See buying choices for this item to see if it's one of the millions that are eligible for Amazon Prime.

11 used & new from $35.00

Have one to sell? Sell yours here

Tell the Publisher! I�d like to read this book on Kindle Don�t have a Kindle? Get yours here.

Hayek's Challenge: An Intellectual Biography of F.A. Hayek (Hardcover)

by Bruce Caldwell (Author) "Hayek is a puzzle..." (more)
Key Phrases: basic economic reasoning, natura calculation, historical school economists, The Constitution of Liberty, Karl Popper, United States (more...)

4.2 out of 5 stars See all reviews (6 customer reviews)

Available from these sellers.

3 new from $98.79 8 used from $35.00

Also Available in:	List Price:	Our Price:	Other Offers:
Paperback	$28.00	$25.20	28 used & new from $23.49

Customers Who Bought This Item Also Bought

The Road to Serfdom: Text and Documents--The Definitive Edition (The Collected Works of F. A. Hayek)

by F. A. Hayek

4.5 out of 5 stars (34) $11.56

The Constitution of Liberty

by F. A. Hayek

4.7 out of 5 stars (23) $22.23

Individualism and Economic Order

by F. A. Hayek

4.3 out of 5 stars (3) $18.90

The Fatal Conceit: The Errors of Socialism (The Collected Works of F. A. Hayek)

by F. A. Hayek

4.3 out of 5 stars (35) $12.24

Competition and Entrepreneurship

by Israel M. Kirzner

3.8 out of 5 stars (4) $19.80

› Explore similar items

Editorial Reviews

Review
"Hayek is fortunate in his biographer. Hayek's Challenge is a success, and Caldwell proves himself capable of presenting Hayek's ideas - in all fields - with both depth and clarity.... Hayek's challenge is worth remembering, and Bruce Caldwell has done a great service by reminding us of it." - Jason Steorts, National Review "Bruce Caldwell's intellectual biography of the great Austrian is a wonderful work." - Richard D. North, Independent (UK) "Hayek has spawned a burgeoning literature, often expressing polarized, jargon-laden views. This accessible introduction to Hayek's intellectual life and times is a refreshing exception." - Choice" --This text refers to the Paperback edition.

Review
"Caldwell''s approach to the task of deconstructing Hayek''s intellectual influence is an original one. . . . It is the intellectual voyage that interests Caldwell. . . . He charts his lengthy struggle with multiple equilibria and attempts to reconcile what have often seemed inconsistencies in his thinking. And, he shows how Hayek''s interests, in later life, shifted away from pure economics and towards political theory and philosophy. . . . His exegesis of Hayek''s main works is outstandingly lucid and may bring his ideas to the attention of a new generation of students. . . . Hayek''s Challenge can be recommended to both the specialist and general reader."-Howard Davies, Times Higher Education Supplement (Howard Davies Times Higher Education Supplement )

"Bruce Caldwell''s intellectual biography of the great Austrian is a wonderful work." (Richard D. North Independent )

Named "Outstanding Academic Title" by Choice (Choice )

"A carefully written, impeccably researched, and thoughtful book that is sure to become a standard in Hayek scholarship." (Peter McNamara Claremont Review of Books )

"A finely nuanced addition to the literature of which [Caldwell] has such a fine command. The study represents a landmark in studies of Hayek and the development of Austrian economics for either of which it will long remain essential reading." (D.E. Moggridge EH.Net )

"A significant contribution to philosophy and to economics. . . . Caldwell has wrestled with several complex themes in Hayek''s philosophical writing and has provided us with an indispensable guide." (Leonard P. Liggio Journal of Markets and Morality )

"A good place to start with if you want to understand or even emulate Hayek." (Meghnad Desai Business History )

"Caldwell''s pleasant and engaging book is an enduring contribution to Hayek scholarship.. It should be of interest outside the world of Hayek scholarship, too. Hayek has as good a claim as anyone to be the most important economist of the 20th century. . . . . Besides the excellent history of the early Austrian school, besides many particular insights and facts, the book has one great merit that more than suffices to make it a valuable contribution . . . its emphasis of the role of complex systems on Hayek''s thought." (Roger Koppl Journal of Economic Behavior & Organization )

"Guides are needed, and Bruce Caldwell''s Hayek''s Challenge is a welcome introduction."--The Economist (The Economist )

See all Editorial Reviews

Product Details

Hardcover: 500 pages
Publisher: University Of Chicago Press (November 15, 2003)
Language: English
ISBN-10: 0226091910
ISBN-13: 978-0226091914
Product Dimensions: 8.7 x 7 x 1.3 inches
Shipping Weight: 1.8 pounds

Average Customer Review: 4.2 out of 5 stars See all reviews (6 customer reviews)

Amazon.com Sales Rank: #743,995 in Books (See Bestsellers in Books)

Would you like to update product info or give feedback on images?

Inside This Book (learn more)

First Sentence:
Hayek is a puzzle. Read the first page

Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
basic economic reasoning, natura calculation, historical school economists, apriorist approach, sensory order, new institutionalist economics, static equilibrium theory, economizing activity, scientistic worldview, equilibrium construct, subjective value theory, socialist calculation debate, compositive method, trade cycle theory, disemployment effects, positivist rhetoric, methodology article, societal equilibrium, study complex phenomena, perfect expectation, des �tudes humaines, situational analyses, positivist vision, action axiom, studies complex phenomena

Key Phrases - Capitalized Phrases (CAPs): (learn more)
The Constitution of Liberty, Karl Popper, United States, Ludwig von Mises, Abuse of Reason, The Fatal Conceit, Carl Menger, Menger's Principles, Gustav Schmoller, Principles of Economics, Max Weber, Otto Neurath, Milton Friedman, New York, London School of Economics, Adam Smith, Lionel Robbins, Terence Hutchison, The Pure Theory of Capital, Degrees of Explanation, Felix Kaufmann, First World War, German Empire, Hayek Archives, Joseph Schumpeter

New!
Books on Related Topics | Concordance | Text Stats

Citations (learn more)

This book cites 100 books:

Principles of Economics (Institute for Humane Studies Series in Economic Theory) by Karl Menger on 21 pages
The Road to Serfdom: Fiftieth Anniversary Edition by F. A. Hayek on 15 pages
Treatise on Money: v. 1 by John Maynard Keynes on 6 pages
Epistemological Problems of Economics by Ludwig von Mises on 5 pages
The Trend of Economic Thinking: Essays on Political Economists and Economic History (The Collected Works of F. A. Hayek) by F. A. Hayek on 5 pages

See all 100 books this book cites

Books on Related Topics (learn more)

Austrian Economics in America by Karen I. Vaughn

Discusses:

MODERN APPLICATIONS OF AUSTRIAN THOUGHT by J�rgen Backhaus

Discusses:

Contra Keynes and Cambridge by F. A. Hayek

Discusses:

Hayek's Journey by Dr. Alan Ebenstein

Discusses:

What Do Customers Ultimately Buy After Viewing This Item?

	75% buy the item featured on this page: Hayek's Challenge: An Intellectual Biography of F.A. Hayek 4.2 out of 5 stars (6)
	9% buy The Road to Serfdom: Text and Documents--The Definitive Edition (The Collected Works of F. A. Hayek) 4.5 out of 5 stars (34) $11.56
	6% buy The Constitution of Liberty 4.7 out of 5 stars (23) $22.23
	6% buy Hayek's Journey: The Mind of Friedrich Hayek 4.0 out of 5 stars (5)

Explore similar items

Suggested Tags from Similar Products

(What's this?)

Be the first one to add a relevant tag (keyword that's strongly related to this product).

economics(23)

conservatism(19)

politics(15)

free markets(14)

hayek(9)

socialism(9)

capitalism(7)

conservative(5)

liberty(4)

austrian school(4)

rothbard(4)

Help others find this product — tag it for Amazon search

No one has tagged this product for Amazon search yet. Why not be the first to suggest a search for which it should appear?

Sell a Digital Version of This Book in the Kindle Store

If you are a publisher or author and hold the digital rights to a book, you can sell a digital version of it in our Kindle Store. Learn more

Customer Reviews

6 Reviews

5 star:		(4)
4 star:		(1)
3 star:		(0)
2 star:		(0)
1 star:		(1)

Average Customer Review

4.2 out of 5 stars (6 customer reviews)

Share your thoughts with other customers:

Create your own review

Most Helpful Customer Reviews

68 of 71 people found the following review helpful:

5.0 out of 5 stars Caldwell, B. Hayek's Challenge, December 7, 2003

By	Peter J. Boettke (Fairfax, VA USA) - See all my reviews (REAL NAME)

On the plane to and from the Southern Economic Association meetings in San Antonio (including a 3 hour delay in Dallas on the way home) in November I had the opportunity to read the best book written in Austrian economics in a generation -- Bruce Caldwell's Hayek's Challenge (University of Chicago Press, 2003). Caldwell, as to be expected, is a master historian of thought and constructs a narrative of Hayek's evolution of as a thinker that is simply better than any alternative account. And, in the process, Caldwell tells the story of the development of Austrian economics from Menger to today better than I have ever seen. This is a phenomenal work of scholarship and a beautifully written book. The book represents the history of economics as it should be written --- a subtle treatment of economic doctrine, contextualization of the evolution of argument within its broader history of philosophical, political and economic debates, and engagingly written. As far as economics goes, this book is a page turner. It is nothing short of a brilliant. Bruce Caldwell has written, in my opinion, the best book in economics for 2003.

Comment Comment | Permalink | Was this review helpful to you? Yes No (Report this)

37 of 39 people found the following review helpful:

5.0 out of 5 stars Amazing bio of an amazing thinker!, May 14, 2004

By	Peter A. Kindle (Kansas City, Missouri) - See all my reviews (REAL NAME)

Tasked with the need to understand a contemporary, conservative thinker in a doctoral course on social justice, I was enriched by the professor's suggestion that I focus on Hayek. In due course I came upon this book by Caldwell. I wish to echo the earlier reviewers praise - this book is everything an intellectual history should be. The reader will become intimately familiar with the historical antecedents to Hayek, the academic, cultural, and historical milieu in which he worked, and the likely future his ideas will have.

I approached this book as a complete novice. I had never heard of Hayek, and frankly, reading this book stretched my 18 hours of undergraduate economics about as far as they could be stretched, but I was left with an astonishing respect for this economist turned political theorist. How is it possible that Hayek could have escaped my notice for 50 years?

One hundred and thirty pages are devoted, not to Hayek, but to Austrian school economics (i.e. - subjective value, marginalism, entrepreneurship) and its founder Carl Menger. Caldwell introduces key figures in the Austrian school at length (Bohm-Bawerk, Wieser, and Mises) as well as the chief protagonists of the school (German historical, socialism).

Into this fray comes Hayek, an ambitious but not a particularly aggressive academic. Any attempt at summarizing Hayek's thought is easily criticized, but from my personal perspective, Hayek seems to have been a master at synthesis. He linked what today would be called cognitive psychology with philosophy to produce an epistemology that is foundational to all his subsequent work. Further, he linked this epistemology with social evolution to explain social advance, social stability, and social institutions and values.

Epistemologically, Hayek understood human beings to possess a subjective ignorance. He denounced the "rational economic man" as a fiction, but asserted the importance of the free market supply/demand pricing mechanism. Without this pricing mechanism, economic planning was doomed to inefficiency and competitive disadvantage while the individual was cast adrift without any objective anchors with which to make decisions. Without the freedom to pursue subjective goals, however ignorant, there was no individual liberty.

It was from the random and chaotic subjectively ignorant decisions of the individual that social institutions evolved (i.e. - order out of chaos). The fittest of these social constructs prevail over time and form the framework of stability essential for the maintenance of a free marketplace and for the subjective projection of future value.

Hayek was awarded a Nobel Prize for economics in 1974 and the American Medal of Freedom in 1992 by then president George Bush, Sr. After spending a semester reading about this man and his ideas, I have become convinced that Hayek is a foundational thinker undergirding the conservative resurgence in America during the past 40 years. It is unlikely that there will ever be a finer intellectual biography than that provided by Caldwell. Everyone interested in social policy, social justice, and contemporary trends should become familiar with this book.

One last warning, Caldwell writes as an academic for academics. Footnotes abound, and there are four appendices directed at specialists. A lay reader will frequently realize that he cannot appreciate all of the subtle points that Caldwell is making. Despite these facts, this is a readable book worth the effort.

Comment Comment | Permalink | Was this review helpful to you? Yes No (Report this)

15 of 17 people found the following review helpful:

5.0 out of 5 stars An other opinion heard from, August 28, 2005

By	Don Steiny (Santa Cruz, CA USA) - See all my reviews (REAL NAME)

First off, I want to echo the other reviewers in my praise for the book. The background in economic history was valuable to me and helps put the work that Hayek did into perspective. Though it may be "academic" (any look at the philosophy behind economics is probably not for the same audience as more instrumental books -- like "How to be successful" or whatever). That being said the book is well written and if anyone is interested in the influence of positivism on economics, the division of psychology and economics into separate disciplines, the roots of socialism and other foundational material, this book presents that information in a logical, clear way.

It cautions at the beginning that Hayek's work was complex and interdependent. There is a tendancy to take a paragraph by Hayek from one place and use it as a representation of the whole, like the blind men and the elephant. I would suggest strongly that to call him foundational in the current US conversativism is probably wrong. One clue is that as an extra to the "Constitution of Liberty" there is an essay by Hayek called "Why I am not a conservative."

Hayek was fascinated with "knowledge" in the sense that somehow humans manage to coordiante activity and believe that we share knowledge, but in reality it is not possible. Each of sees what we see and we do not see what others see. Somehow, unconsciously, we have evolved a way of being able to use the knowledge of others as well as our own.

His argument against socialism was basically that it breaks some of the ways of knowing what others are doing. A standard definition of Economics is that it is about how people make decisions in conditions of scarcity. In other words, there is an assumption that there is never enough to go around. If you think about it, even people with virtually unlimited amounts of money still compete with each other for status and other such things. We are all often in a position that if we choose X, then we cannot have Y.

Hayek thinks that that decision should be left up to the individual. He says that the mistake that people who believe that scientific central planning make is that they believe there is more of a consensus that there is. Someone's choices wind up overriding other's choices. There is more to it than this, but this is the basis of the argument. It is simple and not really one that falls easily on a liberal/conservative spectrum.

It is, however, probably the source of the claim that he is "conservative." Maggie Thatcher was a fan of Hayek as was, apparently, Ronald Reagan. It can be construed that the opposite of governments actively trying manage economies is lazie fare, hands off, anything goes conservativism. But that would be a misreading of Hayek and simply because a conservative likes Hayek's arguments about one topic does not make Hayek a conservative.

There is another point where Hayek would probably diverge widely from current "conservatives." By popular demand the borders in the US are getting tighter. For instance, it is now difficult to come back and forth from Canada, foreign graduate students are looking elsewhere, the "conservative" governor of California (himself an Austrian and alledgedly a fan of Hayek) is supporting vigilanties to prevent border crossings from Mexico. It does not seem that this is condusive to "knowledge" in the sense that Hayek uses it, as something that is distributed throughout humanity.

Hayek's greatest interest was in how we each take our little snapshot of the world and interact with others to build stable social structures without any direction. It is not that someone decides that we should have a structure like such and such, we find that these structures are there and we can all recognize them. In a way, he is talking about the "invisible hand" of Adam Smith. Somehow we coordinate activity so that I can be writing this right now on a computer I got somewhere, a DSL connection and so on and I have not talked to the people involved with making it happen, they have not talked to each other and no one directed them to do it.

Hayek is interested in the rules that make that happen. Now we talk of complex adaptive systems and the idea of "spontaneous order" is widely studied to day. Current work on "connectionist networks" now mention Hayek. He was way ahead of his time.

I also want to point out that even though some call him "the father of libertarianism" he was not against governments making rules that cause markets to function better, for instance, regulation against monopoly. Libertarians were up in arms against the threatened breakup of Microsoft, something Hayek would not have been against in principle.

I hope more people will read this book. It is remarkable how many ideas we think are brand new have been around for a while. This book helped me understand how they got sidelined. It is really a lively book, filled with people as well as ideas, which is important, because sometimes politics trumps insight. Hayek's remarkable ideas are just beginning to be widely noticed and recognizing what is happening is an exciting benefit of this book.

Comment Comment (1) | Permalink | Was this review helpful to you? Yes No (Report this)

Share your thoughts with other customers: Create your own review

› See all 6 customer reviews...

Most Recent Customer Reviews

5.0 out of 5 stars An Excellent Book About Hayek's Life & Work
I heard about this book on "Free Markets With Dr. Mike Beitler," a libertarian internet-radio show. Caldwell does an excellent job helping the reader understand the context in... Read more

Published 5 months ago by Paul Bauer

4.0 out of 5 stars Wide Ranging, Lively and Clear
This is one of the best non-fiction books I have read in a long time. I have no idea how I came to buy this - I rarely read biographies, consider myself left-wing, am a computer... Read more

Published on May 20, 2006 by Andrew Cooke

1.0 out of 5 stars Are we having fun yet?
I do not know who the target audience was here, but it certainly was not me, and I am a big Hayek fan. This book is way over my head. Read more

Published on January 21, 2006 by Robert Adams

› See all 6 customer reviews...

.jsOffDisplayBlock { display: block; } .jsOffDisplayInline { display: inline; } .jsOffVisibility { visibility: visible; } .jsOnDisplayBlock { display: none; } .jsOnDisplayNoneBlock { display: block; } .jsOnDisplayNoneInline { display: inline; } .jsOnDisplayInline { display: none; } .jsOnVisibility { visibility: hidden; } .jsOnDisplayBlock { display: none; } .jsOnDisplayInline { display: none; } .jsOnVisibility { visibility: hidden; }

Customer Discussions

Beta (What's this?)

New! See all customer communities, and bookmark your communities to keep track of them.

This product's forum (0 discussions)

	Discussion	Replies	Latest Post
	No discussions yet

Ask questions, Share opinions, Gain insight

Start a new discussion

Topic:

First post:

Receive e-mail when new posts are made

Prompts for sign-in

[Cancel]

Guidelines

Active discussions in related forums

Discussion	Replies	Latest Post
history John Demjanjuk and Lazar Kaganovich	127	47 seconds ago
history Calls on Muslims in West to Obey Western Law	11	3 minutes ago
history What was the Romans greatest contribution to posterity?	148	4 minutes ago
history How to Have Handled Hitler (Tiantai Buddhist Approach)	34	11 minutes ago
history epithets,sobriquets and nicknames of history	21	14 minutes ago
biography what is the best memoir of 2008-2009?	28	1 hour ago
biography best sports bio	2	3 hours ago