Friedrich Von Hayek Bibliography

Friedrich HayekCHFBA (; German:[ˈfʁiːdʁɪç ˈaʊ̯ɡʊst ˈhaɪɛk]; 8 May 1899 – 23 March 1992), born in Austria-Hungary as Friedrich August von Hayek and frequently referred to as F. A. Hayek, was an Austrian-British economist and philosopher best known for his defense of classical liberalism. Hayek shared the 1974 Nobel Memorial Prize in Economic Sciences with Gunnar Myrdal for his "pioneering work in the theory of money and economic fluctuations and ... penetrating analysis of the interdependence of economic, social and institutional phenomena".[1]

Hayek was a major social theorist and political philosopher of the twentieth century,[2][3] and his account of how changing prices communicate information that helps individuals co-ordinate their plans is widely regarded as an important achievement in economics,[4] leading to his Nobel Prize.[5][6]

Hayek served in World War I and said that his experience in the war and his desire to help avoid the mistakes that had led to the war drew him into economics. Hayek lived in Austria, Great Britain, the United States, and Germany and became a British subject in 1938. He spent most of his academic life at the London School of Economics (LSE), the University of Chicago, and the University of Freiburg.

In 1984, he was appointed a member of the Order of the Companions of Honour by Queen Elizabeth II on the advice of Prime Minister Margaret Thatcher for his "services to the study of economics".[7][8] He was the first recipient of the Hanns Martin Schleyer Prize in 1984.[9] He also received the U.S. Presidential Medal of Freedom in 1991 from President George H. W. Bush.[10] 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.[11]

Life[edit]

A timeline of Hayek[12]

1899: F. A. Hayek born in Vienna.

1917: Hayek joins the Austro-Hungarian Army.

1921: Hayek earns a doctorate in law from the University of Vienna.

1921: Ludwig von Mises hires Hayek in an office dealing with finance issues.

1923: Hayek earns another doctorate in political science.

1927: Mises and Hayek found the Austrian Institute for Business Cycle Research.

1928: Hayek first meets John Maynard Keynes at a conference in London.

1931: Hayek moves to the London School of Economics at the invitation of Lionel Robbins.

1931–32: Hayek becomes a critic of Keynes, writing critical reviews of his books and exchanging letters in The Times on the merits of government spending versus private investment.

1936: Keynes publishes The General Theory of Employment, Interest and Money.

1936: At the London Economic Club, Hayek gives a talk on the key role of information in economics.

1938: Hayek becomes a British citizen.

1944: Hayek publishes The Road to Serfdom.

1945–46: Hayek lectures across the United States and becomes Visiting Professor at Stanford University.

1947: Hayek founds the Mont Pelerin Society, aiming to keep liberty alive in a postwar world.

1952: Hayek publishes The Counter-Revolution of Science and The Sensory Order.

1956: Antony Fisher founds the free-market Institute of Economic Affairs, having been inspired by Hayek.

1960: Publication of The Constitution of Liberty.

1962: Hayek moves to the University of Freiburg, West Germany. His ideas on unplanned orders and other subjects are published in Studies in Philosophy, Politics and Economics (1967). He begins work on Law, Legislation and Liberty.

1972: As prices soar in Europe and the US, Hayek publishes a passionate critique of inflation and the Keynesian policies that cause it in A Tiger by the Tail. He goes on to propose solutions in Choice in Currency (1976) and The Denationalisation of Money (1976).

1973: Death of Mises

1974: Hayek is awarded the Nobel Memorial Prize.

1975: Through an introduction by the Institute of Economic Affairs, the British Conservative leader Margaret Thatcher meets Hayek for the first time, and is greatly impressed.

1988: Publication of The Fatal Conceit: The Errors of Socialism.

1991: Hayek is awarded the US Presidential Medal of Freedom.

1992: Hayek dies in Freiburg.

Early life[edit]

Friedrich August von Hayek was born in Vienna to August von Hayek and Felicitas Hayek (née von Juraschek). Friedrich's father, from whom he received his middle name, was born in 1871, also in Vienna. He was a medical doctor employed by the municipal ministry of health, with a passion for botany, about which he wrote a number of monographs. August von Hayek was also a part-time botany lecturer at the University of Vienna. Friedrich's mother was born in 1875 to a wealthy, conservative, land-owning family. As her mother died several years prior to Friedrich's birth, Felicitas received a significant inheritance, which provided as much as half of her and August's income during the early years of their marriage. Hayek was the oldest of three brothers, Heinrich (1900–1969) and Erich (1904–1986), who were one-and-a-half and five years younger than him.

His father's career as a university professor influenced Friedrich's goals later in life. Both of his grandfathers, who lived long enough for Friedrich to know them, were scholars. Franz von Juraschek was a leading economist in Austria-Hungary and a close friend of Eugen Böhm von Bawerk, one of the founders of the Austrian School of Economics.[15] Friedrich's paternal grandfather, Gustav Edler von Hayek, taught natural sciences at the Imperial Realobergymnasium (secondary school) in Vienna. He wrote systematic works in biology, some of which are relatively well known.

On his mother's side, Hayek was second cousin to the philosopher Ludwig Wittgenstein. His mother often played with Wittgenstein's sisters, and had known Ludwig well. As a result of their family relationship, Hayek became one of the first to read Wittgenstein's Tractatus Logico-Philosophicus when the book was published in its original German edition in 1921. Although Hayek 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.[17] In his later years, Hayek recalled a discussion of philosophy with Wittgenstein, when both were officers during World War I.[18] After Wittgenstein's death, Hayek had intended to write a biography of Wittgenstein and worked on collecting family materials; and he later assisted biographers of Wittgenstein.[19]

Hayek displayed an intellectual and academic bent from a very young age. He read fluently and frequently before going to school. At his father's suggestion, Hayek, as a teenager, read the genetic and evolutionary works of Hugo de Vries and the philosophical works of Ludwig Feuerbach.[21] In school Hayek was much taken by one instructor's lectures on Aristotle's ethics.[22] In his unpublished autobiographical notes, Hayek recalled a division between him and his younger brothers who were only a few years younger than him, but he believed that they were somehow of a different generation. He preferred to associate with adults.

In 1917, Hayek joined an artillery regiment in the Austro-Hungarian Army and fought on the Italian front. Much of Hayek's combat experience was spent as a spotter in an aeroplane. Hayek suffered damage to his hearing in his left ear during the war,[23] and was decorated for bravery. During this time Hayek also survived the 1918 flu pandemic.[24]

Hayek then decided to pursue an academic career, determined to help avoid the mistakes that had 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." He vowed to work for a better world.[25]

Education and career[edit]

At the University of Vienna, Hayek earned doctorates in law and political science in 1921 and 1923 respectively; and he also studied philosophy, psychology, and economics. For a short time, when the University of Vienna closed, Hayek studied in Constantin von Monakow's Institute of Brain Anatomy, where Hayek spent much of his time staining brain cells. Hayek's time in Monakow's lab, and his deep interest in the work of Ernst Mach, inspired Hayek's first intellectual project, eventually published as The Sensory Order (1952). It located connective learning at the physical and neurological levels, rejecting the "sense data" associationism of the empiricists and logical positivists.[26] Hayek presented his work to the private seminar he had created with Herbert Furth called the Geistkreis.[27]

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.[21] 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. Between 1923 and 1924 Hayek worked as a research assistant to Prof. Jeremiah Jenks of New York University, compiling macroeconomic data on the American economy and the operations of the US Federal Reserve.[28]

Initially sympathetic to Wieser's democratic socialism, Hayek's economic thinking shifted away from socialism and toward the classical liberalism of Carl Menger after reading von Mises' book Socialism. 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, 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.[29]

With the help of Mises, in the late 1920s Hayek founded and served as director of the Austrian Institute for Business Cycle Research, before joining the faculty of the London School of Economics (LSE) in 1931 at the behest of Lionel Robbins. 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 Lerner, and many others in the development of modern microeconomics.[30]

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.[31][32] The nearly decade long deflationary depression in Britain dating from Churchill's decision in 1925 to return Britain to the gold standard at the old pre-war, pre-inflationary par was the public policy backdrop for Hayek's dissenting engagement with Keynes over British monetary and fiscal policy. Well beyond that single public conflict, regarding the economics of extending the length of production to the economics of labour inputs, Hayek and Keynes disagreed on many essential economics matters. Their economic disagreements were both practical and fundamental in nature. 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."[33] Many other notable economists have also been staunch critics of Hayek, including John Kenneth Galbraith and later, Paul Krugman, who wrote: "the Hayek thing is almost entirely about politics rather than economics".[34][35]

Notable economists who studied with Hayek at the LSE in the 1930s and 1940s include Arthur Lewis, Ronald Coase, William Baumol, John Kenneth Galbraith, Leonid Hurwicz, Abba Lerner, Nicholas Kaldor, George Shackle, Thomas Balogh, L. K. Jha, Arthur Seldon, Paul Rosenstein-Rodan, and Oskar Lange.[36][37][38] Some were supportive and some were critical of his ideas. Hayek also taught or tutored many other LSE students, including David Rockefeller.[39]

Unwilling to return to Austria after the Anschluss brought it under the control of Nazi Germany in 1938, Hayek remained in Britain. Hayek and his children became British subjects in 1938.[40] 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.[41]

The Road to Serfdom[edit]

An ethno-linguistic map of Austria–Hungary, 1910
University of Vienna, main building, seen from across the Ringstraße

Friedrich von Hayek Biography

Friedrich von Hayek was a Nobel Prize winning Austrian-British economist and philosopher, best known for his defense of classical liberalism. Check out this biography to know about his childhood, family life and achievements.

Friedrich von Hayek was a Nobel Prize winning Austrian-British economist and philosopher, best known for his defense of classical liberalism. Born towards the end of the 19th century in Vienna, he received his education at the University of Vienna. He began his academic career at his alma mater before moving to London School of economics where he taught for almost two decades. A staunch supporter of classical liberalism, he soon got embroiled in an academic conflict with Lord Keynes over the latter’s support of welfare state and totalitarian socialism, writing number of papers in his defense. Meanwhile in 1937, he became a British citizen and remained so for rest of his life in spite of the fact on leaving Great Britain in 1950, he never returned to the country. He spent rest of his career at the University of Chicago, Albert Ludwig University of Freiburg and University of Salzburg, working tirelessly till the end on a wide variety of topics. Friedrich shared the 1974 Nobel Prize in Economics with Gunnar Myrdal.

Friedrich von Hayek

Childhood & Early Life

  • Friedrich August von Hayek was born on 8 May 1899, in Vienna, into an academically distinguished family. His father, August von Hayek, was a physician with a passion for botany. Employed with the municipality, he also taught at Hochschule für Bodenkultur and is remembered for his role in phytogeographical investigations.
  • Friedrich’s mother, Felicitas Hayek née von Juraschek, was the daughter of a leading economist and a statistician. She came from a wealthy, land-owning family, inheriting substantial amount on the death of her mother.
  • Friedrich was the eldest of his parents’ three children; having two younger brothers named Heinrich and Erich. From his childhood, he displayed an intellectual bent of mind. Although his brothers were slightly younger than him, he never felt at ease with them, preferring to interact with elders.
  • He was also far advanced in academics, and learnt to read fluently before he reached school going age. During his teens, he enjoyed reading the works of Hugo de Vries and Ludwig Feuerbach. A lecture on Aristotelian ethics at school also impressed him a lot.
  • In 1917, during the later stages of World War I, Hayek’s education was interrupted for a brief period, when he joined the Austro-Hungarian army as an artillery officer on the Piave front in northern Italy. During the war, he was decorated for bravery, but suffered damage in left ear.
  • The war played a decisive influence on his later career. Determined not to let such wars happen again, he enrolled at the University of Vienna in 1918 with both law and psychology; but later concentrated on law, becoming doctor juris (Dr. Jur.) in 1921.
  • In 1921, Hayek founded ‘Geistkreis’ along with few other social scientists such as Machlup, Gottfried von Haberler, and Oskar Morgenstern. Young and bright, more than half of the group members later became internationally famous for their contribution to theIR respective field.
  • In 1923, he acquired his second doctorate; this time on political economy. During his final year, Austrian economist, Friedrich von Wieser, was one of his professors and young Hayek was highly influenced by him. Another person to influence him was Carl Menger, known for explanatory strategy of social science.
  • Soon after completion of his final examination, Hayek acquired a part time job on the recommendation of Wieser, working on the legal and economic details of the Treaty of Saint Germain. Here, he met Ludwig von Mises, a monetary theorist, who later became his mentor.
  • In March 1923, Hayek went to New York for his post graduate work, remaining there till June 1924. Working as a research assistant to Prof. Jeremiah Jenks of New York University, he helped to compile data on the operations of the US Federal Reserve.