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Clarifying Some Misconceptions About Hayek

  • Peter J. Boettke
Chapter
Part of the Great Thinkers in Economics book series (GTE)

Abstract

Friedrich Hayek’s ideas played a fundamental role in all major debates over economic policymaking throughout his lifetime and beyond. They were developed in a precise historical context and were the result of the intellectual influence of his teachers and colleagues. Unfortunately, they are surrounded by the following misconceptions: his economics was atomistic; he believed markets to be perfectly efficient and government to play no role in a market economy; and he thought any government intervention will lead to totalitarianism. Due to their importance, these ideas demand careful consideration to go beyond the misconceptions in order to engage them fully and employ them to make sense of Hayek’s ideas and how they apply to our world today.

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Copyright information

© The Author(s) 2018

Authors and Affiliations

  • Peter J. Boettke
    • 1
    • 2
  1. 1.Department of EconomicsGeorge Mason UniversityFairfaxUSA
  2. 2.F. A. Hayek Program for Advanced Study in Philosophy, Politics and Economics Mercatus CenterGeorge Mason UniversityFairfaxUSA

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