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F. A. Hayek

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The Constitution of Liberty: The Definitive Edition (Volume 17) (The Collected Works of F. A. Hayek) The Collected Works of F. A. Hayek Edition

by F. A. Hayek (Author), Ronald Hamowy (Editor)

4.8 315 ratings

Book 1 of 16: The Collected Works of F. A. Hayek

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From the $700 billion bailout of the banking industry to president Barack Obama’s $787 billion stimulus package to the highly controversial passage of federal health-care reform, conservatives and concerned citizens alike have grown increasingly fearful of big government. Enter Nobel Prize–winning economist and political theorist F. A. Hayek, whose passionate warning against empowering states with greater economic control, The Road to Serfdom, became an overnight sensation last summer when it was endorsed by Glenn Beck. The book has since sold over 150,000 copies.

The latest entry in the University of Chicago Press’s series of newly edited editions of Hayek’s works, The Constitution of Liberty is, like Serfdom, just as relevant to our present moment. The book is considered Hayek’s classic statement on the ideals of freedom and liberty, ideals that he believes have guided—and must continue to guide—the growth of Western civilization. Here Hayek defends the principles of a free society, casting a skeptical eye on the growth of the welfare state and examining the challenges to freedom posed by an ever expanding government—as well as its corrosive effect on the creation, preservation, and utilization of knowledge. In opposition to those who call for the state to play a greater role in society, Hayek puts forward a nuanced argument for prudence. Guided by this quality, he elegantly demonstrates that a free market system in a democratic polity—under the rule of law and with strong constitutional protections of individual rights—represents the best chance for the continuing existence of liberty.

Striking a balance between skepticism and hope, Hayek’s profound insights are timelier and more welcome than ever before. This definitive edition of The Constitution of Liberty will give a new generation the opportunity to learn from his enduring wisdom.

ISBN-10

9780226315393
ISBN-13

978-0226315393
Edition

The Collected Works of F. A. Hayek
Publisher

University of Chicago Press
Publication date

April 1, 2011
Book 1 of 16

The Collected Works of F. A. Hayek
Language

English
Dimensions

6 x 1.8 x 9 inches
Print length

688 pages
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Editorial Reviews

Review

"In an age when many on the right are worried that the Obama administration's reform of health care is leading us toward socialism, Hayek's warnings from the mid-twentieth century about society's slide toward despotism, and his principled defense of a minimal state, have found strong political resonance. . . . The notes [to this edition] make clear the extraordinary breadth and depth of Hayek’s erudition and his ability to wander far beyond economics into history, philosophy, biology, and other fields."

-- Francis Fukuyama ― New York Times Book Review

About the Author

F. A. Hayek (1899–1992), recipient of the Presidential Medal of Freedom in 1991 and co-winner of the Nobel 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 Vienna, University of London, University of Chicago, and University of Freiburg.

Product details

ASIN ‏ : ‎ 0226315398
Publisher ‏ : ‎ University of Chicago Press; The Collected Works of F. A. Hayek edition (April 1, 2011)
Language ‏ : ‎ English
Paperback ‏ : ‎ 688 pages
ISBN-10 ‏ : ‎ 9780226315393
ISBN-13 ‏ : ‎ 978-0226315393
Item Weight ‏ : ‎ 1.72 pounds
Dimensions ‏ : ‎ 6 x 1.8 x 9 inches

Best Sellers Rank: #222,215 in Books (See Top 100 in Books)
- #179 in Theory of Economics
- #400 in Economic History (Books)
- #707 in History & Theory of Politics

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4.8 315 ratings

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F. A. Hayek

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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.

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ItIsFin

Some Things are Timeless

Reviewed in the United States on March 3, 2024

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There is so much depth within these pages I cannot imagine the mind that is behind the man that was Hayek. Also, the timeless nature of the work is astounding! I read it in 2023-2024 and it is so relevant for our current societal contemplation. So glad to add this to my library.

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Hans G. Despain

Political Economy at its best

Reviewed in the United States on May 3, 2012

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Hayek's "The Constitution of Liberty" is one of the most important books in social theory written in the twentieth century.

In desperate brevity, the book is divided into three, very well integrated and symbiotic, parts. The first two parts of the book are political economy at its best. Part I concerns Hayek's definition of freedom, its historical emergence, the value of freedom, and the protection and institutionalization of freedom. Part II concerns freedom and its relation to the rule of law and political system as facilitating or undermining the realization of personal freedom. Part III unfolds the implications of freedom for the realm of economics in particularly within the so-called "Welfare State."

There is a fourth part, or postscript titled "Why I am not a conservative," worth the purchase of the book by itself. Hayek argues conservatives are closer to socialists, than they are to `free-market' advocates. Conservatives have a dogmatic "fear of change" (p. 522), while Hayek embraces change for its potential of manifesting Truth and Freedom.

If you think you disagree with Hayek, read this book; if you think you agree with Hayek, read this book.

Now for elaboration ...

"The Constitution of Liberty" is Hayek's magnum opus, a far stronger argument than is his more popular "The Road to Serfdom." There are two primary differences between these two books. First, "The Road to Serfdom" is a critique of what tends to absent freedom; "The Constitution of Liberty" is far less critical and more positive statement of the necessary conditions for the possibility of freedom.

Second, "The Road to Serfdom" is a reaction to, and attack on, the possibility of continuing the planned war economies after WWII as quasi-socialism, whereas "The Constitution of Liberty" proclaims socialism to be dead (p. 370), wherefore defenders of liberty need to focus their attention on the rise of the "Welfare State."

Hayek maintains that "some of the aims of the welfare state can be realized without detriment to individual liberty" (p. 375). This sentence will be far less shocking, when it is recalled 16 years prior Hayek argued in "The Road to Serfdom" the biggest problems that needed to be solved in market economies were: (1) the regulations of the monetary and financial system and (2) curtailment of the coercive actions of big business; further Hayek maintained that Western market societies should have institutions, analogous to the military but not requiring war activity, for individuals who prefer economic security and stable employment and income (perhaps something like a domestic or social peace corps, although Hayek does not specify). In "The Constitution of Liberty" Hayek declares he does not see big business as a positive market force (as Joseph Schumpeter had argued), and Hayek explicitly states "I still feel, as I did fifteen years ago, that it may be a good thing if the monopolist is treated as a sort of whipping boy of economic policy" (p. 381).

What Hayek wants to point out, is not that there is no room for government involvement in personal security, work policy, monetary management, health-care, social insurance, taxation, city planning, environmental protection and education, but that government involvement has historically often been conducted poorly. But the necessity of government involvement in a market economy is never denied, but embraced by Hayek: "A functioning market economy presupposes certain activities on the part of the state" (p. 331). There are activities of the state that are consistent with freedom and there are activities of the state (and private big business) that are inconsistent with freedom. According to Hayek the exaggerated "appeal to the principle of non-interference in the fight against all ill-considered or harmful measures has had the effect of blurring the fundamental distinction between the kinds of measures which are and those which are not compatible with a free system" (p. 331).

Caricatures of Hayek, from both the right and left, do no justice to his impressive insightful commentary, the eruditeness of his political economy, and the sober proportions of emphasis. Hayek's doctrinaire defense of market society is not because it is the "most rational" system, but instead it is the overwhelmingness of human (individual and collective) "ignorance" that must necessarily commit human beings desiring freedom to an experiential and evolutionary system, which includes both private and public spheres of experimentation. Although Hayek is doctrinaire he is not dogmatic. He carefully considers the role of the government and the coerciveness of private business. Make no mistake, Hayek believes in, and defends, liberal society generally and in particular market economy. However, he is far less dogmatic and exaggerated than the caricatures would have him. He is a mind of serious study by both the right and left.

57 people found this helpful

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Morgan Hughes

Awe inspiring, amazing, adds to the human experience and the evolution of wisdom

Reviewed in the United States on September 21, 2015

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Hayek is one of the foremost leaders in economic thought in the 20th century. Ever wonder why he won a Nobel prize and J.M.Keynes did not. Here are links to two videos that put the economic policy differences between Keynes and Hayek to rap music (Yes rap music). Simply brilliant and accurate and hilarious: http://m.youtube.com/watch?v=d0nERTFo-Sk.http://m.youtube.com/watch?v=GTQnarzmTOc. There have been many great economists of the various free market schools, Frederick August Hayek is one of the true Greats. He takes great pain to define terms that we take for granted and explain their value. Awe inspiring in his brilliancy, if you read this book you will be well armed with insights and information about the field of Economics and its far reaching impacts. You will learn things about the evolution of society that will cause you to rethink how much of an understanding and, indeed, education you have. He meticulously traces back through history the very origins of our modern arguments and shows us how in our modern arrogance we make the arguments of failed philosophies of yesteryear. Currently there is some French hack by the name of Piketty that is number one (for econ) on Amazon, it can only be the case that anyone who has given that book a positive review has never read F A Hayek. Or else it would be as obvious to them as it is to me (not a trained economist) the mistaken assumptions and out right dishonest conclusions as well as misleading analysis of statistics in Piketty's horrific 648 page waste of time. Piketty makes the failed arguments of the 17th century mercantalists and of the French rationalists who were simply wrong as most of their understandings of freedom came, not by experience, but by observing freedom elsewhere (England). Educate yourself, read anything by F A Hayek. These days we think so highly of ourselves that often it is the case that we do not realize the arguments of the day are, in actuality, the same as the arguments of a bygone era reworked and reworded for a newer more naive audience. No one should remember J M Keynes as his policies have proven failures everywhere they have been implemented (before durring and after his time). Personal and emotional bias in the field of Economics has led us to make heroes of failures and obscure references of true heroes. Rediscover an intellectual giant, learn from history, help turn the tide of bad decisions that we, as slaves of defunct economists, allow our society to make due to our ignorance.

12 people found this helpful

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Hector Javier Willys Duarte

Good ideas, bad conclusions

Reviewed in Mexico on April 22, 2023

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Hayek makes a very thorough and critical analysis of concepts such as democracy, the purpose of law, government, welfare etc. But at the same time he fails to question his own assumumtions on the nature of freedom and coercion (specially the one done by the state), he defines these 2 concepts in a very specific way and follows such definitions in an almost religious way. He is extremely sceptical all non-liberal ideas of government and deconstructs them so much that at times it seems like he's trying to gaslight the reader. It's a pitty because the criticisms he makes are interesting and if he applied the same rigor to examine the implication of liberal economics I think he could have had some great insights.

Hyrochi

Good examination of utility of personal freedom

Reviewed in Germany on April 29, 2021

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Does a great job at showcasing the real utility of individual freedom and then inspects how attempts at control by central authority in various sectors interferes with market forces, which in the longrun destabilizes society.

Andre

Obra prim

Reviewed in Brazil on February 23, 2020

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Esse é o melhor livro sobre teoria política que você vai ler. Hayek demole as utopias socialistas e demonstra como o governo limitado é o caminho para a liberdade.

8 people found this helpful

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Paul DUPONT

PERFECT

Reviewed in France on August 30, 2018

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Great book, highly recommended.

Dr Sanjay Gupta

but excellent text.

Reviewed in India on May 31, 2017

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Very heavy reading, but excellent text.

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