The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Hayek, Friedrich August von (1899–1992)

  • Bruce Caldwell
Reference work entry


This article reviews the major intellectual contributions of the Austrian-born Nobel laureate Friedrich Hayek. Within economics, Hayek made contributions to many areas, among them monetary theory, trade cycle theory, and capital theory. His ‘knowledge-based’ critique of socialism and subsequent work on ‘the knowledge problem’ are widely viewed as seminal contributions to economics. Hayek also did substantial work in such fields as political theory, the methodology of the social sciences, psychology and intellectual history. Finally, his writings on spontaneous orders and his ‘theory of complex phenomena’ anticipated later developments in such areas as complexity theory and agent-based modelling.


Austrian business cycle theory Austrian economics Average period of production Behaviourism Bӧhm-Bawerk, E. von Capital theory Chicago school Common law Complements Complex phenomena Constitutionalism Constructivism Currency competition General equilibrium Hayek, F. A. von Information aggregation and prices Intertemporal equilibrium Keynesian revolution Knowledge problem Liberty Majoritarianism Markets Mises, L. E. von Money Mont Pèlerin society Natural rate and market rate of interest Neutrality of money New institutional economics Planning Public choice Roundabout methods of production Rule of law Scientism Social justice Socialism Socialist calculation debate Special interests Spontaneous order Substitutes Tacit knowledge Wicksell, J. G. K 

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© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • Bruce Caldwell
    • 1
  1. 1.