The Economics Of Friedrich Hayek / Edition 2

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By his intellectual contributions in economics, epistemology, ethics, law, philosophy, politic, and psychology, Friederich Hayek has come closest to a unified theory of human action. The central theme is of a natural and spontaneous evolution--founded upon essentially competitive processes, the cultural selection of systems an rules brings order to human affairs. While this book is both comprehensive and concise, Hayek's economics cannot be discussed in isolation. So the author attempts to present an economist's understanding of that which any economist ought to know, or, in Hayek's own terms, "nobody can be a great economist who is only an economist." The book is a comprehensive account of Frederich Hayek's intellectual achievements. In this updated and expanded edition, the author explores the broad features of Hayek's economic philosophy, shows the interrelationship between the liberal philosophy and economic advance, examines Hayek's approach to the problems of a money economy, and explains Hayek's aversion to all forms of centralized economic planning.

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Editorial Reviews

From the Publisher

"..a most exhaustive and thorough examination of Hayek's work which reads clearly and lucidly."--Milton Friedman, Hoover Institution

"An admirable achievement"--Bruce J. Caldwell, Advances in Austrian Economics

"If one were to read only one book about Hayek, this should be it. Rather than criticising Hayek's work, Steele aims to present an account of Hayek's work that is both comprehensive and concise. In this aim the author succeeds most admirably."--Karen I. Vaughn, Journal of Economic Literature

"His writing style is even, scholarly and readable, and his positive restatement of Hayekian thought gives us a well-balanced survey of this alternative intellectual agenda."--Roger W. Garrison, Southern Economic Journal

Steele (economics, Lancaster U., England) does not try to isolate the economic thought of Hayek (1899-1992), but presents an economist's understanding of the whole range of his contributions in epistemology, ethics, law, philosophy, politics, and psychology as well as his work in the Austrian school of economics. Annotation c. Book News, Inc., Portland, OR (
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Product Details

  • ISBN-13: 9781403943521
  • Publisher: Palgrave Macmillan
  • Publication date: 4/1/2007
  • Edition description: Second Edition
  • Edition number: 2
  • Pages: 288
  • Product dimensions: 5.50 (w) x 8.50 (h) x 0.68 (d)

Meet the Author

G.R. Steele is Lecturer in Economics at Lancaster University Management School.

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Table of Contents

Preface 1993
• Preface
• Introduction
• Sensory Order
• Liberty, Reason and Rules
• Liberty and the Market
• Economic and Social Science
• The Socialist Calculation Debate
• Neutral Money and Monetary Policy
• Capital
• Business Cycles
• International or National Money
• Market Standards for Money
• Hayek

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