 44
* Gray, John (1998). ''Hayek on Liberty''{{ISBN?}}
* Hacohen, Malach (2000). ''Karl Popper: The Formative Years, 1902–1945''{{ISBN?}}
* {{cite encyclopedia |last=Hamowy |first=Ronald |author-link=Ronald Hamowy |encyclopedia=The Encyclopedia of Libertarianism |url=https://books.google.com/books?id=yxNgXs3TkJYC |year=2008 |publisher=Sage; Cato Institute |location=Thousand Oaks, CA |doi=10.4135/9781412965811.n131 |isbn=978-1-4129-6580-4 |oclc=750831024 |lccn=2008009151 |pages=218–20 |title=Hayek, Friedrich A. (1899–1992) |access-date=27 June 2015 |archive-date=9 January 2023 |archive-url=https://web.archive.org/web/20230109234738/https://books.google.com/books?id=yxNgXs3TkJYC |url-status=live |url-access=subscription }}
* Horwitz, Steven (2005). "Friedrich Hayek, Austrian Economist". ''Journal of the History of Economic Thought''  27(1): 71–85. {{ISSN|1042-7716}} Fulltext: in Swetswise, Ingenta and Ebsco
* Issing, O. (1999). ''Hayek, currency competition and European monetary union''{{ISBN?}}
* Jones, Daniel Stedman. (2012) ''Masters of the Universe: Hayek, Friedman, and the Birth of Neoliberal Politics'' (Princeton University Press; 424 pages)
* Kasper, Sherryl (2002). ''The Revival of Laissez-Faire in American Macroeconomic Theory: A Case Study of Its Pioneers''. Chpt. 4
* Kley, Roland (1994). ''Hayek's Social and Political Thought''. Oxford Univ. Press.{{ISBN?}}
* Leeson, Robert, ed. ''Hayek: A Collaborative Biography, Part I: Influences, from Mises to Bartley'' (Palgrave MacMillan, 2013), 241 pages{{ISBN?}}
* Muller, Jerry Z. (2002). ''The Mind and the Market: Capitalism in Western Thought''. Anchor Books.{{ISBN?}}
* Marsh, Leslie (Ed.) (2011). ''Hayek in Mind: Hayek's Philosophical Psychology''. Advances in Austrian Economics. Emerald{{ISBN?}}
* O'Shea, Jerry (2020). 'Hayek's Spiritual Science', Modern Intellectual History, First View, pp.&nbsp;1–26, {{doi|10.1017/S1479244320000517}}
* Pavlík, Ján (2004). [http://nb.vse.cz/kfil/pavlik.htm nb.vse.cz] {{Webarchive|url=https://web.archive.org/web/20120216064316/http://nb.vse.cz/kfil/pavlik.htm |date=16 February 2012 }}. ''F.A. von Hayek and The Theory of Spontaneous Order.'' Professional Publishing 2004, Prague, [http://www.profespubl.cz/index_soubory/hayek.htm profespubl.cz]{{Webarchive|url=https://web.archive.org/web/20130201004230/http://www.profespubl.cz/index_soubory/hayek.htm |date=1 February 2013 }}
* {{cite journal |last1=Peters |first1=Michael A. |title=Hayek as classical liberal public intellectual: Neoliberalism, the privatization of public discourse and the future of democracy |journal=[[Educational Philosophy and Theory]] |date=2022 |volume=54 |issue=5 |pages=443–449 |doi=10.1080/00131857.2019.1696303 |doi-access=free}}
* Plant, Raymond (2009). ''The Neo-liberal State''  Oxford University Press, 312 pages{{ISBN?}}
* {{cite book|last=Pressman |first=Steven |year=2006 |title=Fifty major economists |edition=2nd |location=London |publisher=Routledge }}
* Rosenof, Theodore (1974). "Freedom, Planning, and Totalitarianism: The Reception of F.A. Hayek's Road to Serfdom", ''Canadian Review of American Studies''
* [[Paul Samuelson|Samuelson, Paul A.]] (2009). "A Few Remembrances of Friedrich von Hayek (1899–1992)", ''Journal of Economic Behavior & Organization'', 69(1), pp.&nbsp;1–4. Reprinted at J. Bradford DeLong [http://delong.typepad.com/egregious_moderation/2009/01/paul-samuelson-2009-a-few-remembrances-of-friedrich-von-hayek-18991992.html <eblog] {{Webarchive|url=https://web.archive.org/web/20130614234717/http://delong.typepad.com/egregious_moderation/2009/01/paul-samuelson-2009-a-few-remembrances-of-friedrich-von-hayek-18991992.html |date=14 June 2013 }}
* Samuelson, Richard A. (1999). "Reaction to the Road to Serfdom." ''Modern Age'' 41(4): 309–17. {{ISSN|0026-7457}} Fulltext: in Ebsco
* Schreuder, Hein (1993). "Coase, Hayek and Hierarchy", In: S. Lindenberg & [[Hein Schreuder]], eds., Interdisciplinary Perspectives on Organization Studies, Oxford: Pergamon Press{{ISBN?}}
* Shearmur, Jeremy (1996). ''Hayek and after: Hayekian Liberalism as a Research Programme''. Routledge.{{ISBN?}}
* {{cite journal | last1 = Tebble | first1 = Adam James | year = 2009 | title = Hayek and social justice: a critique | journal = Critical Review of International Social and Political Philosophy | volume = 12 | issue = 4| pages = 581–604 | doi=10.1080/13698230903471343| s2cid = 145380847 }}
* Tebble, Adam James (2013). ''F A Hayek''. Bloomsbury Academic. {{ISBN|978-1-4411-0906-4}}. {{OCLC|853506722}}
* Touchie, John (2005). ''Hayek and Human Rights: Foundations for a Minimalist Approach to Law''. Edward Elgar{{ISBN?}}
* Vanberg, V. (2001). "Hayek, Friedrich A von (1899–1992)," ''[[International Encyclopedia of the Social & Behavioral Sciences]]'', pp.&nbsp;6482–86. {{doi|10.1016/B0-08-043076-7/00254-0}}
* {{cite journal | last1 = Vernon | first1 = Richard | year = 1976 | title = The 'Great Society' and the 'Open Society': Liberalism in Hayek and Popper | journal = Canadian Journal of Political Science | volume = 9 | issue = 2| pages = 261–76 | doi=10.1017/s0008423900043717| s2cid = 146616606 }}
* [[Nicholas Wapshott|Wapshott, Nicholas]] (2011). ''Keynes Hayek: The Clash That Defined Modern Economics'', (W.W. Norton & Company) 382 pages {{ISBN|978-0-393-07748-3}}; covers the debate with Keynes in letters, articles, conversation, and by the two economists' disciples
* Weimer, W., and Palermo, D., eds. (1982). ''Cognition and the Symbolic Processes''. Lawrence Erlbaum Associates. Contains Hayek's essay, "''The Sensory Order'' after 25 Years" with "Discussion"

==== Introductions ====
* [[Donald J. Boudreaux|Boudreaux, Donald J.]] (2014). ''The Essential Hayek''{{ISBN?}}
* Butler, Eamonn (2012). ''Friedrich Hayek: The Ideas and Influence of the Libertarian Economist''{{ISBN?}}
{{refend}}

=== Primary sources ===
* Hayek, Friedrich. ''The Collected Works of F.A. Hayek,'' ed. W.W. Bartley, III and others (University of Chicago Press, 1988–); "Plan of the Collected Works of F.A. Hayek" for 19 volumes; vol. 2 excerpt and text search; vol. 7 2012 excerpt.

== External links ==
{{wikiquote}}
{{wikiquote|Friedrich Hayek and dictatorship}}
{{commons}}
* {{Nobelprize}} with the Nobel lecture 11 December 1974 ''The Pretence of Knowledge''
* [http://www.oac.cdlib.org/findaid/ark:/13030/kt3v19n8zw/ Register of the Friedrich A. von Hayek Papers] at the [http://www.hoover.org/library-and-archives Hoover Institution Archives].
* {{Google Scholar id|ln3SfRcAAAAJ|Friedrich Hayek}}.
* {{cite encyclopedia |title=Friedrich August Hayek (1899–1992)|url=http://www.econlib.org/library/Enc/bios/Hayek.html |encyclopedia=[[The Concise Encyclopedia of Economics]] |edition=2nd |series=[[Library of Economics and Liberty]] |publisher=[[Liberty Fund]] |year=2008|isbn=978-0865976665 |editor-first=David R.|editor-last=Henderson |editor-link=David R. Henderson |pages=540–43}}
* {{NPG name}}
* [https://www.mediathek.at/nc/type/8000/searchQuery/1621/hash/v42GdE3R// Friedrich von Hayek]{{Dead link|date=July 2025 |bot=InternetArchiveBot |fix-attempted=yes }} (in German) from the online-archive of the [[Österreichische Mediathek]]
* {{Internet Archive author |sname= Friedrich Hayek}}
* {{Librivox author |id=18214}}

{{Friedrich Hayek}}
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