F. A. Hayek
Friedrich August von Hayek CH (8 May 1899 – 23 March 1992) was an Austrian-British economist and political philosopher known for his defense of classical liberalism and free-market capitalism against socialist and collectivist thought in the mid-20th century. He is considered to be one of the most important economists and political philosophers of the twentieth century. One of the most influential members of the Austrian School of economics, he also made significant contributions in the fields of jurisprudence and cognitive science. He shared the 1974 Nobel Prize in Economics with ideological rival Gunnar Myrdal “for their pioneering work in the theory of money and economic fluctuations and for their penetrating analysis of the interdependence of economic, social and institutional phenomena.” He also received the U.S. Presidential Medal of Freedom in 1991. He is considered to be one of the major forces of change from the dominant interventionist and Keynesian policies of the first part of the 20th century back towards classical liberalism after the 1980s.
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In his Nobel lecture, F.A. Hayek explained why the social sciences must be conducted with humility. Intellectuals and political elites are still ignoring him.
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Despite everything wrong with the Nobel Prize in Economics, it brought F.A. Hayek's work back to life.
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The revelation hit me like a truck: This is an order that no one can possibly comprehend in either its totality or its parts, and, as such, an order that no one can possibly control.
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Freeman readers know markets excel at creating new efficiencies and improving everyone's lives in the process. The inefficiencies they create might be even more interesting, says Sandy Ikeda.
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Many of the themes that characterize Austrian economics since its revival in the mid-1970s emerged from these essays.
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What gets Adam and Jenny out of the fix in which they find themselves, and what brings them to the happiest ending possible for a couple brought together in such unpromising fashion, is F. A. Hayek.
The market isn't free.
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The freedom philosophy is a radical idea that looks ahead, rather than to some mythical golden era or Panglossian present. Every time we pass up an opportunity to make this point, we alienate potential allies.
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Individualism is a way of seeing and understanding how we live together. It is about how best to promote social cooperation.
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Keynes suggested that saving your money might hurt the economy, as it lowers aggregate demand. Fear not. You aren't actually hurting anyone else by filling up your piggy bank. In fact, this consumerist viewpoint gets the story of economic growth entirely backward.