The Austrian Economics Wiki - User contributions [en]

Abraham Lincoln

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'''Abraham Lincoln''' (February 12, 1809 – April 15, 1865) was the sixteenth [[President of the United States]] from 1861 until his assassination in 1865.

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Teddy Roosevelt

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Theodore Roosevelt

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'''Theodore Roosevelt''' (October 27, 1858 – January 6, 1919) was the 26th [[President of the United States]]. He became President after the assassination of [[William McKinley]], and was a leader in the [[Republican Party]] and the [[Progressive]] movement.

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Theodore Roosevelt

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'''Theodore Roosevelt''' (October 27, 1858 – January 6, 1919) was the 26th [[President of the United States]]. He became President after the assassination of [[William McKinley]], and was a leader in the [[Republican]] party and the [[Progressive]] movement.

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Ricardo

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Arthur Laffer

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'''Arthur Laffer''' (born August 14, 1940) is an [[American]] economist best known for the [[Laffer curve]].

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Arthur Laffer

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'''Arthur Laffer''' (born August 14, 1940) is an [[American]] economist best known for the [[Laffer curve]].

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Franklin Delano Roosevelt

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'''Franklin Delano Roosevelt''' ("FDR") was the 32nd [[President of the United States]] from March 4, 1933 to his death on April 12, 1945. Franklin Roosevelt is best known for the [[New Deal]], his failed attempt to end the Great Depression through government intervention, and his role in American involvement in [[World War II]].

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Lyndon B johnson

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Lyndon B. Johnson

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Lyndon Johnson

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LBJ

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Lyndon Baines Johnson

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'''Lyndon Baines Johnson''' (August 27, 1908 – January 22, 1973) was the 36th [[President of the United States]], inaugurated following the assassination of [[John F. Kennedy]]. He greatly expanded the welfare/warfare state in the [[United States]] through escalation of the [[Vietnam War]] and his "[[Great Society]]" legislation that included "[[War on Poverty]]" programs.

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Martin Van Buren

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'''Martin Van Buren''' (December 5, 1782 – July 24, 1862) was the eighth [[President of the United States]].

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John Maynard Keynes

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'''John Maynard Keynes''' (5 June 1883 – 21 April 1946) was a British economist.

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Marxist

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Marx

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Karl Marx

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'''Karl Marx''' (May 5, 1818 – March 14, 1883) was a German philosopher who is best know for his contributions to modern [[Communist]] theory, as outlined in ''[[The Communist Manifesto]],'' cowritten by [[Friedrich Engels]] in 1848.

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Lincoln

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Abraham Lincoln

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Paul Samuelson

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'''Paul Anthony Samuelson''' (May 15, 1915 – December 13, 2009) was an American economist, and the first American to win the Nobel Prize in Economics. He is most famous for his best-selling textbook, ''Economics: An Introductory Analysis'', first published in 1948.

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[[Category:Nobel Prize in Economics]]
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Milton Friedman

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'''Milton Friedman''' was an American economist and educator, one of the leading proponents of [[monetarism]] in the second half of the 20th century. He was awarded the [[Nobel Memorial Prize in Economic Sciences|Nobel Prize for Economics]] in 1976.<ref name="Caldwell_Friedman">Bruce J. Caldwell. [http://www.britannica.com/EBchecked/topic/220152/Milton-Friedman "Milton Friedman."], Encyclopædia Britannica. 2010. Encyclopædia Britannica Online. Referenced 2010-07-04.</ref>

==Life and work==
Friedman was one year old when his family moved from Brooklyn, New York, to Rahway, New Jersey, where he grew up. He won a scholarship to Rutgers University, studied mathematics and economics, and earned a bachelor’s degree there in 1932. While at Rutgers he encountered [[Wikipedia:Arthur Frank Burns|Arthur Burns]], then a new assistant professor of economics, whom Friedman ultimately regarded as his mentor and most important influence. Burns introduced him to many things, one of which was Alfred Marshall’s [[Wikipedia:Principles of Economics (Marshall)|Principles of Economics]], and Friedman later would approvingly quote Marshall’s description of economics as "an engine for the discovery of concrete truth." Friedman always insisted that the study of economics was not merely a mathematical game and that it should enable one to understand how the real world works.

Friedman continued his economics studies at the University of Chicago (A.M., 1933) and Columbia University (Ph.D., 1946). While at Chicago he took Jacob Viner’s price theory course and met his future wife, Rose Director. In 1935 he moved to Washington, D.C., to assist with a consumer budget study for the Natural Resources Committee. Two years later Friedman took a job with the [[Wikipedia:National Bureau of Economic Research|National Bureau of Economic Research]] in New York City so that he could join [[Wikipedia:Simon Kuznets|Simon Kuznets]] in studies of income and wealth distribution, in particular the distribution of professional incomes. His finding — that barriers to entry maintained by the American Medical Association helped explain the much higher incomes of physicians relative to other comparable professional groups — was the source of some controversy when it was finally published. In the early years of World War II, Friedman worked at the [[Wikipedia:United States Department of the Treasury|Department of Treasury]] in the Division of Tax Research and later for the Statistical Research Group at Columbia University , where he was a member of a team that applied statistical analysis to war research. He also taught for one year each at the Universities of Wisconsin and Minnesota. In 1946 he accepted a position in the economics department at the University of Chicago, which, except for occasional sabbaticals or visiting appointments, would be his academic home for the next 30 years. He became a full professor in 1948, was named the Paul Snowden Russell Distinguished Service Professor of Economics in 1962, and became an emeritus professor in 1983.

At Chicago Friedman taught courses in price theory and monetary economics, and in 1953 he established the Money and Banking Workshop — an important forum for faculty members, graduate students working on dissertations in the field, and occasional outside visitors. The workshop became renowned for the presentation and critical appraisal of papers in monetaryeconomics.

In 1947 Friedman attended the opening meeting of the [[Wikipedia:Mont Pelerin Society|Mont Pèlerin Society]], an organization founded by [[Friedrich Hayek|F.A. Hayek]] and dedicated to the study and preservation of free societies. Friedman would later say that his participation at the meeting "marked the beginning of my active involvement in the political process." His multifold involvement included advising Presidents Richard M. Nixon and Ronald W. Reagan on economic policy, participating in various institutes and societies, and writing a regular column from 1966 to 1984 for Newsweek magazine, in which his articles would alternate with those presenting more liberal views on economic matters, by scholars such as Paul Samuelson and Lester Thurow. Friedman’s public policy positions included support of flexible exchange rates and a monetary growth rule, the promotion of school vouchers, a balanced budget amendment, and the decriminalization of drugs; he opposed conscription and various forms of price controls — from the minimum wage to rent controls.

Friedman’s contributions to economic theory are numerous. One of his earliest, described in ''A Theory of the Consumption Function'' (1957), was the articulation of the [[Wikipedia:Permanent income hypothesis|permanent income hypothesis]], the idea that a household’s consumption and savings decisions are more affected by changes in its permanent income than by income changes that household members perceive as temporary or transitory. The permanent income hypothesis provided an explanation for some puzzles that had emerged in the empirical data concerning the relationship between the average and marginal propensities to consume. It also helped explain why, for example, activist fiscal policy in the form of a tax increase, if perceived as temporary, might not lead to the intended reductions in consumption; instead, the increased tax might be financed out of savings, leaving consumption levels unchanged. This was Friedman’s novel finding: if households do not perceive permanent income as changing, they will maintain their established spending patterns.

Friedman’s best-known contributions are in the realm of monetary economics, where he is seen as the founder of monetarism and as one of the successors of the "Chicago school" tradition of economics. In the 1950s macroeconomics was dominated by scholars who adhered to theories promoted by [[John Maynard Keynes]]. Keynesians believed in using activist, government-sponsored policy to counteract the business cycle, and they held that fiscal policy was more effective than monetary policy in neutralizing, for example, the effects of a recession. Friedman opposed the Keynesian orthodoxy that "money does not matter," instead promoting the view that changes in the money supply affect real economic activity in the short run and the price level in the long run. He stated his case in his introduction to ''Studies in the Quantity of Money'' (1956), a collection of articles that had been contributed by participants in the Money and Banking Workshop. This was followed by an empirical article, ''The Relative Stability of Monetary Velocity and the Investment Multiplier in the United States, 1897–1958'' (1963), coauthored with David Meiselman, in which the stability and importance of the Keynesian multiplier was questioned. The multiplier, forming a link between changes in autonomous expenditure and subsequent changes in national income, is a key element in the Keynesian case for effective and predictable fiscal policy.

In 1963 Friedman published the first of three books he would coauthor with [[Wikipedia:Anna Schwartz|Anna J. Schwartz]], ''A Monetary History of the United States, 1867–1960''. Combining theoretical and empirical analysis with institutional insights, this volume provided an intricately detailed account of the role of money in the U.S. economy since the Civil War. Especially influential was the authors’ claim that the Great Depression would have been a typical downturn had it not been for policy errors made by the Federal Reserve.

In 1967 Friedman made another seminal contribution to Keynesian-monetarist debates in his presidential address before the American Economic Association. In it he questioned the validity of another key Keynesian construct, the [[Wikipedia:Phillips curve|Phillips curve]], which asserted that a stable trade-off exists between the rate of inflation and the unemployment rate. Friedman argued that the trade-off was temporary and depended on workers being "fooled" by unanticipated inflation into thinking that a rise in their nominal wage was a rise in their real wage, thus inducing them to produce more output. According to Friedman, the only way to reduce unemployment below what he dubbed the "natural rate" required not a one-time increase but accelerating inflation. The "[[Wikipedia:Stagflation|stagflation]]" of the 1970s (literally, a combination of economic stagnation and inflation), impossible in a simplified Keynesian framework, was seen by many as confirmation of Friedman’s hypothesis. It was in any event the death knell for the dominance of the Keynesian model in macroeconomics.

In 1976, the year he retired from the University of Chicago, Friedman was awarded the Nobel Prize in Economics. In 1977 he became a member of the Hoover Institution in Palo Alto, California. About the same time he began work with his wife, Rose, on ''Free to Choose'', a book extolling the virtues of a free market system that eventually led to a Public Broadcasting Service (PBS) television series and a set of educational videos of the same name. In 1998 the Friedmans published their memoirs, ''Two Lucky People''.

Over the course of his career, Friedman made a number of enduring contributions to the field of economics. He became an articulate spokesman for free markets and free societies in an era when many social scientists disparaged market solutions to social problems. Friedman’s collaborative work with Anna J. Schwartz has remained a vital resource for those interested in the monetary history of the United States. Other legacies include Friedman’s revival of a monetary approach to macroeconomics and his persistent critique of the Keynesian orthodoxy of his day.<ref name="Caldwell_Friedman" />

==Free market views==
According to [[Wikipedia:Walter Block|Walter Block]], "Milton was a beacon of light on issues such as the minimum wage law, free trade, and rent control. ... Milton's valiant, witty, wise, eloquent and yes, I'll say it, inspirational analysis on this issue must stand out as an example to us all. In 1989, he addressed then drug czar Bill Bennett with his "[http://www.fff.org/freedom/0490e.asp Open Letter]" in which he alienated many of his conservative followers with his clarion call for drug legalization. In his ''Capitalism and Freedom'', chapter 9, Milton ripped into the [[Wikipedia:American Medical Association|AMA]] for its policies of restrictive entry into the field of medicine.<ref name="Block_Friedman">Walter Block. [http://mises.org/daily/2393 "Milton Friedman RIP"], Mises Daily, November 16, 2006. Referenced 2010-07-04.</ref>

In a 1992 study published by the Hoover Institution, entitled "Input and Output in Health Care" (see in [http://books.google.com/books?id=VWNNYqZMqMkC&lpg=PP1&pg=PP2#v=onepage&q&f=false full]), Friedman noted that 56 percent of all hospitals in America were privately owned and for-profit in 1910. After 60 years of subsidies for government-run hospitals, the number had fallen to about 10 percent. It took decades, but by the early 1990s government had taken over almost the entire hospital industry. That small portion of the industry that remains for-profit is regulated in an extraordinarily heavy way by federal, state and local governments so that many (perhaps most) of the decisions made by hospital administrators have to do with regulatory compliance as opposed to patient/customer service in pursuit of profit. It is profit, of course, that is necessary for private-sector hospitals to have the wherewithal to pay for healthcare.

Friedman's key conclusion was that, as with all governmental bureaucratic systems, government-owned or -controlled healthcare created a situation whereby increased "inputs," such as expenditures on equipment, infrastructure, and the salaries of medical professionals, actually led to decreased "outputs" in terms of the quantity of medical care. For example, while medical expenditures rose by 224 percent from 1965–1989, the number of hospital beds per 1,000 population fell by 44 percent and the number of beds occupied declined by 15 percent. Also during this time of almost complete governmental domination of the hospital industry (1944–1989), costs per patient-day rose almost 24-fold after inflation is taken into account. The more money has been spent on government-run healthcare, the less healthcare was gotten.<ref name="DiLorenzo_Friedman_healthcare">Thomas J. DiLorenzo. [http://mises.org/daily/3586 "Socialized Healthcare vs. The Laws of Economics"] Mises Daily, July 2009, referenced 2010-07-04.</ref>

Friedman referred to this as the '''Gammon's Law''', where in "a bureaucratic system . . . increase in expenditure will be matched by fall in production. . . . Such systems will act rather like `black holes,' in the economic universe, simultaneously sucking in resources, and shrinking in terms of `emitted production.'" As he put it: "I have long been impressed by the operation of Gammon's law in the U.S. schooling system: Input, however measured, has been going up for decades, and output, whether measured by number of students, number of schools, or even more clearly, quality, has been going down."<ref name="Friedman_Gammons_Law">Milton Friedman. [http://hadm.sph.sc.edu/Courses/ECON/classes/Friedman.html "Gammon's Law Points to Health-Care Solution"], The Wall Street Journal, 11/12/1991. Referenced 2010-07-04.</ref>

==Monetary views==
Milton Friedman advocated a fiat or paper money standard guided by a monetary rule of an annual expansion of the money supply at a fixed rate because he believed that it was less costly than a gold standard, less open to inflationary excess, and more likely to provide the monetary framework for general economic stability.

But by the mid 1980s, Friedman had second thoughts about whether government could be trusted ever to follow the necessary restraint to provide this supposedly superior paper money system. He began to regularly quote a sentence from [[Irving Fisher|Irving Fisher's]] 1911 book, ''The Purchasing Power of Money'': "Irredeemable paper money has almost invariably proved a curse to the country employing it."

In July 1985, Milton Friedman delivered the presidential address at the Western Economic Association on the topic "Economists and Economic Policy," which was published in the January 1986 issue of Economic Inquiry. He stated that his many years in advocating a monetary "rule," under which the central monetary authority would increase the money supply at a constant annual rate regardless of changing economic conditions, had been a waste of time. The reason, he said, is that there is no basis for thinking it would ever be in the interest of those who managed the government monetary system to follow such a rule:

"Most of my own work dealing with public policy has had the same character of proceeding as if I were addressing governmental officials selflessly dedicated to the public interest. I have attempted to persuade the Federal Reserve System that it was doing the wrong thing and it ought to adopt a different policy. This time was ill-spent - because the public-interest characterization of government is basically flawed.... We do not regard a businessman as selflessly devoted to the public interest. We think of a businessman as in business to improve his own welfare, to serve his own interest.... Why should we regard government officials differently? They too aim to serve their own interest, and in government as in business we must try to set up institutions under which individuals who intend only their own gain are led by an invisible hand to serve the public interest. The Federal Reserve System puts a great deal of power in the hands of a few people and it is so constructed that it has been in their self-interest to pursue a policy which, I believe, has been very harmful for the public rather than helpful.... Clearly, it was not in the self-interest of the Federal Reserve hierarchy to follow the hypothetical policy [of a monetary rule]. It was therefore a waste of time to try to persuade them to do so."

In June 1986, Friedman published a short article in the ''Journal of Political Economy'' entitled "The Resource Cost of Irredeemable Paper Money." He said:

"In earlier discussions, other monetary economists and I took it for granted that the real resource cost of producing irredeemable paper money was negligible, consisting only of the cost of paper and printing. Experience under a universal irredeemable paper money standard makes it crystal clear that such an assumption, while it may be correct with respect to the direct cost to the government of issuing fiat money, is false for the society as a whole."

Friedman concluded that "the direct resource cost of the gold and silver accumulated in private hoards [in the 1970s and 1980s] may have been as great as or greater than it would have been under an effective gold standard." And while such commodity and currency futures markets "serve a useful function by enabling economic agents to hedge against uncertainty and undertake long-term commitments ... nevertheless ... they would not have arisen if the new [paper] monetary regime had not led to greatly increased uncertainty about interest rates and inflation."

Also in 1986, Friedman coauthored an article with Anna Schwartz that asked the question, "Has Government Any Role in Money?" They concluded that in principle it did not need to have one and historically sometimes had none. They argued:

"The apparently great value to the economy of having a single unit of account linked with an (ultimate) medium of exchange does not mean that government must play any role, or that there need be a single producer of the medium of exchange. And indeed, historically, governments have entered the picture after the event, after the community had settled on a unit of account and private producers had produced media of exchange.... Historically, producers of money have established confidence by promising convertibility into some dominant money, generally specie [e.g., gold or silver]. Many examples can be cited of fairly long-continued and successful producers of private moneys convertible into specie. We do not know, however, of any example of the private production of purely inconvertible fiduciary moneys."

They stated: "Our own conclusion ... is that leaving monetary and banking arrangements to the market would have produced a more satisfactory outcome than was actually achieved through government involvement."<ref name="Friedman_Government_Role">Milton Friedman, Anna J. Schwartz. [http://www.nber.org/chapters/c7507.pdf "Has Government Any Role in Money?"] (pdf), ''Money in Historical Perspective'' from the National Bureau
of Economic Research. Referenced 2010-07-04.</ref>

However, they did not argue for a return to a gold standard. In his article on irredeemable paper money, Friedman made this point very clear:

"Let me emphasize that this note is not a plea for a return to a gold standard.... I regard a return to a gold standard as neither desirable nor feasible — with the one exception that it might become feasible if the doomsday predictions of [[hyperinflation]] under our present system should prove correct."

Why wouldn't a market-based gold standard be feasible or desirable under present circumstances? Friedman explained his reasoning in an April 1976 lecture entitled "Has Gold Lost Its Monetary Role?" that was delivered in Johannesburg, South Africa. Simply put, governments are no longer willing to be restrained by a gold standard. They want control over money for various macroeconomic manipulative purposes. However, Friedman said that

"if you could re-establish a world in which government's budget accounted for 10 percent of the national income, in which laissez-faire reigned, in which governments did not interfere with economic activities and in which full employment policies had been relegated to the dustbin, in such a world you might be able to restore a real gold standardŠ. A real honest-to-God gold standard is not feasible because there is essentially no government in the world that is willing to surrender control over its domestic monetary policy."<ref name="Ebeling_Friedman">Richard M. Ebeling. [http://www.fff.org/freedom/0399b.asp "Monetary Central Planning and the State, Part 27: Milton Friedman's Second Thoughts on the Costs of Paper Money"], February 1999, referenced 2010-07-04.</ref>

==References==
{{Reflist}}

==External links==
* [[Wikipedia:Milton Friedman|Milton Friedman]] on Wikipedia
* [http://www.econlib.org/library/Enc/bios/Friedman.html Milton Friedman (1912-2006)] from the Concise Encyclopedia of Economics
* [http://mises.org/daily/4451 Milton Friedman and the Human Good] by Tibor R. Machan, June 2010
* [https://mises.org/journals/jls/16_4/16_4_3.pdf Milton Friedman Unravelled] (pdf) by Murray N. Rothbard. Fall 2002
* [http://mises.org/daily/2929 Friedman and the Fed: Is Liquidity the Answer?] by William L. Anderson, April 2008
* [http://mises.org/daily/4067 Is Milton Friedman a Keynesian?] by Roger W. Garrison
* [http://mises.org/daily/3197 Can Friedman's Money Rule Stabilize the Economy?] by Frank Shostak, November 2008
* [http://mises.org/daily/2442 Friedman for Government Intervention: The Case of the Great Depression] by Mateusz Machaj, January 2007
* [http://mises.org/daily/1797 The Curse of the Withholding Tax] by Laurence M. Vance, April 2005
* [http://mises.org/daily/2414 Milton Friedman, 1912-2006] by Hans F. Sennholz, December 2006
* [http://mises.org/journals/jls/20_3/20_3_4.pdf Fantatical, not Reasonable: a Short Correspondence between Walter Block and Milton Friedman] (pdf) by Walter Block, Summer 2006
* [http://mises.org/journals/scholar/Ethics.PDF An appropriate ethical model for business, and a critique of Milton Friedman] (pdf) by Richard W. Wilcke, April 1999
* [http://mises.org/daily/2351 Did Phelps Really Explain Stagflation?] by Frank Shostak, October 2006

* [http://www.youtube.com/watch?v=RWsx1X8PV_A Milton Friedman - Greed] (video)
* [http://www.youtube.com/watch?v=ca8Z__o52sk Milton Friedman on Minimum Wage] (video)

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[[Category:Economists]]
[[Category:Nobel Prize in Economics]]

Paul Krugman

2010-12-06T05:07:49Z

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'''Paul Krugman''' is an American economist and Nobel laureate. He is also an op-ed columnist and blogger for the [[New York Times]]. Krugman is well known for believing in the theories of [[John Maynard Keynes]] and continually advocates for more government intervention in the economy. Krugman's blog posts repeatedly display his opinion that [[inflation]] is a measurement of prices and not the quantity of money.<ref>[http://krugman.blogs.nytimes.com/2010/11/09/inflation-delusions-2/] "Inflation delusions"</ref><ref>[http://krugman.blogs.nytimes.com/2010/11/06/are-rising-commodity-prices-an-inflationary-signal/] "Are rising commodity prices an inflationary signal?"</ref><ref>[http://krugman.blogs.nytimes.com/2010/11/04/generating-inflation-expectations/] "Generating inflation expectations"</ref> For these and other views is Krugman frequently criticized by Austrian economists.{{Fact}} A blog created by [[William L. Anderson|William L. Anderson]] is devoted to "Analysis and criticism of America's most prominent public intellectual and champion of Keynesian economics."<ref name="Anderson_Krugman">William L. Anderson. [http://krugman-in-wonderland.blogspot.com/ "Krugman-in-Wonderland"], referenced 2010-11-16.</ref>

In October 2010, Krugman was challenged to a [[Murphy-Krugman debate|debate]] over Austrian vs. Keynesian business cycle theory by economist [[Robert Murphy]]. As of mid-November 2010 Krugman has not responded.

==References==
<references/>

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[[Category:Economists]]
[[Category:Nobel Prize in Economics]]

Friedrich Hayek

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<blockquote>"A claim for equality of material position can be met only by a government with totalitarian powers." 
F.A.Hayek, ''Law, Legislation, and Liberty''</blockquote>

Friedrich August von Hayek is one of the most eminent of the modern Austrian economists. Student of [[Wikipedia:Friedrich von Wieser|Friedrich von Wieser]], protégé and colleague of [[Ludwig von Mises]], and foremost representative of an outstanding generation of Austrian school theorists, Hayek was very successful in spreading Austrian ideas throughout the English-speaking world. "When the definitive history of economic analysis during the 1930s comes to be written," said [[Wikipedia:John Hicks|John Hicks]] in 1967, "a leading character in the drama (it was quite a drama) will be Professor Hayek. . . . It is hardly remembered that there was a time when the new theories of Hayek were the principal rival of the new theories of Keynes".<ref name="Hicks_Hayek">[[Wikipedia:John Hicks|Hicks, Sir John]]. 1967. ''Critical Essays in Monetary Theory.'' Oxford: Clarendon Press. p.203. Referenced via article source 2009-05-28.</ref> Unfortunately, Hayek's [[Austrian Business Cycle Theory|theory of the business cycle]] was eventually swept aside by the [[Wikipedia:Keynesian revolution|Keynesian revolution]]. His work was again recognized when Hayek received, along with the Swede [[Wikipedia:Gunnar Myrdal|Gunnar Myrdal]], the 1974 [[Wikipedia:Nobel Memorial Prize in Economic Sciences|Nobel Memorial Prize in Economic Science]]. Hayek was a prolific writer over nearly seven decades; his [http://www.press.uchicago.edu/Complete/Series/CWFAH.html Collected Works], currently being published by the [[Wikipedia:University of Chicago Press|University of Chicago Press]] and [[Wikipedia:Routledge|Routledge]], are projected at nineteen volumes.

==Life and Work==
Hayek's life spanned the twentieth century, and he made his home in some of the great intellectual communities of the period. Born Friedrich August von Hayek in 1899 to a distinguished family of Viennese intellectuals, Hayek attended the [[Wikipedia:University of Vienna|University of Vienna]], earning doctorates in 1921 and 1923. Hayek came to the University at age 19 just after [[Wikipedia:World War I|World War I]], when it was one of the three best places in the world to study economics (the others being [[Wikipedia:Stockholm School of Economics|Stockholm]] and [[Wikipedia:University of Cambridge|Cambridge]], England). Though he was enrolled as a law student, his primary interests were economics and psychology, the latter due to the influence of [[Wikipedia:Ernst Mach|Mach's]] theory of perception on Wieser and Wieser's colleague [[Wikipedia:Othmar Spann|Othmar Spann]], and the former stemming from the reformist ideal of [[Wikipedia:Fabian Society|Fabian socialism]] so typical of Hayek's generation.

Like many students of economics then and since, Hayek chose the subject not for its own sake, but because he wanted to improve social conditions--the poverty of postwar Vienna serving as a daily reminder of such a need. [[Socialism]] seemed to provide a solution. Then in 1922 Mises published his ''Die Gemeinwirtschaft'', later translated as [[Wikipedia:Socialism (book)|Socialism]]. "To none of us young men who read the book when it appeared," Hayek recalled, "the world was ever the same again". Socialism, an elaboration of Mises's pioneering article from two years before, argued that [[economic calculation]] requires a market for the means of production; without such a market there is no way to establish the values of those means and, consequently, no way to find their proper uses in production. Mises's devastating attack on central planning converted Hayek to laissez-faire, along with contemporaries like [[Wikipedia:Wilhelm Röpke|Wilhelm Röpke]]<ref name="Röpke">Shawn Ritenour. [http://mises.org/about/3241 "Wilhelm Röpke (1899-1966): Humane Economist"], ''[[Mises Institute]]'', referenced 2009-05-24.</ref>, [[Wikipedia:Lionel Robbins|Lionel Robbins]], and [[Wikipedia:Bertil Ohlin|Bertil Ohlin]].

It was around this time that Hayek began attending Mises's famed Privatseminar. Regular participants, who received no academic credit or other official recognition for their time, included Hayek, [[Wikipedia:Gottfried von Haberler|Gottfried von Haberler]]<ref name="Haberler">[http://mises.org/journals/aen/aen20_1_1.asp "Between Mises and Keynes An Interview with Gottfried von Haberler (1900-1995)"], ''The Austrian Economics Newsletter'' Spring 2000 Volume 20, Number 1, referenced 2009-04-27.</ref>, [[Wikipedia:Fritz Machlup|Fritz Machlup]]<ref name="Machlup">Mark Thornton. [http://mises.org/about/3237 "Biography of Fritz Machlup (1902-1983)"], ''[[Mises Institute]]'', referenced 2009-05-24.</ref>, [[Wikipedia:Oskar Morgenstern|Oskar Morgenstern]], [[Wikipedia:Paul Rosenstein-Rodan|Paul Rosenstein-Rodan]], Richard von Strigl<ref name="Strigl">Jörg Guido Hülsmann. [http://mises.org/about/3243 "Richard von Strigl (1891-1942)"], ''[[Mises Institute]]'', referenced 2009-04-27.</ref>, Karl Schlesinger, [[Wikipedia:Felix Kaufmann|Felix Kaufmann]], [[Wikipedia:Alfred Schütz|Alfred Schütz]]<ref name="Schutz">Peter Kurrild-Klitgaard. [http://mises.org/journals/qjae/pdf/qjae6_2_2.pdf "The Viennese Connection: Alfred Schutz and the Austrian School"](pdf), ''The Quarterly Journal Of Austrian Economics'' Vol.6, no.2, referenced 2009-04-27.</ref>, [[Wikipedia:Eric Voegelin|Eric Voegelin]], Karl Menger, Jr., and others not so famous. For several years the Privatseminar was the center of the economics community in Vienna, attracting such visitors as Robbins from London and Howard S. Ellis from Berkeley. Later, Hayek became the first of this group to leave Vienna; most of the others, along with Mises himself, were also gone by the start of World War II.

Mises had done earlier work on monetary and banking theory, successfully applying the Austrian [[marginal utility]] principle to the value of [[money]] and then sketching a theory of industrial fluctuations based on the doctrines of the [[British Currency School|British Currency School]] and the ideas of the Swedish economist [[Wikipedia:Knut Wicksell|Knut Wicksell]]. Hayek used this as a starting point for his own research on fluctuations, explaining the origin of the business cycle in terms of bank credit expansion and its transmission in terms of [[capital]] [[malinvestment]]s. His work in this area eventually earned him an invitation to lecture at the [[Wikipedia:London School of Economics|London School of Economics and Political Science]] and then to occupy its [[Wikipedia:Thomas Tooke|Tooke]] Chair in Economics and Statistics, which he accepted in 1931. There he found himself among a vibrant and exciting group: Robbins, [[Wikipedia:John Hicks|J. R. Hicks]], [[Wikipedia:Arnold Plant|Arnold Plant]], [[Wikipedia:Dennis Robertson|Dennis Robertson]], T. E. Gregory, [[Wikipedia:Abba P. Lerner|Abba Lerner]], [[Wikipedia:Kenneth E. Boulding|Kenneth Boulding]], and [[Wikipedia:G. L. S. Shackle|George Shackle]], to name only the most prominent. Hayek brought his (to them) unfamiliar views, and gradually, the "Austrian" theory of the business cycle became known and accepted. At the L.S.E. Hayek lectured on Mises's [[ABCT|business-cycle theory]], which he was refining and which, until [[Wikipedia:John Maynard Keynes|Keynes's]] [[Wikipedia:The General Theory of Employment, Interest and Money|General Theory]] ([http://www.marxists.org/reference/subject/economics/keynes/general-theory/ text]) came out in 1936, was rapidly gaining adherents in Britain and the U.S. and was becoming the preferred explanation of the [[Great Depression|Depression]].

Hayek and Keynes had sparred in the early 1930s in the pages of the [[Wikipedia:Economic Journal|Economic Journal]], over Keynes's ''Treatise on Money''. As one of Keynes's leading professional adversaries, Hayek was well situated to provide a full refutation of the General Theory. But he never did. Part of the explanation for this no doubt lies with Keynes's personal charm and legendary rhetorical skill, along with Hayek's general reluctance to engage in direct confrontation with his colleagues. Hayek also considered Keynes an ally in the fight against wartime [[inflation]] and did not want to detract from that issue. Furthermore, as Hayek later explained, Keynes was constantly changing his theoretical framework, and Hayek saw no point in working out a detailed critique of the General Theory, if Keynes might change his mind again. Hayek thought a better course would be to produce a fuller elaboration of [[Eugen von Böhm-Bawerk|Böhm-Bawerk]]'s capital theory, and he began to devote his energies to this project. Unfortunately, ''The Pure Theory of Capital'' ([http://mises.org/books/puretheory.pdf pdf]) was not completed until 1941, and by then the Keynesian macro model had become firmly established.

The fortunes of the Austrian school have suffered a dramatic reversal with the next few years. First, the Austrian theory of capital, an integral part of the business-cycle theory, came under attack from the Italian-born Cambridge economist [[Wikipedia:Piero Sraffa|Piero Sraffa]] and the American [[Wikipedia:Frank Knight|Frank Knight]], while the cycle theory itself was forgotten amid the enthusiasm for the ''General Theory''. Second, beginning with Hayek's move to London and continuing until the early 1940s, the Austrian economists left Vienna, for personal and then for political reasons, so that a school ceased to exist there as such. Mises left Vienna in 1934 for Geneva and then New York, where he continued to work in isolation; Hayek remained at the L.S.E. until 1950, when he joined the [[Wikipedia:Committee on Social Thought|Committee on Social Thought]] at the [[Wikipedia:University of Chicago|University of Chicago]]. Other Austrians of Hayek's generation became prominent in the U.S.--[[Wikipedia:Gottfried von Haberler|Gottfried von Haberler]]<ref name="Haberler">[http://mises.org/journals/aen/aen20_1_1.asp "Between Mises and Keynes An Interview with Gottfried von Haberler (1900-1995)"], ''The Austrian Economics Newsletter'' Spring 2000 Volume 20, Number 1, referenced 2009-04-27.</ref> at Harvard, Fritz Machlup and Oskar Morgenstern at Princeton, Paul Rosenstein-Rodan at MIT--but their work no longer seemed to show distinct traces of the tradition founded by [[Wikipedia:Carl Menger|Carl Menger]].

At Chicago Hayek again found himself among a dazzling group: the economics department, led by Knight, [[Milton Friedman]], and later [[Wikipedia:George Stigler|George Stigler]], was one of the best anywhere, and [[Wikipedia:Aaron Director|Aaron Director]] at the law school soon set up the first law and economics program. But economic theory, in particular its style of reasoning, was rapidly changing; [[Wikipedia:Paul Samuelson|Paul Samuelson]]'s [[Wikipedia:Foundations of Economic Analysis|Foundations]] had appeared in 1947, establishing physics as the science for economics to imitate, and Friedman's 1953 [[Wikipedia:Essays in Positive Economics|essay]] on "positive economics" set a new standard for economic method. In addition, Hayek had ceased to work on economic theory, concentrating instead on psychology, philosophy, and politics, and Austrian economics entered a prolonged eclipse. Important work in the Austrian tradition was done during this period by [[Murray N. Rothbard|Rothbard]], [[Wikipedia:Israel Kirzner|Kirzner]], and [[Wikipedia:Ludwig Lachmann|Lachmann]]<ref name="Lewin_Lachmann">Peter Lewin. [http://mises.org/about/3236 "Ludwig Lachmann (1906-1990): Life and Work"], ''[[Mises Institute]]'', referenced 2009-05-29.</ref>, but at least publicly, the Austrian tradition lay mostly dormant.

When the 1974 Nobel Prize in economics went to Hayek, interest in the Austrian school was suddenly and unexpectedly revived. While this was not the first event of the so-called "Austrian revival," the memorable [[Wikipedia:Royalton, Vermont|South Royalton]] conference having taken place earlier the same year, the rediscovery of Hayek by the economics profession was nonetheless a decisive event in the renaissance of Austrian economics. Hayek's writings were taught to new generations, and Hayek himself appeared at the early [[Wikipedia:Institute for Humane Studies|Institute for Humane Studies]] conferences in the mid-1970s. He continued to write, producing [[Wikipedia:The Fatal Conceit|The Fatal Conceit]] in 1988, at the age of 89. Hayek died in 1992 in [[Wikipedia:Freiburg im Breisgau|Freiburg]], Germany, where he had lived since leaving [[Wikipedia:Chicago|Chicago]] in 1961.

There are several institutions founded in Hayek's name, including the [http://www.hayek-institut.at/ Hayek Institute] in Austria, the [http://www.hayek.de/ Friedrich A. von Hayek-Gesellschaft] in Germany and [http://www.hayek.sk/ F.A.Hayek Foundation] in Slovakia.

==Curriculum Vitae==

=====Academic Degrees=====
*Dr. jur. (Doctorate of Law), University of Vienna, Austria (1921)
*Dr. rer. pol (Doctorate of Political Science), University of Vienna, Austria (1923)
*D.Sc. Economics, University of London, UK (1944)

=====Academic Appointments=====
*Research Assistant, Department of Economics, New York University (1923-1924)
*Lecturer in Economics, University of Vienna, Austria (1929-1931)
*Visting Professor of Economics, London School of Economics and Political Science, University of London, UK (1931-1932)
*Tooke Professor of Economic Science and Statistics, London School of Economics and Political Science, University of London, UK (1932-1950)
*Visiting Professor of Finance, University of Arkansas (1950)
*Professor of Social and Moral Science, University of Chicago (1950-1962)
*Lecturer on Political Economy, Harvard University (1952-1953)
*Professor in Economics, Albert-Ludwigs University of Freiburg, Germany (1962-1968)
*Visiting Flint Professor of Philosophy, University of California, Los Angeles (1968-1969)
*Visiting Professor of Economics, University of Salzburg, Austria (1969-1974)
*Honorary Fellow, Hoover Institution, Stanford University (1977-1992)

=====Other Positions=====
*Sergeant-Cadet, Artillery Regiment, Austro-Hungarian Army, WWI (1917-1918)
*Legal Consultant, Austrian Government (1921-1926)
*Director, Austrian Institute for Trade Cycle Research (1927-1931)
*Fellow, British Academy (1944)
*President, Mont Pelerin Society (1947-1962)
*Corresponding Member, Austrian Academy of Sciences (1970)

=====Awards=====
*Honorary Senator, University of Vienna, Austria (1971)
*Honorary Fellow, London School of Economics and Political Science, UK (1972)
*'''Nobel Prize for Economic Science''' (1974)

=====Honorary Degrees=====
*Dr. jur. h.c. (Honorary Doctorate of Law), Rikkyo University, Japan (1964)
*Dr. jur. h.c. (Honorary Doctorate of Law), University of Salzburg, Austria (1974)

==References==
Please consult the [http://mises.org/about/3234 original text] by [[Wikipedia:Peter G. Klein|Peter G. Klein]] for more references; reprinted with generous permission from the [[Mises Institute]].
{{Reflist}}

==External links==
* [http://www.econlib.org/library/Essays/LtrLbrty/gryHRC3.html Bibliography] from Library of Economics and Liberty
* [http://oll.libertyfund.org/index.php?option=com_content&task=view&id=1234&Itemid=259 Bibliography] from the Online Library of Liberty
* [http://homepage.newschool.edu/het//profiles/hayek.htm Biography and resources] on Hayek
* [http://mises.org/literature.aspx?action=author&ID=126 Online works] at the Mises Institute
* Wikipedia page on [[Wikipedia:Friedrich Hayek|Friedrich Hayek]]
* [http://mises.org/daily/3940 Hayek on Individualism] by Garet Garrett, 1949
* [http://mises.org/daily/4082 Hayek and the Nobel Prize], Libertarian Forum, 1974
* [http://mises.org/journals/rae/pdf/rae9_1_3.pdf Hayek, Business Cycles and Fractional Reserve Banking: Continuing the De-Homogenization Process] (pdf), by Walter Block and Kenneth M. Garschina, 1996
* [http://www.iea.org.uk/files/upld-publication43pdf Economics in One Lesson] (pdf) by Friedrich Hayek, the Reader's Digest abridged version; and the [http://books.google.com/books?id=fLovVMN6swkC&printsec=frontcover&dq=road+to+serfdom&source=bl&ots=oLRS0MZAhT&sig=Jj_nhaZxz2lsx8lMmgwxGENRjhE&hl=en&ei=Pvr6S8T3LKWUOOalhJUM&sa=X&oi=book_result&ct=result&resnum=5&ved=0CDsQ6AEwBA#v=onepage&q&f=false Google Books] version
* [http://mises.org/daily/4524 Hayek's Road to Serfdom: Despotism Then and Now] by Thomas J. DiLorenzo, June 2010

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'''Mises Wiki''' is a web-based, free-content encyclopedia project dedicated to the advancement of the [[Austrian School|Austrian School of Economics]] and related thought. Its content is written collaboratively by volunteers, and anyone can add to and edit Mises Wiki articles. The fundamental principles of Mises Wiki are the [[MisesWiki:Five Pillars|Five Pillars]].

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