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Friedrich A. Hayek: Oxford University
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Frankel, S. H. “Hayek on Money.” Unpublished paper presented to The Carl Menger Society Conference on Hayek at University College, London, October 28, 1978. [This conference was structured around Hayek's newly published New Studies in Philosophy, Politics, Economics and the History of Ideas. In addition to Frankel, it featured Thomas Torrance, Hillel Steiner and Jeremy Shearmur.]
After spending many fruitful years at the L.S.E., Hayek joined the Committee on Social Thought (not the economics department) of the University of Chicago in 1950. In 1962, Hayek left for the University of Freiburg in Germany and subsequently Salzburg, where he spent his remaining years. Hayek shared the Nobel Prize with Gunnar Myrdal in 1974 in one of the more controversial and surprising awards ever made (controversial because Myrdal had called for the abolition of the Nobel prize as a result of it having been awarded to Hayek and Friedman, and surprising for, at that time, Hayek was virtually forgotten in the economics profession). Interest in Hayek and his work increased after the 1974 award (his Nobel speech being a reiteration of his Counterrevolution thesis) and has kept on that track until today - his stock being enormously boosted by the collapse of Communism in Eastern Europe.
Hayek's father, August, was a physician and a professor of botany at the University of Vienna. His mother, Felicitas, was the daughter of Franz von Juraschek, a professor and later a prominent civil servant. Because his mother's family was relatively wealthy, Hayek and his two younger brothers had a comfortable childhood in Vienna, which was then capital of the Austro-Hungarian Empire.
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[The 1st edition of Prices (1931) literally reproduced Hayek's four lectures on industrial fluctuations presented at the University of London (LSE) during the session 1930–1931. The “Preface to the Second Edition” of Prices (1935) states how Hayek developed Austrian capital theory following the four lectures. These developments were contained in the 2nd edition and prepared for by A-11a, A-12, A-13, A-14, A-21, A-22, A-23, A-24a, as well as by the first German edition of Preise (1931), the English version (B-1), and A-9a. Economist Sudha R. Shenoy, in an unpublished manuscript, has done a detailed comparative analysis of the differences between the 1931 and 1935 editions of Prices.]
In 1950, Hayek moved to the University of Chicago as professor of social and moral philosophy, a position he held until 1962. During this period, he published The Counter-Revolution of Science (1952), The Constitution of Liberty (1961), and The Sensory Order (1952); and he edited Capitalism and the Historians (1954).
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In 1950, Hayek left the London School of Economics for the University of Chicago, becoming a professor in the Committee on Social Thought. (Hayek's position was unpaid and he was barred from entering the Economics department because of his Austrian economic views by one member whom he would not name and many speculate was Frank Knight. For his livelihood he depended on donations from private philanthropists.) At Chicago, he found himself among other prominent economists, such as Milton Friedman, but, by this time, Hayek had turned his interests towards political philosophy and psychology — although he continued to work on economic issues, and most of his economic notes from this period have yet to be published.
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