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Individualism and Economic Order Paperback

ISBN-13: 978-0226320939 ISBN-10: 0226320936

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Individualism and Economic Order + The Fatal Conceit: The Errors of Socialism (The Collected Works of F. A. Hayek) + The Constitution of Liberty: The Definitive Edition (The Collected Works of F. A. Hayek)
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Product Details

  • Paperback: 280 pages
  • Publisher: University Of Chicago Press (June 1, 1996)
  • Language: English
  • ISBN-10: 0226320936
  • ISBN-13: 978-0226320939
  • Product Dimensions: 8.7 x 5.5 x 0.6 inches
  • Shipping Weight: 4.2 ounces (View shipping rates and policies)
  • Average Customer Review: 4.5 out of 5 stars  See all reviews (6 customer reviews)
  • Amazon Best Sellers Rank: #421,519 in Books (See Top 100 in Books)

Editorial Reviews

About the Author

F. A. Hayek (1899–1992), recipient of the Presidential Medal of Freedom in 1991 and co-winner of the Nobel Memorial Prize in Economics in 1974, was a pioneer in monetary theory and a leading proponent of classical liberalism in the twentieth century. He taught at the University of London, the University of Chicago, and the University of Freiburg.

 

 


More About the Author

Friedrich August Hayek (1899-1992), recipient of the Medal of Freedom in 1991 and co-winner of the Nobel Memorial Prize in Economics in 1974, was a pioneer in monetary theory and the principal proponent of libertarianism in the twentieth century. He taught at the University of London, the University of Chicago, and the University of Freiburg. His influence on the economic policies in capitalist countries has been profound, especially during the Reagan administration in the U.S. and the Thatcher government in the U.K.

Customer Reviews

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This book is key to understanding the way Hayek thought about social problems in general.
D. W. MacKenzie
Hayek shows what competition is all about and integrates the economics of information with it.
Rafael G.
Collectively, there are many gems of wisdom in this book and well worth your time to read.
Robert Kirk

Most Helpful Customer Reviews

68 of 69 people found the following review helpful By D. W. MacKenzie on October 22, 2003
Format: Paperback
Individualism and Economic Order contains several classic essays. Chapter two (Economics and Knowledge) examines decentralized economic planning by individuals. Plan coordination among individuals requires each to form plans that contain relevant data from the plans of others. We each acquire this data through competition in markets. Every time someone adjusts their plans, others must also change their plans. So, initial plan coordination requires each to fully anticipate the actions of others. Since this is impossible, order will emerge as a result of successive trials by individuals in markets. The price system enables individuals to adjust their plans with each other through time. This is the foundation of Hayek's theories of spontaneous order and social evolution. Hayek was far ahead of his peers in examining expectations formation.
Chapter four (The Use of Knowledge in Society) is another classic. Hayek contends that the economic problem is really one how to make use of fragmented and widely dispersed data. As he indicated in chapter two, full knowledge of economic conditions reduces the economic problem to one of pure logic. Markets increase our ability to take advantage of division of labor and capital formation by extending the span of our utilization of resources beyond the span of any individual mind. The price system in markets does this by acting as a communications network. We can then each dispense with the need for conscious control over resources and rely on our own intimate knowledge of local economic conditions, and price information regarding general economic conditions. This proves that decentralized competitive systems will vastly outperform centrally planned systems.
Chapter five looks at the process of competition.
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63 of 70 people found the following review helpful By vragnar@juno.com on September 24, 1999
Format: Paperback
F.A. Hayek, well-deserved recipient of the Nobel Prize in Economics, 1976, wrote several other deep books on political economy. This book is about how individuals are better decision-makers when it comes to their own lives, and that a "Committee" of "Planners" cannot possibly do a better job (How can you tell that someone else is happy? What they need? What they want?). It is no accident that countries with relative freedom on economics are more productive and wealthier overall (US/Hong Kong) than countries with little or no economic freedom (India/sub-Sahara Africa) and lots of gov't planning. It can't be mere exploitation or culture, as India has the largest middle-class and a great population of educated people. India has more college-degree persons than the US, yet is significantly poorer. Hayek investigates this. A good book, especially for leftists and right-wing oligarchs. I used to be a commie too, but open your mind and put the rhetoric on hold, just for a moment.
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22 of 27 people found the following review helpful By A Customer on December 22, 2001
Format: Paperback
own this book, please, if only for the essay "the use of knowledge in society". in a few short pages, hayek explores how to think about how people use and spread knowledge, and how that affects everyday economic behavior.
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