“Hayek and Contemporary Macroeconomics” by Lawrence H. White


F. A. Hayek’s macroeconomic theory and policy ideas have gained renewed attention since the recent boom-and-bust cycle followed the basic Hayekian narrative of an unsustainable cheap- money boom ending with a crash. Only to a very limited extent, however, do we find Hayek’s ideas on the agenda of mainstream macroeconomic researchers since Robert Lucas’s research program gave way to “Neoclassical” and “New Keynesian” DSGE models. We find examples of deeper interest on the periphery of the mainstream. Hayek’s influence on today’s macroeconomic policy discussions remains similarly limited, although he has become an icon to some opponents of loose money.

Download the paper from SSRN

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Friedrich Hayek’s early letters

Excerpts from Hayek’s early letters, sent home to his parents in Vienna from New York City in 1923 and 1924.  Two snippets:

“Weather: humid and rainy
Appetite: far above financial means
Socks: beginning to have holes
Mending talents: growing
Bank account: $45″

“Oh, this America, magnificent and outrageous, the latter
perhaps even more. In the long term, I think it is unbearable for Europeans … I’d rather die than be a New Yorker my whole life”

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Tyler Cowen teaches Hayek’s economics — MRUniversity

Hayek on Individualism and Economic Order

Hayek on Economics and Knowledge

Hayek on The Use of Knowledge in Society

Hayek on Competition and Discovery

Hayek on Free Enterprise

Hayek on Social Science Facts

Hayek on Socialist Calculation

Hayek on The Ricardo Effect

Hayek on Interstate Federalism and Free Trade

Hayek on the Gold Standard and a Commodity Reserved Currency

Hayek, Mises and Profit and Loss Calculation

Tyler Cowen — What I Learned from Hayek

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The Market and Other Orders by F. A. Hayek — links to selected Internet copies of its contents

THE MARKET AND OTHER ORDERS by F. A. Hayek  — purchase from Amazon

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Volume 15 of The Collected Works of F. A. Hayek edited by Bruce Caldwell

Prologue: Kinds of Rationalism (1965)

Part I. The Early Ideas

One Economics and Knowledge (1937)
Two The Facts of the Social Sciences (1943)
Three The Use of Knowledge in Society (1945)
Four The Meaning of Competition (1948)

Part II. From Chicago to Freiburg: Further Development

Five The Political Ideal of the Rule of Law (1955)
Lecture I. Freedom and the Rule of Law: A Historical Survey
Lecture II. Liberalism and Administration: The Rechtsstaat
Lecture III. The Safeguards of Individual Liberty
Lecture IV. The Decline of the Rule of Law
Six Degrees of Explanation (1955)
Seven The Economy, Science and Politics (1963)
Eight Rules, Perception and Intelligibility (1962)

Part III. A General Theory of Orders, with Applications

Nine The Theory of Complex Phenomena (1964)
Ten Notes on the Evolution of Systems of Rules of Conduct (1967)
Eleven The Results of Human Action but Not of Human Design (1967)
Twelve Competition as a Discovery Procedure (1968)
Thirteen The Primacy of the Abstract (1969)
Appendix: The Primacy of Abstract—Discussion
Fourteen The Errors of Constructivism (1970)
Fifteen Nature vs. Nurture Once Again (1971)
Sixteen The Pretence of Knowledge (1975)

Appendix A New Look at Economic Theory—Four Lectures Given at the University of Virginia, 1961

Lecture I. The Object of Economic Theory
Lecture II. The Economic Calculus
Lecture III. Economics and Technology
Lecture IV. The Communication Function of the Market

Appendix B Economists and Philosophers—Walgreen Lecture, University of Chicago, 1963

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Louise Cooper and the BBC present the ideas of F. A. Hayek

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Tyler Cowen on Hayek’s Market Order and Other Orders

Tyler Cowen of Marginal Revolution gives a strong endorsement to Volume 15 in the Collected Works of F. A. Hayek, The Market and Other Orders edited by Bruce Caldwell:

“It is the best single-volume introduction to Hayek’s thought, if you are going to buy or read only one. It has the best of the early essays, as you might find in Individualism and Economic Order, and then the best later essays which build upon those earlier insights.”

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