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F. A. Hayek

The Fatal Conceit: The Errors of Socialism (Volume 1) (The Collected Works of F. A. Hayek) Paperback – August 28, 1991

by F. A. Hayek (Author), W. W. Bartley III (Editor)

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

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Hayek gives the main arguments for the free-market case and presents his manifesto on the "errors of socialism." Hayek argues that socialism has, from its origins, been mistaken on factual, and even on logical, grounds and that its repeated failures in the many different practical applications of socialist ideas that this century has witnessed were the direct outcome of these errors. He labels as the "fatal conceit" the idea that "man is able to shape the world around him according to his wishes."

"The achievement of The Fatal Conceit is that it freshly shows why socialism must be refuted rather than merely dismissed—then refutes it again."—David R. Henderson, Fortune.

"Fascinating. . . . The energy and precision with which Mr. Hayek sweeps away his opposition is impressive."—Edward H. Crane, Wall Street Journal

F. A. Hayek is considered a pioneer in monetary theory, the preeminent proponent of the libertarian philosophy, and the ideological mentor of the Reagan and Thatcher "revolutions."

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Editorial Reviews

From the Back Cover

Adopting an economic and evolutionary approach throughout, Hayak examines the nature, origin, selection and development of the differing moralities of socialism and the market order; he recounts the extraordinary powers that 'the extended order' of the market, as he calls it, bestows on mankind, constituting and enabling the development of civilization.

About the Author

F. A. 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 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.

Product details

Publisher : University of Chicago Press; 1st edition (August 28, 1991)
Language : English
Paperback : 194 pages
ISBN-10 : 0226320669
ISBN-13 : 978-0226320663
Item Weight : 10 ounces
Dimensions : 8.95 x 6.04 x 0.51 inches

Best Sellers Rank: #65,590 in Books (See Top 100 in Books)
- #85 in Radical Political Thought
- #143 in Theory of Economics

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249 ratings

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James Flanagan

Difficult, simple, thrilling, terrifying, inspiring.

Reviewed in the United States on September 12, 2017

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I first read this book about 20 years ago. This time I decided to listen to it. Hayek's style and intelligence demands a lot from any reader. Kudos to the Audible performer for his truly excellent job of making this difficult book accessible. The book itself is the most important single book I have ever read (I swear I have never said that about any other book). It explains clearly and convincingly that our civilization and its ability support multiple billions of lives depends completely on the laws and customs concerning private property that have evolved over millennia, that no one is smart enough to have designed this self-organizing system, let alone a better one, and that socialism is founded on a challenge to both of these. Even now that it is clear that all big socialism experiments have both failed and created only misery, people cling to the idea that some form of socialism can work. In this book's introduction, Hayek acknowledges the power and even the beauty of the socialist idea. Indeed, Hayek's biographer says Hayek himself was a socialist as a young man. If socialism appeals to you, read this book and you will see that Hayek and you share common ground. You can feel the good will toward humanity's billions that underlies Hayek's most urgent message (essentially, don't kill the goose...). Hayek's words on diversity will impress you that systems depending on evolution create and demonstrate the value of diversity. In today's identity culture wars, Hayek is neither on the right nor the left in any sense I can appreciate. To the extent he speaks to it, identity politics on both the right and the left are mistaken. The self-organizing complex system of laws and customs that has evolved is truly blind to race, color, creed, gender, orientation ... to everything except one thing. You live by the laws and customs that work and you may thrive (still no guarantee). You don't do that and you are more likely not to thrive. Is he saying we cannot do better? No. Just as in biological evolution, we can and should continue to experiment. But as with any experiment, we should be careful with the ones we choose. We may or may not know how to make it fatter, but we know how to kill the goose.

43 people found this helpful

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Hayekian

Great Introduction and Summary of Hayek's MONUMENTAL contributions

Reviewed in the United States on May 10, 2017

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Hayek was simply the greatest intellectual of the 20th century. And 21st too because the mainstream scientific word is still playing catch up. Matt Ridley, who is near the apex of today’s scientific literary community so humbly mentioned: “Many of the insights that I thought I had discovered in my own readings and writings...it turns out Hayek had long before me.” Standing on the shoulders of the great economist Ludwig von Mises, Hayek was able to add an evolutionary dimension to Mises' economics which could give a coherent understanding of not only how the economy worked, but how its evolution was intertwined with cultural evolution and come up with countless profound insights. In another book Hayek writes:

“We understand now that all enduring structures above the level of the simplest atoms, and up to the brain and society, are the results of, and can be explained only in terms of, processes of selective evolution…”

If Hayek is correct, then eventually mankind will stumble upon such truths and thus get closer to Hayek and Herbert Spencer. Anyone familiar with their evolutionary synthesis can see this process occurring.

This short book is fantastic, it is an easy read, much easier and shorter than Hayek's The Road to Serfdom, yet it is far more profound in terms of the key insights. Simply a MUST.

15 people found this helpful

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Howard Tortes

Explains and puts into words why Socialism always fails.

Reviewed in the United States on July 17, 2017

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I read this in about two days. Well written; however, you will need to be very focused and committed to learning and understanding something that is typically oversimplified. Read this and get an intellectual approach to understanding the dark side of Socialism.

17 people found this helpful

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Skitragic

Essential reading if you are unsure of what socialism really intends for all of us.

Reviewed in the United States on October 26, 2015

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Based on the way the world is heading today, more people should read this book. Be aware - Hayek is a very intelligent man and his mastery of the English language amazing. He goes to enormous effort to ensure his message is crystal clear so readers must be patient. For me, he has really opened to my eyes to the side of mankind that could destroy the species, but that said, I believe, that while the future will be up and down, humans will survive after they have learnt the lessons which current times demonstrate they must.

17 people found this helpful

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Flicker

It is a too ponderous book, but an accurate concept.

Reviewed in the United States on November 22, 2019

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This book is a hard slog although I agree that Socialism is a Fatal Conceit. Because it fools us into thinking that Altruism should be the primary motivator of all of us. But it is not, Egoism is. This isn't to say that there is no Altruistic aspect built into our psyche, but it is selective which is what allows us to evolve. Evolutionism is what has created all species in Body as well as Mind. After all the mind is a result of the evolutionary process. When you narrow the evolutionary options you come closer to extinction, which is exactly what Socialism tacitly brings about.

One person found this helpful

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Capt. Kangaroo

An excellent telling of how trade developed from the primitive tribal ...

Reviewed in the United States on October 4, 2016

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An excellent telling of how trade developed from the primitive tribal societies up to the highly complex and "unmanageable" system that today is able to supply the needs of billions of consumers. It explains why a managed economy is doomed to failure and how it is impossible to anticipate what billions of people want.

11 people found this helpful

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larry williams

Hayek is a big deal to some.

Reviewed in the United States on July 31, 2020

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I wanted to have an idea about the Austrian school, so I thought this would be a place to start. Hayek knows,or at least appears to know, not only economics but also history and philosophy. Like most well informed intelligent people, he makes, what I consider, several good points about the superior advantages of markets over central planning. However, I think he writes with a sneer when he evaluates a, really, totalitarian socialism whIch was Already crumbling when he wrote the book, and which, after it finally collapsed, was replaced by an oligarchic kleptocracy which, I believe, will succumb to the same weaknesses as the system it replaced.
I’m glad I read it. Neoliberalism and libertarianism are with us now and are likely to be influential for sometime.

One person found this helpful

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Amazon Customer

profound vitally important book

Reviewed in the United Kingdom on August 11, 2019

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not always easy to read but helps one to understand the flaw at the heart of the argument of those who seek more state control.

One person found this helpful

Nick Wright

Read it

Reviewed in the United Kingdom on August 30, 2017

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Everyone should read this. This will change your mind

3 people found this helpful

Patrick Sullivan

A Profound Analysis Of Economic Thought

Reviewed in Canada on October 25, 2011

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I really enjoyed The Road To Serfdom, and therefore decided to read The Fatal Conceit. It is hard to find the words to describe how incredibly deep and insightful, Hayek goes into explaining the economic process. It seems almost every page contained enough information, to expand into an entire book.

Hayek literally included Stone Age and medieval social traditions, to help explain modern economics. He feels social customs, laws, morals, and free market economics, have naturally evolved, and therefore produced our modern society. These complex systems can not be fully understood by modern thinkers. They are too vast and complicated, to be managed by central planners. Yet this is where the problems start. Intellectuals decide they are smarter then an entire economic system, and make changes to procedures. The results are very harmful.

This book was absolutely amazing! Enough said.

One person found this helpful

Tony Baller

Socialism exposed for the factually incorrect mess it is.

Reviewed in Canada on December 20, 2018

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Great read by a brilliant man. This should be required reading for all politicians, especially economically illiterate ones like Justin Trudeau.

3 people found this helpful

Gene Balfour

Written late in his like, Hayek's brilliance

Reviewed in Canada on July 7, 2014

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Written late in his like, Hayek's brilliance, wisdom and insights shine through! If only more citizens would take the time to read and understand the ideas of this great man, our modern democracy would be greatly enriched.

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