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The Cambridge Companion to Hayek (Cambridge Companions to Philosophy) 1st Edition

4.0 out of 5 stars 1 customer review
ISBN-13: 978-0521615013
ISBN-10: 0521615011
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Book Description

F. A. Hayek (1899-1992) was among the most important economists and political philosophers of the twentieth century. The essays in this volume, by an international team of contributors, provide a critical introduction to all aspects of Hayek's thought.

About the Author

Edward Feser is Philosophy Instructor in the Social Sciences Division, Pasadena City College. He is author of On Nozick (2003) and Philosophy of Mind: A Short Introduction (2005).
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Product Details

  • Series: Cambridge Companions to Philosophy
  • Paperback: 362 pages
  • Publisher: Cambridge University Press; 1 edition (December 11, 2006)
  • Language: English
  • ISBN-10: 0521615011
  • ISBN-13: 978-0521615013
  • Product Dimensions: 6 x 0.8 x 9 inches
  • Shipping Weight: 1.1 pounds (View shipping rates and policies)
  • Average Customer Review: 4.0 out of 5 stars  See all reviews (1 customer review)
  • Amazon Best Sellers Rank: #2,422,815 in Books (See Top 100 in Books)

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Format: Hardcover
This is an interesting collection of essays written on Hayek's contributions to economics,philosophy,and psychology.This review will concentrate on the 5 of the 14 essays( those essays were written by Desai,Skidelsky,Gamble,O'Hear,and Kukathas)that attempt to deal with Hayek's writings on knowledge and uncertainty(by which Hayek meant complete and total ignorance a la his former student ,G L S Shackle).Hayek acknowledges that the knowledge used by entrepreneurs in their decision making about production and investment is incomplete,scattered,and available in tiny bits and pieces.Hayek acknowledges that decision making takes place under radical(complete and total ignorance)uncertainty.Hayek rejects the theoretical framework of standard neoclassical economics based on either the assumption of perfect and complete knowledge(perfect certainty) or the stochastic version, used by Milton Friedman,Robert Lucas, Eugene Fama,Mankiw and Prescott and Kydland,for example, that relies on the assumption of normality of all markets.Hayek,nevertheless,arrives at the SAME,IDENTICAL conclusion-that " free markets " will spontaneously generate a full employment level of output at noninflationary levels.A careful examination of Hayek's work on uncertainty and Knowledge ,which is not done by any of the authors in this book,reveals that Hayek has no model or analysis showing HOW decision making under uncertainty will generate the conclusion claimed.Hayek simply asserts that such a solution will be attained because uncertainty creates possible opportunities for entrepreneurs.However,all of the available evidence on decision making under uncertainty/ambiguity shows that the vast majority of entrepreneurs are AVERSE to making decisions under uncertain circumstances.Read more ›
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