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Friedrich August von Hayek CH FBA (/ ˈ h aɪ ə k / HY-ək; German: [ˈfʁiːdʁɪç ˈʔaʊɡʊst fɔn ˈhaɪɛk] ⓘ; 8 May 1899 – 23 March 1992), often referred to by his initials F. A. Hayek, was an Austrian-born British academic who contributed to political economy, political philosophy and intellectual history.
While a professor at the London School of Economics in the early 1930s – in the era of the Great Depression, the rise of autocracies in Russia, Italy and Germany, and World War II – Hayek wrote a memo to William Beveridge, then the director there, to dispute the then-popular claim that fascism represented the dying gasp of a failed capitalist system.
Regarded as a seminal work, [6] [7] [8] "The Use of Knowledge in Society" was one of the most praised [9] and cited [10] articles of the twentieth century. The article managed to convince market socialists and members of the Cowles Commission (Hayek's intended target) and was positively received by economists Herbert A. Simon, Paul Samuelson, and Robert Solow.
Friedrich Hayek described this distributed local knowledge as such: . Today it is almost heresy to suggest that scientific knowledge is not the sum of all knowledge. But a little reflection will show that there is beyond question a body of very important but unorganized knowledge which cannot possibly be called scientific in the sense of knowledge of general rules: the knowledge of the ...
Finally, Hayek also considers Adam Smith's idea of the invisible hand as an anticipation of the operation of the feedback mechanism in cybernetics. [8] In the same book, Law, Legislation and Liberty , Hayek mentions, along with cybernetics, that economists should rely on the scientific findings of Ludwig von Bertalanffy general systems theory ...
Individualism and Economic Order is a book written by Friedrich Hayek. [1] [2] [3] It is a collection of essays originally published in the 1930s and 1940s, discussing topics ranging from moral philosophy to the methods of the social sciences and economic theory to contrast free markets with planned economies. [4]
Neoclassical economics is an approach to ... was influenced by the Austrian School economist Friedrich Hayek's move to the ... The level of mathematical ...
Hayek F. A. 1937 Economics and Knowledge Economica V4 N13 pp. 33–54. Hayek F. A. 1940 The Competitive "Solution" Economica V7 N26 pp. 125–149. Hayek, F. A. The Road to Serfdom. Hayek, F. A. 1945 "The Use of Knowledge in Society" The American Economic Review. Hayek, F. A. 1952 The Counter Revolution of Science. Dickinson, H. D. (1933).