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Friedrich A. Hayek: New Economics
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Friedrich A. Hayek, awarded the Nobel Prize in economics in 1974, viewed Competition as a Discovery Procedure. He wrote, "market theory often prevents access to a true understanding of competition by proceeding from the assumption of a 'given' quantity of scarce goods. Which goods are scarce... or which things are goods, or how scarce or valuable they are, is precisely one of the conditions that competition should discover."
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ANNOUNCING -- Hayek-L on listserv@maelstrom.stjohns.edu HAYEK-L@MAELSTROM.STJOHNS.EDU is an international network for the discussion of the ideas of Friedrich A. Hayek. Hayek-L is intended as a resource for scholars and others doing research connected to the contributions of Friedrich Hayek. Hayek is the co-originator of the Hebb-Hayek synaptic learning model, and author of the well known _The Sensory Order_. Hayek's work in neuroscience has gained prominence in recent years due to Gerald Edelman's _Neural Darwinism_, and Joaquin Fuster's _Memory in the Cerebral Cortex: An Empirical Approach to Neural Networks in the Human and Nonhuman Primates_. In addition, Hayek is the author of pathbreaking discussions on the nature of complex phenomena, spontaneous order, and on the character of generic explanations dealing with this sort of phenomena, work that has informed the thinking of Gerald Edelman, Walter Weimer, Karl Popper, Robert Nozick, Don Lavoie, Axel Leijonhufvud, Joaquine Fuster and other leading figures in economics, philosophy, and the cognitive sciences. Hayek is ... the originator of the intertemporal equilibrium construction, and his work is the spur for much of the literature on dispersed and imperfect knowledge.
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In the 1930s, Friedrich Hayek was the leading opponent of John Maynard Keynes and the emerging Keynesian Economics. Developing several of Mises's ideas, Hayek argued that the Great Depression had been caused by the Federal Reserve System and its attempt to stabilize the "price level" through monetary manipulation in the 1920s. Hayek said that the only cure for the depression was allowing the market to self-correct in the face of the economic distortions and misallocations of labor and capital created by central-bank mismanagement of money and credit.
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===================== HES POSTING ==================== This is a 2nd notice of the establishment of a new subscription list for scholars working on topics linked to the writings of Friedrich A. Hayek. The list is an archived scholarly resource with a fully searchable electronic archive at http://maelstrom.stjohns.edu/archive/hayek-l.html In only 2 week of operation over 250 scholars and researchers from more than 30 countries have subscribed to Hayek-L, including neuroscientists, biologists, psychologists, legal theorists, economists, and a good percentage of the brightest young Hayek scholars, along with a number of leading historians of economic thought. Instructions for subscribing are found below. Greg Ransom gbransom at aol.com ANNOUNCING -- Hayek-L on listserv at maelstrom.stjohns.edu HAYEK-L at MAELSTROM.STJOHNS.EDU is an international network for the discussion of the ideas of Friedrich A. Hayek. Hayek-L is intended as a resource for scholars and others doing research connected to the contributions of Friedrich Hayek. Hayek is the originator of the intertemporal equilibrium construction, and his work is the spur from much of the literature on dispersed and imperfect knowledge.
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With his conjectural history in place, Hayek then describes the revolt of the modern socialists against the discipline (and the opportunities) of the extended order. This revolt has two bases; one is instinctive or 'atavistic', the other is a perversion of reason that Hayek calls 'constructivist rationalism'. He claims that the instinctive resistance to the extended order of capitalism arises from the conflict between the "old" and "new" moral codes. However, against this essentially psychological thesis it is more likely that the attraction of socialism comes from the conjunction of several strands of thought. One of these is the tradition of utopian social thought which can be traced from Plato. Second is the tradition of helping the weak, which in the West is essentially the moral legacy of Christianity.
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While there is some dispute as to the matter of influence, Hayek had a long standing and close friendship with philosopher of science Karl Popper... from Vienna. In a letter to Hayek in 1944, Popper stated, "I think I have learnt more from you than from any other living thinker, except perhaps Alfred Tarski." (See Hacohen, 2000). Popper dedicated his Conjectures and Refutations to Hayek. For his part, Hayek dedicated a collection of papers, Studies in Philosophy, Politics, and Economics, to Popper, and in 1982 said, "...ever since his Logik der Forschung first came out in 1934, I have been a complete adherent to his general theory of methodology." (See Weimer and Palermo, 1982).
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