Individualism and Economic Order“These essays . . . bring great learning and . . . intelligence to bear upon economic and social issues of central importance to our era.” —Henry Hazlitt, Newsweek In this collection of writings, Nobel laureate Friedrich A. Hayek discusses topics from moral philosophy and the methods of the social sciences to economic theory as different aspects of the same central issue: free markets versus socialist planned economies. First published in the 1930s and 40s, these essays continue to illuminate the problems faced by developing and formerly socialist countries. F. A. Hayek, recipient of the Medal of Freedom in 1991 and winner of the Nobel Memorial Prize in Economics in 1974, taught at the University of Chicago, the University of London, and the University of Freiburg. Among his other works published by the University of Chicago Press is The Road to Serfdom, now available in a special fiftieth anniversary edition. “There is much interesting and valuable material in this meaty . . . book which must ultimately help the world make up its mind on a vital issue: to plan or not to plan?” —S. E. Harris, The New York Times “Those who disagree with him cannot afford to ignore him . . . This is especially true of a book like the present one.” —George Soule, Nation |
Contents
| 1 | |
II Economics and Knowledge | 33 |
III The Facts of the Social Sciences | 57 |
IV The Use of Knowledge in Society | 77 |
V The Meaning of Competition | 92 |
VI Free Enterprise and Competitive Order | 107 |
The Nature and History of the Problem | 119 |
The State of the Debate 1935 | 148 |
The Competitive Solution | 181 |
X A Commodity Reserve Currency | 209 |
XI The Ricardo Effect | 220 |
XII The Economic Conditions of Interstate Federalism | 255 |
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Common terms and phrases
actions Adam Ferguson Adam Smith argument assume assumptions believe capital capitalistic central authority central direction central planning concept concerned connection consumers course decisions demand determined Dickinson difficulties discussion economic problems economic system economists Edmund Burke effect entrepreneur equilibrium analysis essential exist fact factors factors of production federation firms further given gold standard historical important increase industry internal rate investment Josiah Tucker kind knowledge labor less Lord Acton machinery marginal costs means ment merely methods modern monetary necessary nomic objective Otto Neurath output particular perfect competition person phenomena physiocrats possible practical principle probably production profits proposition question rate of interest rate of return rate of turnover rational raw commodities reason regarded relevant seems sense social sciences socialist society solution solved theory things tion true individualism vidual wages whole