There are Adam Smith scholars, Friedrich Hayek
scholars, Karl Marx scholars, John Maynard Keynes scholars, Marcel Proust scholars, and a whole host of scholars who have dedicated their careers to exploring and understanding a single thinker's breakthrough insights.
, Law, Legislation, and Liberty, vol.
Even radical "free market" economist Friedrich Hayek
understood this until Papa Koch, father of the toxic baby Kochs, paid him to not understand it anymore.
However, in the first half of the 20th century, Austrian economist Friedrich Hayek
provided an ingenious insight about the role of free markets in solving information problems.
The debate between "two Greeces" mirrors a parallel divide within economics, pitting the neoliberal direction of the Adam Smith, Friedrich Hayek
and Milton Friedman tradition against the modern neo-Keynesians such as Joseph Stiglitz, Thomas Piketty and Paul Krugman.
Language is thus a prime example of what the Austrian economist Friedrich Hayek
calls "spontaneous order.
In this lively and engaging book, Daniel Stedman Jones argues that neoliberalism's roots stretch back to the 1940s, when a group of intellectuals led by Friedrich Hayek
began forging a transatlantic network whose mission was to provide an alternative to Keynesian economics, social democracy, and totalitarianism.
But in the twenty or so years after 1945, adrift conservatives came together around a handful of books by Friedrich Hayek
, Barry Goldwater, Richard Weaver, William F.
Attacking centralized economies - most notably the Soviet and Nazi versions - was also the intent of several influential free-market economists of the 20th century (notably Friedrich Hayek
and Ludwig von Mises) and, perhaps even more influentially, the libertarian novelist Ayn Rand.
identified a similar phenomenon in his own field of economics, notably articulated during his 1974 Nobel Prize lecture in which he cautioned colleagues against misapplication of scientific-like methods to tasks for which they were unsuited.
In its infancy as a metric, GDP, according to economist John Keynes, should include government spending while others such as Friedrich Hayek
argued that it should only include consumer spending.
As Friedrich Hayek
shows, innovation requires widely dispersed knowledge that exists with respect to the unique circumstances, conditions, and preferences of individuals.
In his important book Hayek on Liberty (1984), which was praised by Friedrich Hayek
himself, Gray sympathetically set out Hayek's position that there are limitations in principle on our ability to understand the function served by inherited social rules, so that we ought to be very wary of tampering with these rules in a large-scale way after the fashion of economic planners and social engineers.
Austrian-born Friedrich Hayek
held a much more conservative view, believing that government attempts to alleviate recessions and depressions would only make them worse.
He examines the writings of such major free market figures as Leo Strauss, Friedrich Hayek
, Whittaker Chambers, and Ayn Rand and sets them in dialogue with each other through a focus on networks and processes of intellectual exchange, particularly in relation to the work of the Hayek-founded Mont Pelerin Society.