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Friedrich A. Hayek
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Friedrich A. Hayek was only thirty-two years old when he published this two-part article in Economica, at the time, the world's leading English-language economics journal. The article is a review essay of John Maynard Keynes's two-volume book, A Treatise on Money, published the previous year.
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The eminent social philosopher and economist Friedrich A. Hayek died on March 23, 1992, at age 92. Professor Hayek, a pupil of Ludwig von Mises, was awarded the Nobel Memorial Prize for Economics in 1974. He was professor emeritus at the University of Freiburg in Germany and the University of Chicago. His many books include "The Road to Serfdom", "Individualism and Economic Order", "The Pure Theory of Capital, The Constitution of Liberty", "The Fatal Conceit", and "Law, Legislation, and Liberty".
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In 1944, with World War II raging and the fate of the Free World far from clear, Friedrich A. Hayek (1889�1992), one of the great intellectual heroes of reason, published his best-known work. The Road to Serfdom became a bestseller even as it challenged the conventional wisdom that extensive, top-down economic planning would result in a more just and more efficient distribution of goods and services. Hayek, an Austrian who had immigrated to England, argued that such planning ultimately would lead to a stultifying society in which fewer and fewer people were satisfied as planners asserted more control. What's more, he drew disturbing connections between developments in relatively free societies such as Great Britain and the United States and totalitarian regimes such as Nazi Germany and the Soviet Union.
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Friedrich A. Hayek's critique of price level stabilization was based on the theoretical claim that only a constant money stock (M), or constant volume of nominal spending (MV), allows intertemporal price equilibrium. The claim is not generally correct. Hayek's case (in principle) for constant MV, and his critique of the automatic gold standard for not delivering it, are ... uncompelling. The injection effects of his business cycle theory provided a sounder basis for his prescription. In the 1970s, Hayek switched to endorsing price-level stabilization. In doing so he was logically compelled to repudiate his business cycle theory.
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This volume represents the first section of Friedrich A. Hayek's comprehensive three-part study of the relations between law and liberty. Rules and Order constructs the framework necessary for a critical analysis of prevailing theories of justice and of the conditions which a constitution securing personal liberty would have to satisfy.
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[Reprinted in a revised, edited, and abridged format as Chapters 11 and 13 - 16 of Hayek's B-12; Chapters 11 and 16 of the B-12 version were reprinted under the title, The Rule of Law. Menlo Park, California: Institute for Humane Studies (Studies in Law, No. 3), 1975.]
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Friedrich A. Hayek