Synopses & Reviews
In this collection of essays, some of which appear here in English for the first time, F. A. Hayek traces his intellectual roots to the Austrian School.
The Fortunes of Liberalism: Essays on Austrian Economics and the Ideal of Freedom also links the Austrian School to the modern rebirth of classical liberal thought.
F. A. Hayek (18991992) was awarded the Nobel Memorial Prize in Economic Sciences in 1974 and the Medal of Freedom in 1991 and was one of the leading Austrian economists and political philosophers of the twentieth century.
Peter G. Klein is Associate Professor in the Division of Applied Social Sciences at the University of Missouri and Associate Director of the Contracting and Organizations Research Institute. He is also Adjunct Professor at the Olin School of Business.
Table of Contents
Editorial Foreword ix
Introduction 1
PART I. THE AUSTRIAN SCHOOL OF ECONOMICS
Prologue The Economics of the 1920s as Seen from Vienna 19
Addenda: John Bates Clark (1847–1938) 38
Wesley Clair Mitchell (1874–1948) 40
One The Austrian School of Economics 42
Addendum: In Britain and the United States 53
Two Carl Menger (1840–1921) 61
Addendum: The Place of Menger’s Grundsätze
in the History of Economic Thought 96
Three Friedrich von Wieser (1851–1926) 108
Four Ludwig von Mises (1881–1973) 126
Five Joseph Schumpeter (1883–1950) 160
Six Ewald Schams (1899–1955) and Richard von Strigl (1891–1942) 166
Addendum: Strigl’s Theory of Wages 170
Seven Ernst Mach (1838–1916) and the Social Sciences in Vienna 172
Coda Remembering My Cousin Ludwig Wittgenstein (1889–1951) 176
PART II. THE FORTUNES OF LIBERALISM
Prologue The Rediscovery of Freedom: Personal Recollections 185
Addenda: Tribute to Röpke 195
Röpke’s Theory of Capital Formation 198
Hallowell on the Decline of Liberalism as an Ideology 199
Eight Historians and the Future of Europe 201
Nine The Actonian Revival: On Lord Acton (1834–1902) 216
Ten Is There a German Nation? 219
Eleven A Plan for the Future of Germany 223
Addendum: The Future of Austria 234
Twelve Opening Address to a Conference at Mont Pèlerin 237
Thirteen The Tragedy of Organised Humanity: de Jouvenel on Power 249
Fourteen Bruno Leoni (1913–1967) and Leonard Read (1898–1983) 253
Editor’s Acknowledgements 263
Chronological List of Contents 265
Index 269