F. A. Hayek: Economics, Political Economy and Social Philosophy (Great Thinkers in Economics)

This book explores the life and work of Austrian-British economist, political economist, and social philosopher, Friedrich Hayek. Set within a context of the recent financial crisis, alongside the renewed interest in Hayek and the Hayek-Keynes debate, the book introduces the main themes of Hayek's thought. These include the division of knowledge, the importance of rules, the problems with planning and economic management, and the role of constitutional constraints in enabling the emergence of unplanned order in the market by limiting the perverse incentives and distortions in information often associated with political discretion. Key to understanding Hayek's development as a thinker is his emphasis on the knowledge problem that economic decision makers face and how alternative institutional arrangements either hinder or assist them in overcoming that epistemic dilemma. Hayek saw order emerging from individual action and responsibility under the appropriate institutional order that itself emerges from actors discovering new and better ways to coordinate their behavior. This book will be of interest to all those keen to gain a deeper understanding of this great 20th century thinker in economics. 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.-- Provided by publisher This book explores the life and work of Austrian-British economist, political economist, and social philosopher, Friedrich Hayek. Set within a context of the recent financial crisis, alongside the renewed interest in Hayek and the Hayek-Keynes debate, the book introduces the main themes of Hayek’s thought. These include the division of knowledge, the importance of rules, the problems with planning and economic management, and the role of constitutional constraints in enabling the emergence of unplanned order in the market by limiting the perverse incentives and distortions in information often associated with political discretion. Key to understanding Hayek's development as a thinker is his emphasis on the knowledge problem that economic decision makers face and how alternative institutional arrangements either hinder or assist them in overcoming that epistemic dilemma. Hayek saw order emerging from individual action and responsibility under the appropriate institutional order that itself emerges from actors discovering new and better ways to coordinate their behavior. This book will be of interest to all those keen to gain a deeper understanding of this great 20th century thinker in economics. 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. Front Matter ....Pages i-xxvii Clarifying Some Misconceptions About Hayek (Peter J. Boettke)....Pages 1-14 Hayek: An Overview of His Life and Work (Peter J. Boettke)....Pages 15-36 The Anatomy of an Economic Crisis: Money, Prices, and Economic Order (Peter J. Boettke)....Pages 37-76 Hayek on Market Theory and the Price System (Peter J. Boettke)....Pages 77-118 Hayek and Market Socialism (Peter J. Boettke)....Pages 119-139 The False Promise of Socialism and The Road to Serfdom (Peter J. Boettke)....Pages 141-157 A Genuine Institutional Economics (Peter J. Boettke)....Pages 159-195 The Political Economy of a Free People (Peter J. Boettke)....Pages 197-226 Hayek, Epistemics, Institutions, and Change (Peter J. Boettke)....Pages 227-256 The Reconstruction of the Liberal Project (Peter J. Boettke)....Pages 257-281 The Hayekian Legacy (Peter J. Boettke)....Pages 283-296 Back Matter ....Pages 297-323 Peter J. Boettke. Includes Bibliographical References.