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Archival Insights into the Evolution of Economics

Hayek: A Collaborative Biography

Part XV: The Chicago School of Economics, Hayek’s ‘luck’ and the 1974 Nobel Prize for Economic Science

Editors: Leeson, Robert (Ed.)

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  • Makes extensive use of archival material to support arguments and debates
  • Presents a comprehensive discussion of Hayek's influence and influences
  • Explores the School of Chicago Economics
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eBook $109.00
price for USA in USD (gross)
  • ISBN 978-3-319-95219-2
  • Digitally watermarked, DRM-free
  • Included format: PDF, EPUB
  • ebooks can be used on all reading devices
  • Immediate eBook download after purchase
Hardcover $139.99
price for USA in USD
  • ISBN 978-3-319-95218-5
  • Free shipping for individuals worldwide
  • Usually dispatched within 3 to 5 business days.
About this book

On 9 August 1974, Richard Nixon resigned to avoid impeachment; on 29 April 1975, the United States scuttled from their Embassy in Saigon - optics that were interpreted as defeats for the ‘International Right’. Yet in 1975, Margaret Thatcher became leader of the Conservative Party; and in 1976 Ronald Reagan almost unseated a sitting Republican Party President.  Pivotal to the ‘turn to the Right’ was Friedrich ‘von’ Hayek’s 1974 Nobel Prize for Economic Science - awarded for having used Austrian Business Cycle Theory to predict the Great Depression: ‘For him it is not a matter of a simple defence of a liberal system of society as may sometimes appear from the popularized versions of his thinking.’
The evidence suggests that Hayek’s fraudulent assertion was uncovered at the University of Chicago in the early 1930s – but not reported. The most likely explanation is self-censorship - for reasons of ideological correctness, fund raising and residual deference to the Second Estate. Four indirect tests suggest that ‘free’ market economists have - in other instances and presumably for fund-raising motives - suppressed embarrassing ‘knowledge’: which suggests that they were perfectly capable of suppressing ‘knowledge’ about Hayek’s non-prediction of the Great Depression.
With respect to the Nobel Prize and thus his ability to reach a wider audience, Hayek was fortune in having two loyal ‘intermediaries’: Lionel Robbins and Fritz Machlup who were – and probably felt themselves to be – ‘socially’ inferior to ‘von’ Hayek.

About the authors

Robert Leeson has been Visiting Professor of Economics at Stanford University, USA since 2005, National Fellow and Visiting Scholar at the Hoover Institution since 1995 and Adjunct Professor at Notre Dame Australia University since 2008. He has published numerous articles in journals including The Economic Journal and Economics and History of Political Economy. In addition to writing and editing twenty books, he is the co-editor (with Charles Palm) of The Collected Writings of Milton Friedman. He has held further visiting positions at Cambridge University, the University of California, Berkeley, the University of California, Santa Cruz, Santa Clara University and the University of Western Ontario.

Table of contents (11 chapters)

Table of contents (11 chapters)

Buy this book

eBook $109.00
price for USA in USD (gross)
  • ISBN 978-3-319-95219-2
  • Digitally watermarked, DRM-free
  • Included format: PDF, EPUB
  • ebooks can be used on all reading devices
  • Immediate eBook download after purchase
Hardcover $139.99
price for USA in USD
  • ISBN 978-3-319-95218-5
  • Free shipping for individuals worldwide
  • Usually dispatched within 3 to 5 business days.
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Bibliographic Information

Bibliographic Information
Book Title
Hayek: A Collaborative Biography
Book Subtitle
Part XV: The Chicago School of Economics, Hayek’s ‘luck’ and the 1974 Nobel Prize for Economic Science
Editors
  • Robert Leeson
Series Title
Archival Insights into the Evolution of Economics
Copyright
2018
Publisher
Palgrave Macmillan
Copyright Holder
The Editor(s) (if applicable) and The Author(s)
eBook ISBN
978-3-319-95219-2
DOI
10.1007/978-3-319-95219-2
Hardcover ISBN
978-3-319-95218-5
Series ISSN
2662-6195
Edition Number
1
Number of Pages
XV, 432
Topics