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This major three volume collection - offered in thecentenary year of Hayek's birth - celebrates a lifetime of scholarshipand original contributions that cross the disciplines of politics,philosophy and economics.

Hayek rose to fame as a young technical economist engaged in debatewith Keynes and became infamous in middle age for his harsh critiqueof socialist planning. For much of the 1950s and 1960s Hayek wasignored as a relic of 19th century economic liberalism as the tide ofintellectual and political fashion moved against both his warningsabout Keynesian demand management and his critique of socialistplanning. Late in life, Hayek was celebrated as a prescient scholarwho foresaw the decline in both the Keynesian and socialist systems ofeconomic control.

Hayek made major analytical contributions which have yet to beappreciated by either friend or foe. Through this selection of classicarticles The Legacy of Friedrich von Hayek attempts to place Hayek'scontributions to political economy in a proper perspective. ... Read more

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In this insightful study, Barbara M. Rowland analyses and critiques Friedrich Hayek's political philosophy. Beginning with a discussion of Hayek's sceptical epistemology and critical rationalism, the author explores his view of the evolution of civilization, his pessimism about human agency and an accompanying faith in the forces of cultural evolution. She goes on to offer a detailed examination of the inconsistencies in Hayek's philosophy with regard to individual liberty. She then argues for an expanded understanding of liberty and suggests new directions for a philosophy of individual liberty. ... Read more

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Hayek's work continues to have a huge influence and this collection will chart the various responses to his work up to the present day, addressing the many and multifaceted contributions that his work has made to the study of economics. ... Read more

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In celebration of the one hundredth anniversary of Friedrich von Hayek's birth, this is a series of lectures featuring outstanding scholars of Hayek's work. Speakers include Gary Becker, James Buchanan, Richard Epstein, Ralph Harris, Kurt Leube, Kenneth Minogue, Michael Novak, and Sherwin Rosen. Filmed at the University of Chicago and hosted by Robert Pippin, Chairman of the Committee on Social Thought. ... Read more

Customer Reviews (1)

Legacy of Freidrich von Hayek: Leccture Series
I don't know why the Amazon listing states "Staring Steven Sheppard" That name is completely unfamiliar to me and I am completley familiar with with this lecture series. Please read further to find details of the titles and scholars contained herein and my little review that does not do justice to this body of work.

Following is a list of lectures and the Authors:

Vol. 1 Austrian And Neoclassic Economics by Sherwin Rosen (Program 61 min.)

Vol. 2 Hayekian Socialism by Richard Epstein (Program 84 min.)

Vol. 3 Hayek, Practitioner of Social Justice by Michael Novak (Program 79 min.)

Vol. 4 Hayek, Radical Reactionary by Lord Ralph Harris (Program 80 min.)

Vol. 5 Hayek's Legacy by Kurt Leube (Program 82 min.)

Vol. 6 Hayek and the Fate of Liberty in the Twentieth Century by Kenneth Minogue (Program 86 min.)

Vol. 7 Morality adn Community in the Extended Market Order by James Buchanan (Program 80 min.)

The series passes on a meaningful impression and lasting knowledge of Hayekian Scholarship, history and contemporary application by the best classical libertarian scholars the world has to offer. A serious student of Political Economy must have this knowledge and those well schooled will enjoy the depth and breath. That it is offered in both audio and video format allows for a course easy to be followed and easily revisited. In preparation for oral presentations, desertaions and exams this series is the best source to emulate and stay true to the classical style. There are all gains from this trade.
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This volume brings together eleven papers by Hayek, published by the Institute of Economic Affairs, which has pioneered the dissemination of his writings in this country. "Economic Freedom" provides a compendium of Hayek's insights into the questions underlying economic debate in the United Kingdom during the 40 years' era of the post-war collectivists consensus. Core topics include his continuing critique of the Keynesian "revolution" with its emphasis on demand management and its legacy of inflation; the relationship between inflation and unemployment and the role of the unions in a free society. Featured in this collection are Hayek's proposals for "competitive currencies", first published as "Choice in Currency" and then expanded into "The Denationalization of Money" and "Market Standards for Money". Also included are Hayek's Alfred Nobel Memorial Lecture on the methodology of economics which he called "The Pretence of Knowledge" and one of his earliest essays, "The Repercussions of Rent Restrictions". ... Read more

Customer Reviews (1)

Interesting Diagnosis but Useless Prescriptions
Hayek's "Monetary Theory and the Trade Cycle" is an interesting view into the need for monetary economics to be incorporated into business cycle theory.Barter, village-fair, economic models of pure economics cannot explain economic fluctuations due to Say's Law.Under real business cycle theories only external causes can create business cycles (ex: Governments).Written during the Great Depression Hayek was trying to create a monetary theory that could explain endogenous causes of disequilibrium in the price mechanism.

Hayek's work consists of primarily three parts.First, Hayek describes why real theories, which assume equilibrium, cannot explain business cycles.It is only with the introduction of money that business cycles can occur.While business cycles may not be initially caused by monetary factors it is essential that monetary factors are part of the chain of causality.Second, Hayek deducts that it is both the price level and the volume of money that is crucial to economic expansion and recession.He strongly disagrees with the quantity theory of money's assumption that a constant price level will lead to economic stability.Finally, Hayek concludes that business cycles are unavoidable.Due to the nature of the private banking sector monetary expansion and retraction are inevitable.Any attempt at "forced savings" would prevent a current recession but would cause a much greater depression in the near future. Deflation is inevitable and will eradicate malinvestment.

Hayek's economic theory is greatly lacking.At some times he hints on genius and on other times he completely misses the mark regarding monetary and business cycle theory.Hayek begins with a superb analysis of why barter economic models, created by marginalist economists, are flawed.

However, Hayek treatise is highly flawed from both a theoretical and empirical perspective.From a theoretical perspective his critique of the quantity theory of money is entirely incorrect.His focus on the volume of money is misguided.Hayek flatly refuses to believe changing the volume of money to stabilize output, even if the price level increases to correspond with such a change, will lead to a business cycle.According to mainstream economists money is neutral.A moderate increase in the volume of money will in the long-run result in an increase in the price level.By itself an increase in the volume of money has no impact on the economy.Both Keynesians and Monetarists would strongly disagree with Hayek's contention.No mention is made regarding the velocity of money (something Keynesians might agree with).

Additionally, Hayek's conception of "forced savings" is entirely incorrect.To create "forced savings" the government must continually print money at an accelerating rate to increase the level of savings over the long-run.This in turn will create malinvestment that will be unproductive and will, eventually, be destroyed due to deflation.However, "forced savings" cannot exist in the theoretical framework Hayek discusses (at least to be of any use).Under a potential output economy an increase in the money supply would only lead to inflation and therefore would not change the rate or composition of savings."Forced savings" during an economy below potential would not increase investment or employment (See JMK's "General Theory of Employment, Interest, and Money" CH7 s.IV for a more detailed explanation)."Forced savings" is both theoretically inconsistent and empirically wrong.

On the issue of empirical evidence Hayek's theory is utterly useless.The volume of money, and gross production, has exploded over the last 80 years without a resulting Depression.Two severe recessions have occurred but to validate Hayek's theory these recessions would have needed to be exponentially greater depressions to support his argument.Macroeconomic stabilization in the post-war era has largely worked.

Maybe key to Hayek's misunderstanding of econometrics, and science, is his belief, "Statistics can never prove or disprove a theoretical explanation, they can only present problems or offer fields for theoretical research." ... Read more

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To celebrate the centenary of Hayek's birth, this book gather together essays by a range of authors paying tribute to his ideas which spanned epistemology, economy, the history of ideas, legal theory and cultural philosophy. ... Read more