Hayek's challenge

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Friedrich A. Hayek is recognized as a leading economic theorist of the twentieth century, with significant contributions beyond economics, including psychology, political philosophy, and the methodology of social sciences. Bruce Caldwell, editor of The Collected Works of F. A. Hayek, presents the first comprehensive intellectual biography of this influential social theorist. Caldwell begins by outlining the context of Hayek's thought, tracing the emergence of the Austrian school of economics in fin-de-siècle Vienna amidst competing ideas. He then explores Hayek's evolution from standard Austrian assumptions to his distinctive views on economics and various social phenomena. The book also assesses Hayek's arguments and, in an epilogue, evaluates how his insights can shed light on the changes in economics throughout the twentieth century. As Hayek's ideas developed, he became increasingly critical of mainstream economics, resulting in a contrarian stance that evolved in complex and sometimes contradictory ways. Caldwell expertly navigates Hayek's intellectual journey, situating him within a broader context and clarifying the intricate developments in his thinking. This work is poised to be one of the most significant contributions to understanding Hayek in recent years.