By Edward Feser
F.A. Hayek (1899-1992) was once one of the most crucial economists and political philosophers of the 20 th century. he's extensively considered as the primary highbrow strength at the back of the triumph of world capitalism, an 'anti-Marx' who did greater than the other fresh philosopher to explain the theoretical foundations of the unfastened industry economic system. His account of the position performed via marketplace costs in transmitting fiscal wisdom constituted a devastating critique of the socialist excellent of imperative fiscal making plans, and his recognized publication the line to Serfdom was once a prophetic assertion of the hazards which socialism posed to a loose and open society. He additionally made major contributions to fields as assorted because the philosophy of legislations, the speculation of advanced platforms, and cognitive technological know-how. The essays during this quantity, via a world crew of participants, offer a serious advent to all features of Hayek's suggestion.
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Additional info for The Cambridge Companion to Hayek (Cambridge Companions to Philosophy)
T H E T H E O R Y O F C A P I T AL As the title of his 1941 book indicates, the theory of capital lay at the heart of his theory of the cycle. 4 In this, his theory was highly unusual: one of the reasons for his failure to engage more effectively with Keynes was the latter’s inability to see how the theory of capital could be of any importance for the cycle. Because the theory of capital is so central, and because it is so complex, it needs to be explained carefully. After that, the rest of his theory falls into place comparatively easily.
51). 4 His real interests were in psychology and, later, economics. Cambridge Collections Online © Cambridge University Press, 2007 Cambridge Collections Online © Cambridge University Press, 2006 Hayek and the Austrian tradition 17 In the harsh winter of 1919–20 there were fuel shortages that closed the university, and Hayek was sent by his family to Zurich. While there he attended lectures on canon law and on the philosophy of Moritz Schlick (the latter offered not by Schlick but by a Swiss academic).
If one looks, however, at the opening chapters of The Logic of Scientific Discovery ( 1968), Popper’s attack there on inductivism (the idea that via the careful collection of facts one can construct a scientific theory) would have been completely in line with the Austrian view vis-a`-vis the German Historical School economists and the positivists. In his LSE inaugural lecture ( 1991) Hayek had attributed many of the mistaken beliefs of the day to the lingering influence of the German Historical School economists – in short, their attacks on economic theory had undermined its authority, opening the door to the many quack economic policy prescriptions then on offer.