Hayek’s Journey: The Mind of Friedrich Hayek

294 Pages·2003·1.289 MB·English

by  Alan Ebenstein (auth.)

Hayek’s Journey
Also by Alan Ebenstein
The Greatest Happiness Principle:
An Examination of Utilitarianism
Great Political Thinkers:Plato to the Present
Introduction to Political Thinkers
Today’s Isms:Socialism,Capitalism,
Fascism,Communism,Libertarianism
Edwin Cannan:Liberal Doyen
Friedrich Hayek:A Biography
Hayek’s Journey
The Mind of Friedrich Hayek
Alan Ebenstein
Palgrave
macmillan
HAYEK’SJOURNEY
Copyright © Alan Ebenstein,2003.
Softcover reprint of the hardcover 1st edition 2003 978-1-4039-6038-2
All rights reserved.No part of this book may be used or reproduced in any
manner whatsoever without written permission except in the case of brief
quotations embodied in critical articles or reviews.
First published in 2003 by PALGRAVE MACMILLAN™
175 Fifth Avenue,New York,N.Y.10010 and
Houndmills,Basingstoke,Hampshire,England RG21 6XS.
Companies and representatives throughout the world.
PALGRAVE MACMILLAN ISTHEGLOBALACADEMICIMPRINTOFTHE
PALGRAVEMACMILLANdivision of St.Martin’s Press,LLC and of Palgrave
Macmillan Ltd.Macmillan® is a registered trademark in the United States,
United Kingdom and other countries.Palgrave is a registered trademark in the
European Union and other countries.
ISBN 978-1-349-73063-6 ISBN 978-1-4039-7379-5 (eBook)
DOI 10.1007/978-1-4039-7379-5
Library of Congress Cataloging-in-Publication Data
is available from the Library of Congress
A catalogue record for this book is available from the British Library.
First Palgrave Macmillan edition:August 2003
10 9 8 7 6 5 4 3 2 1
Contents
Preface and Acknowledgments ix
Introduction xi
1. Darwinian Evolutionary Theory 1
2. German and Viennese Intellectual Thought 9
3. The Austrian School of Economics 19
4. Ludwig von Mises 35
5. Money and Capital 57
6. John Maynard Keynes 77
7. From Economic Theory to Political Philosophy 89
8. “The Abuse and Decline of Knowledge” 107
9. The Road to Serfdom 117
10. Epistemology,Psychology,and Methodology 127
11. The Constitution of Liberty 139
12. Marx,Mill,and Freud 157
13. The Chicago School of Economics and Milton Friedman 163
14. Studies in Philosophy,Politics and Economics 171
15. Karl Popper 177
16. Law,Legislation and Liberty 187
17. Later Monetary Work 205
18. “The Fatal Conceit” 211
19. Sundown 233
Conclusion 237
Bibliographical Essay 245
Notes 261
Index 279
This page intentionally left blank
It is only by extending the rules of just conduct to the re-
lations with all other men,and at the same time depriving
of their obligatory character those rules which cannot be
universally applied, that we can approach a universal
order of peace which might integrate all mankind into a
single society.
—Friedrich Hayek,Law,Legislation and Liberty
This page intentionally left blank
Preface and Acknowledgments
INANOTHER BOOK,FRIEDRICH HAYEK:A BIOGRAPHY (Palgrave,2001),
I presented aspects of Hayek’s life and an overview of his thought.This
book is different from the first, and readers of both will notice little
overlap.While the first work was mostly biographical and historical,
this one focuses on Hayek’s thought and intellectual evolution.
Many good people assisted in the preparation of this book. I
thank my editor at Palgrave, Michael Flamini, and others with Pal-
grave,particularly Alan Bradshaw and William Berry,first.A number
of individuals read drafts of the manuscript or draft chapters,provid-
ing extensive and helpful comments and suggestions. I thank Lee
Gientke, Nik Schiffmann, Jim Waddingham, Joe Atwill, Fiona
Maclachlan,Bettina Bien Greaves,Sudha Shenoy,Tom Schrock,Ger-
ald Steele,Hans Jörg Hennecke,David Theroux,Art Rupe,John De-
Loreto, Rob Ebenstein, and Greg Ransom. The Hayek e-mail list
moderated by Greg through the Friedrich Hayek Scholars’ Page is a
significant resource,and I thank those who participate in it.
A number of individuals assisted by providing recollections of
Hayek.I thank Larry Hayek for graciously answering questions about
his father on several occasions,Arthur Seldon for his continued inter-
est in this project, and Charlotte Cubitt for sharing her recollections
and materials.I thank Milton Friedman for his advice on several chap-
ters. Others who assisted by providing information or in some other
way include Ross Emmet,Leonard Liggio,Gordon Lloyd,Jim Powell,
Peter Digeser, Malachi Haim Hacohen, Pete Boettke, Richard Ebel-
ing, Eric McDaniel, and Walter Mead. Needless to say, none of the
above is responsible for the accuracy of any of the information or in-
terpretations here.
The Max Planck Institute funded my participation at a confer-
ence in Germany that was very helpful,as did the Liberty Fund for a
conference on Frank Knight.I also should like to thank the Indepen-
dent Institute and Cato Institute.