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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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Part of: The Collected Works of F. A. Hayek (18 Books)

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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."

Print length

194 pages
Language

English
Publisher

University of Chicago Press
Publication date

August 28, 1991
Dimensions

8.95 x 6.04 x 0.51 inches
ISBN-10

0226320669
ISBN-13

978-0226320663
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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: #88,360 in Books (See Top 100 in Books)
- #59 in Radical Political Thought
- #157 in Theory of Economics

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317 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.

16 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.

18 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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GrammaTeacher

I’m still mulling it over

Reviewed in the United States on June 23, 2021

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So, I’ve read other FA Hayek, and they are page turners for me. This just wasn’t as interesting. I found a few small nuggets I enjoyed, but for the most part, it was sub par for Hayek. Then, I found out that there is a controversy over whether or not he actually wrote it, or if the editor did. So, that made more sense.
The beginning is a lot of educated guesses. The point made in the book is that we don’t have the historic knowledge for regular life because governments would keep a better history. I mean, I can see that point, but basing a whole economic book off that is just kind of shady. What is this, a book on dinosaurs? (J/K).
If you want to learn more about Hayek’s ideas on capitalism, this book isn’t really worth it.

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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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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.

3 people 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

4 people found this helpful

drcnussbaumer

Ein großartiges Werk des Nobelpreisträgers Hayek

Reviewed in Germany on June 12, 2021

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Das Buch „The fatal conceit“ (die fatale Einbildung) des österreichischen Wirtschaftsnobelpreisträgers Friedrich August von Hayek wurde 1988 - vier Jahre vor seinem Tod - veröffentlicht und ist ein Kondensat seines Lebenswerkes, seiner Erkenntnisse und Überzeugungen. Leider ist das Werk nicht in Deutsch erhältlich. In neun Kapiteln beschreibt Hayek auf 180 Seiten die wesentlichen Antworten auf die Eingangsfrage: „Ist Sozialismus ein Fehler?“: 1. Zwischen Instinkt und Vernunft; 2. Die Herkunft der Freiheit, des Eigentums und der Gerechtigkeit; 3. Die Evolution des Marktes: Handel und Zivilisation; 4. Die Revolte des Instinkts und der Vernunft; 5. Die fatale Einbildung; 6. Die mysteriöse Welt des Handels und des Geldes; 7. Unsere vergiftete Sprache; 8. Die erweiterte Ordnung; 9. Religion und die Wächter der Tradition.

Die Lektüre jedes Kapitels zeigt ein unglaublich tiefes und ein in einem langen Leben erarbeiteten Verständnis. Hayek war nicht nur Ökonom, sondern auch ein Philosoph mit einer tiefen Kenntnis vieler Autoren der klassischen Literatur und Ökonomen, Philosophen, Naturwissenschaftler und vielen weiteren Spezialgebieten. Er pflegte eine innige Freundschaft mit John Maynard Keynes, lehnte jedoch seine Sicht zur Steuerung der Wirtschaft ab. Keynes war sozusagen der große Gegenspieler von Hayek. Hayek kritisierte beispielsweise die zynische Bemerkung Keynes, wonach er meinte „in the long run we are all dead“. Bei einer solchen Sichtweise ist es offensichtlich weniger schlimm, wenn hinter den keyneschen Maßnahmen die Sintflut kommt.

Nach Hayek ist Eigentum die wesentliche Voraussetzung einer entwickelten Wirtschaft. Ohne Eigentum wäre es unmöglich Wohlstand zu schaffen und zu mehren. Vor der neolithischen Revolution war das Schicksal des Menschen zu jagen und zu sammeln. Das Eigentum der Menschen war begrenzt auf ihre Kleider, Werkzeuge, Waffen etc. Im Laufe der neolithischen Revolution, als die Menschen sukzessive sesshaft wurden, entwickelte sich das Eigentum weiter. Auch das Haus, das Vieh, das Land etc. waren nun in der Verantwortung des Individuums und der Familie und löste sich von der Verfügungsgewalt der Gruppe ab. Dieser Prozess war mit großen gesellschaftlichen Veränderungen verbunden. Die Menschen mussten lernen miteinander zu leben und Regeln zu bilden. Dieser evolutionäre Prozess optimierte sozusagen das Zusammenleben, führte zur Arbeitsteilung, zur Spezialisierung und damit zu Wohlstand, zum heutigen Menschen und zur heutigen Gesellschaft. Hayek spricht neben der biologischen Evolution vor allem von der kulturellen Evolution. Man müsse unterscheiden zwischen den Regeln einer kleinen Gruppe und der einer Gesellschaft. Es ist unmöglich, die Regeln einer kleinen Gruppe auf die der Gesellschaft zu übertragen. Dieses Missverständnis ist daher immer wieder Ursache für Meinungsverschiedenheiten von Solidarität, Gleichheit, Gemeinwohl, Eigentum etc.

Nach Hayek erfordert Freiheit nicht zwangsläufig, dass alle Menschen, aber dass viele Menschen Eigentum besitzen. Er würde lieber ohne jegliches Eigentum in einem freien Land leben, in dem alle anderen Menschen Eigentum besitzen als in einem Land, in dem das gesamte Eigentum einer Kollektive gehört. Eigentum ist nach Hayek Grundvoraussetzung für die optimale Allokation von Ressourcen. Ohne Eigentum kann es keine Gerechtigkeit geben. Eigentum bedeutet auch Kapital, und mit Kapital können Ressourcen eingesetzt werden, um Produkte und damit Nutzen zu erzeugen. Der Satz von Karl Marx, wonach der Kapitalismus ein Proletariat geschaffen hat lässt er nicht gelten. Im Gegenteil hat der Kapitalismus erst ermöglicht, dass diese Menschen überhaupt leben konnten, sie wären sonst schlicht verhungert. Hayek zeigt diese Zusammenhänge sehr gut auf und belegt sie mit Daten und Fakten. Vor der industriellen Revolution gab es immer wieder Hungersnöte. Die Menschen lebten in bitterer Armut, meistens auf dem Land. Viele starben durch Seuchen, Hunger und Gewalt. Durch die Entwicklung der Arbeitsteilung, durch Innovation und Spezialisierung wurden Maschinen und Fähigkeiten entwickelt, die in der Lage waren Produkte viel effizienter herzustellen. Die Arbeitskräfte, die massenweise vom Land in die Industriestädte zogen wollten arbeiten. Natürlich waren die Bedingungen zu Beginn der industriellen Revolution katastrophal, und niemand möchte solche Verhältnisse sehen. Aber eines passierte, nämlich dass die Menschen Geld verdienten und somit überlebten. Im Laufe der weiteren Entwicklung der Industrie stieg auch der Wohlstand deutlich an. Kleider, Nahrungsmittel und Wohnungen waren plötzlich auch für einfache Arbeiter leistbar, wenn auch in einem erbärmlichen Zustand. Aber sie überlebten.

Ich fragte mich stets, warum Karl Marx sein Werk „Das Kapital“ nicht vollendete. Auf der Seite 150 fand ich endlich eine Antwort. Marx las die Werke von Jevons und vor allem Carl Menger, einem 22 Jahre jüngeren Zeitgenossen von Marx und Gründer der Österreichischen Schule der Nationalökonomie. Nachdem Marx das Werk Mengers gelesen hatte, stellte er alle Arbeiten an seinem Werk ein. Die Erkenntnisse Mengers standen diametral zu den Erkenntnissen von Marx. Heute, 150 Jahre später, ist klar, dass die Theorie von Marx sowohl theoretisch als auch praktisch widerlegt und die von Menger bestätigt ist. Vielleicht ist Marx bei der Lektüre ein Licht aufgegangen. Er hätte seinen Irrtum eingestehen sollen. Der Welt wären mehrere Katastrophen erspart geblieben.

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Fabroviolins

Super important book

Reviewed in Italy on February 21, 2021

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Oh boy, and I'm used to reading these type of books. I'm only giving it 4 stars because it took me ages to read it and I think it could have been written in a slightly easier way, more direct and clear. But that being said, the information here is invaluable, setting some of the bases for democracy, tradition, evolution, the role of intellectuals, etc.
It's definitely worth the time it took me to read it!

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.

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