F. A. Hayek (eBook)

Peter Boettke is University Professor of Economics and Philosophy, Director of the F. A. Hayek Program for Advanced Study in Philosophy, Politics, and Economics, at George Mason University, USA.

Acknowledge Permission to Utilize Content From 8
Preface 10
Bibliography 21
Contents 23
List of Figures 25
1: Clarifying Some Misconceptions About Hayek 26
Bibliography 37
2: Hayek: An Overview of His Life and Work 40
Introduction 40
Hayek Versus Keynes 45
The Road to Serfdom 50
Conclusion 54
Epilogue: Hayek’s Century 56
Bibliography 59
3: The Anatomy of an Economic Crisis: Money, Prices, and Economic Order 62
Introduction 62
The Anatomy of the Global Financial Crisis 66
Tacit Presuppositions and the Game of Political Economy 75
Extraordinary Measures amid an Extraordinary Crisis 84
Political Economy and the Counter-Factual 86
Conclusion 90
Epilogue: What Would Hayek Do? 92
Bibliography 98
4: Hayek on Market Theory and the Price System 102
Introduction 102
Hayek on Economics and Knowledge, and Appreciative Theory 106
The Complacency of His Neoclassical Peers of the 1940s 113
Mainstream Interpretations of Hayek 118
Why the Mainstream Failed to Appropriate Hayek 129
Conclusion 136
Bibliography 139
5: Hayek and Market Socialism 144
Introduction 144
Mises’s Challenge of Economic Calculation Under Socialism 146
The Surprising Emergence of Neoclassical Socialism 149
Market Socialism and Market Processes 153
Hayek and the Political Economy of Liberalism and Socialism 158
Conclusion 160
Bibliography 162
6: The False Promise of Socialism and The Road to Serfdom 165
Introduction 165
The Misesian Roots of Hayek’s Argument 168
Hayek’s Journey from Technical Economist to Political Economist 171
This Is Not a Slippery Slope 174
Conclusion 178
Bibliography 180
7: A Genuine Institutional Economics 182
Introduction 182
From Smith to Menger to Mises: The Refinement of Invisible Hand Theorizing 186
Mises, Hayek, and the Link Between the Early Austrian School and the Modern Austrian School 189
Hayek, the Institutional Turn, and the Emergence of Law and Economics 192
Hayek, Leoni, and Endogenous Rule Formation 196
So What Is “Austrian” About a Hayekian Genuine Institutional Economics? 200
The Spontaneous Order Approach 202
Human Agency, Meaning, and Social Theory 205
Hayek, Rationalism, and the Law of Association 208
Conclusion 215
Bibliography 215
8: The Political Economy of a Free People 219
Ideas, Institutions, Performance 219
Institutional Problems Demand Institutional Solutions 233
Conclusion 245
Bibliography 246
9: Hayek, Epistemics, Institutions, and Change 249
Introduction 249
Hayek’s Intellectual Journey 251
Hayek and the Epistemic Turn in Economics 254
Positive Economics Prior to Positivism 255
Lange and Questions of Psychology 256
Knowledge Assumptions in Economic Models 256
Public Choice and the Epistemic Turn 261
The Epistemic Limits of Democracy 268
Conclusion 273
Bibliography 274
10: The Reconstruction of the Liberal Project 279
Introduction 279
Liberalism Is Liberal 285
Populist Critique of the Establishment 291
Cosmopolitanism as an Answer 294
Conclusion 299
Bibliography 301
11: The Hayekian Legacy 304
Introduction 304
Tension 1: Technical Economists or Moral Philosopher 306
Tension 2: Evolutionary Emergence or Design Principles of Institutional Architecture 307
Tension 3: Moral Intuitions and Moral Demands 311
Conclusion 313
Bibliography 317
Appendix A: Scholarly Impact of Hayek’s Work as Measured by Citations 318
Appendix B: Top 20 Articles of the First 100 Years of the American Economic Review 321
Appendix C: Hayek’s Intellectual Family Tree 323
Appendix D: Timeline of Hayek’s Professional Life 325
Author Index 329
Subject Index 334