Bruce Caldwell of Duke Carl menger essay contest and the General Editor of the Collected Works of F. Have you worried about your food today?
Complete text with Readings and Highlights. Email with latest full text and audio. Hayek, his life, his ideas, his books, and articles. The conversation covers Hayek’s intellectual encounters with Keynes, Hayek’s role in the socialist calculation debate, Hayek’s key ideas, and a discussion of which of Hayek’s works are most accessible. Caldwell on Hayek’,’Russ Roberts and Bruce Caldwell’,this. How do I listen to a podcast? Hayek’s Challenge: An Intellectual Biography of F.
Library of Economics and Liberty. Includes discussion of the calculation debate and more. Keynes-Hayek rap video created by John Papola and Russ Roberts. John Papola and Russ on Hayek’s ideas, over 2 million hits on youtube. Love song to Hayek by Dorian Electra, 44,000 hits on youtube. 1 on Amazon thanks to an endorsement discussion by Glenn Beck. He’s very relevant and we’re going to talk about why.
Plan is to talk about his life, ideas, and his work. Give us a brief sketch of his life. He participated in and also opposed some of those changes. Good figure to study for economics as well as himself.
Born in Vienna, served during WWI, following the war went to the U. Student of Friedrich von Wieser, got his degrees in the early 1920s. Had a number of distinguished classmates: Fritz Machlup and Gottfried Haberler, Oskar Morgenstern, one of the founders of game theory was also a fellow student. After getting to know Mises a little bit, when he finished his second degree in 1923 he went off to the United States for about 15 months. Hayek sat in on his class on Types of Economic Theory. You call him an institutionalist and that covers a lot of ground, but what he’s still considered by many to be important to understand was his emphasis on the importance of data, which of course Hayek is going to spar with him a little bit over time. One of the interesting aspects of this whole story is that Hayek grew up in the Austrian tradition, which had as one of its opponents at the end of the century the German Historical School–which had an old and younger German historical school.
The younger one was headed up by Gustav Schmoller, who said: What we need to do is gather statistics, and it’s premature to try to have a theoretical understanding of social phenomena until we’ve gathered a sufficient amount of statistics and then we can start at some point in the future theorizing. If you say we just have to gather statistics but we can’t really put them together in a meaningful way and contribute to the war effort, this wasn’t viewed as helpful. Not anticipated or written anything about things like the hyperinflation. Hayek gets to the United States and hears Wesley Clair Mitchell, and he’s saying what we need to do is collect statistics–the same sorts of things that Schmoller had been saying. Although Mitchell was much more sophisticated about the way he intended to use the statistics to help experts manage an economy.
Not a socialist by any means, but he was somebody who thought that science could be used to restructure society in better ways and that it was the responsibility of people like him and those helping the NBER to do so. So, Hayek was in the bizarre position of sitting in on this guy’s class and hearing him as kind of the avant garde American economist spouting ideas that he in his own experience had felt had been discredited. I learned from Lucas that Mitchell was a very important figure because he understood that you have to have stylized facts–you can’t have–all the data you need but you have to know what’s to be explained. Ironically, Lucas learned Mitchell and also from Hayek.