Friedrich_Hayek

context: Friedrich Hayek CH (German: [ˈfʁiːdʁɪç ˈaʊ̯ɡʊst ˈhaɪ̯ɛk]; 8 May 1899 – 23 March 1992), born in Austria-Hungary as Friedrich August von Hayek and frequently referred to as F. A. Hayek, was an Austrian and British economist and philosopher best known for his defense of classical liberalism. Hayek shared the 1974 Nobel Memorial Prize in Economic Sciences with Gunnar Myrdal for his "pioneering work in the theory of money and economic fluctuations and ... penetrating analysis of the interdependence of economic, social and institutional phenomena."
qas: answers: Austria-Hungary
question: In which nation was Friedrich Hayek born?

answers: F. A. Hayek
question: Friedrich Hayek name was commonly shortened to what?

answers: Nobel Memorial Prize
question: What award did Hayek receive in 1974?

answers: Gunnar Myrdal
question: With whom did Hayek share his 1974 award?

answers: philosopher
question: Along with being an economist, what else was Hayek known as?

context: In 1984, he was appointed a member of the Order of the Companions of Honour by Queen Elizabeth II on the advice of Prime Minister Margaret Thatcher for his "services to the study of economics". He was the first recipient of the Hanns Martin Schleyer Prize in 1984. He also received the US Presidential Medal of Freedom in 1991 from President George H. W. Bush. In 2011, his article "The Use of Knowledge in Society" was selected as one of the top 20 articles published in The American Economic Review during its first 100 years.
qas: answers: Order of the Companions of Honour
question: Hayek became a member of which group in 1984?

answers: services to the study of economics
question: For what reason was Hayek inducted into the order?

answers: Hanns Martin Schleyer Prize
question: What award was Hayek the first to receive?

answers: President George H. W. Bush
question: Who awarded Hayek the Medal of Freedom?

answers: The Use of Knowledge in Society
question: Which of Hayek's articles received recognition in 2011?

context: Friedrich August von Hayek was born in Vienna to August von Hayek and Felicitas Hayek (née von Juraschek). Friedrich's father, from whom he received his middle name, was also born in Vienna in 1871. He was a medical doctor employed by the municipal ministry of health, with passion in botany, in which he wrote a number of monographs. August von Hayek was also a part-time botany lecturer at the University of Vienna. Friedrich's mother was born in 1875 to a wealthy, conservative, land-owning family. As her mother died several years prior to Friedrich's birth, Felicitas gained a significant inheritance which provided as much as half of her and August's income during the early years of their marriage. Hayek was the oldest of three brothers, Heinrich (1900–69) and Erich (1904–86), who were one-and-a-half and five years younger than him.
qas: answers: August von Hayek
question: Who was Hayek's father?

answers: medical doctor
question: What was August von Hayek's occupation?

answers: botany
question: What was August von Hayek particularly passionate about?

answers: her mother
question: From whom did Felicitas inherit her wealth?

answers: three
question: How many children did August von Hayek and his wife have?

context: His father's career as a university professor influenced Friedrich's goals later in life. Both of his grandfathers, who lived long enough for Friedrich to know them, were scholars. Franz von Juraschek was a leading economist in Austria-Hungary and a close friend of Eugen Böhm von Bawerk, one of the founders of the Austrian School of Economics. Von Juraschek was a statistician and was later employed by the Austrian government. Friedrich's paternal grandfather, Gustav Edler von Hayek, taught natural sciences at the Imperial Realobergymnasium (secondary school) in Vienna. He wrote systematic works in biology, some of which are relatively well known.
qas: answers: His father's
question: Who's occupation inspired Hayek when he was older?

answers: Franz von Juraschek
question: Eugen Bohm was friends with which of Hayek's grandfathers?

answers: scholars
question: What occupation did Hayek's grandfather's have?

answers: systematic works in biology
question: What did August von Hayek's father write?

answers: Gustav Edler von Hayek
question: Who was August von Hayek's father?

context: On his mother's side, Hayek was second cousin to the philosopher Ludwig Wittgenstein. His mother often played with Wittgenstein's sisters, and had known Ludwig well. As a result of their family relationship, Hayek became one of the first to read Wittgenstein's Tractatus Logico-Philosophicus when the book was published in its original German edition in 1921. Although Hayek met Wittgenstein on only a few occasions, Hayek said that Wittgenstein's philosophy and methods of analysis had a profound influence on his own life and thought. In his later years, Hayek recalled a discussion of philosophy with Wittgenstein, when both were officers during World War I. After Wittgenstein's death, Hayek had intended to write a biography of Wittgenstein and worked on collecting family materials; and he later assisted biographers of Wittgenstein.
qas: answers: Hayek
question: Who was among the first readers of Ludwig  Wittgenstein's book?

answers: on only a few occasions
question: How often times did Hayek and Wittgenstein meet?

answers: Ludwig Wittgenstein
question: Whose philosophy heavily influenced Hayek?

answers: both were officers
question: What did Wittgenstein and Hayek do during the first world war?

answers: Wittgenstein's Tractatus Logico-Philosophicus
question: What was the name of the book Wittgenstein published in 1921?

context: Hayek displayed an intellectual and academic bent from a very young age. He read fluently and frequently before going to school. At his father's suggestion, Hayek, as a teenager, read the genetic and evolutionary works of Hugo de Vries and the philosophical works of Ludwig Feuerbach. In school Hayek was much taken by one instructor's lectures on Aristotle's ethics. In his unpublished autobiographical notes, Hayek recalled a division between him and his younger brothers who were only few years younger than him, but he believed that they were somehow of a different generation. He preferred to associate with adults.
qas: answers: they were somehow of a different generation
question: What did Hayek conclude regarding his brothers?

answers: adults
question: With whom did Hayek more frequently converse?

answers: read fluently and frequently
question: Prior to his schooling, what was the state of Hayek's reading skills?

answers: his father
question: Who told Hayek he should begin reading Hugo de Vries works?

answers: Aristotle
question: Which philosopher did Hayek learn about in a school lecture?

context: At the University of Vienna, Hayek earned doctorates in law and political science in 1921 and 1923 respectively; and he also studied philosophy, psychology, and economics. For a short time, when the University of Vienna closed, Hayek studied in Constantin von Monakow's Institute of Brain Anatomy, where Hayek spent much of his time staining brain cells. Hayek's time in Monakow's lab, and his deep interest in the work of Ernst Mach, inspired Hayek's first intellectual project, eventually published as The Sensory Order (1952). It located connective learning at the physical and neurological levels, rejecting the "sense data" associationism of the empiricists and logical positivists. Hayek presented his work to the private seminar he had created with Herbert Furth called the Geistkreis.
qas: answers: University of Vienna
question: Where did Hayek acquire his doctorates?

answers: Constantin von Monakow's Institute of Brain Anatomy
question: Where did Hayek learn about the brain?

answers: The Sensory Order
question: What was the name of Hayek's first work?

answers: Herbert Furth
question: With whom did Hayek establish the Geistkreis?

answers: the Geistkreis
question: Where did first show his work?

context: During Hayek's years at the University of Vienna, Carl Menger's work on the explanatory strategy of social science and Friedrich von Wieser's commanding presence in the classroom left a lasting influence on him. Upon the completion of his examinations, Hayek was hired by Ludwig von Mises on the recommendation of Wieser as a specialist for the Austrian government working on the legal and economic details of the Treaty of Saint Germain. Between 1923 and 1924 Hayek worked as a research assistant to Prof. Jeremiah Jenks of New York University, compiling macroeconomic data on the American economy and the operations of the US Federal Reserve.
qas: answers: research assistant
question: What work did Hayek begin in 1923?

answers: University of Vienna
question: Where did Carl Menger and Friedrich von Wieser influence Hayek?

answers: the Austrian government
question: For whom did Hayek work upon being hired by Ludwig von Mises?

answers: macroeconomic data
question: What was Hayek gathering during his time as a research assistant?

answers: Jeremiah Jenks
question: What was the name of the professor Hayek worked for as a research assistant?

context: Initially sympathetic to Wieser's democratic socialism, Hayek's economic thinking shifted away from socialism and toward the classical liberalism of Carl Menger after reading von Mises' book Socialism. It was sometime after reading Socialism that Hayek began attending von Mises' private seminars, joining several of his university friends, including Fritz Machlup, Alfred Schutz, Felix Kaufmann, and Gottfried Haberler, who were also participating in Hayek's own, more general, private seminar. It was during this time that he also encountered and befriended noted political philosopher Eric Voegelin, with whom he retained a long-standing relationship.
qas: answers: democratic socialism
question: What ideology was Hayek originally in support of?

answers: reading von Mises' book Socialism
question: What caused Hayek to turn away from Wiser's ideology?

answers: Eric Voegelin
question: During his attendance to von Mises' seminars, who did Hayek become friends with?

answers: classical liberalism
question: What viewpoint did the book Socialism shift Hayek toward?

answers: Carl Menger
question: Who is the father of the ideology Hayek came to support?

context: With the help of Mises, in the late 1920s Hayek founded and served as director of the Austrian Institute for Business Cycle Research, before joining the faculty of the London School of Economics (LSE) in 1931 at the behest of Lionel Robbins. Upon his arrival in London, Hayek was quickly recognised as one of the leading economic theorists in the world, and his development of the economics of processes in time and the co-ordination function of prices inspired the ground-breaking work of John Hicks, Abba Lerner, and many others in the development of modern microeconomics.
qas: answers: director
question: What position did Hayek gain at the Austrian Institute?

answers: Lionel Robbins
question: Who requested that Hayek be employed by LSE?

answers: one of the leading economic theorists in the world
question: What sort of recognition had Hayek received when he came to London?

answers: modern microeconomics
question: What subject did Hayek's works influence and inspire?

answers: 1931
question: In what year did Hayek come to London?

context: Hayek was concerned about the general view in Britain's academia that fascism was a capitalist reaction to socialism and The Road to Serfdom arose from those concerns. It was written between 1940 and 1943. The title was inspired by the French classical liberal thinker Alexis de Tocqueville's writings on the "road to servitude." It was first published in Britain by Routledge in March 1944 and was quite popular, leading Hayek to call it "that unobtainable book," also due in part to wartime paper rationing. When it was published in the United States by the University of Chicago in September of that year, it achieved greater popularity than in Britain. At the arrangement of editor Max Eastman, the American magazine Reader's Digest also published an abridged version in April 1945, enabling The Road to Serfdom to reach a far wider audience than academics. The book is widely popular among those advocating individualism and classical liberalism.
qas: answers: The Road to Serfdom
question: What did Hayek write regarding fascism and socialism?

answers: Alexis de Tocqueville
question: Whose works served as inspiration for the title of Road to Serfdom?

answers: March 1944
question: When was the Road to Serfdom published?

answers: United States
question: Where was Road to Serfdom more popular than it was in Britain?

answers: Max Eastman
question: Who is responsible for Road to Serfdom being shortened for Reader's Digest in 1945?

context: In 1950, Hayek left the London School of Economics for the University of Chicago, where he became a professor in the Committee on Social Thought. Hayek's salary was funded not by the university, but by an outside foundation. University of Chicago President Robert Hutchins was in the midst of a war with the U. of Chicago faculty over departmental autonomy and control, and Hayek got caught in the middle of that battle. Hutchins had been attempting to force all departments to adopt the neo-Thomist Great Books program of Mortimer Adler, and the U. of Chicago economists were sick of Hutchins' meddling. As the result the Economics department rejected Hutchins' pressure to hire Hayek, and Hayek became a part of the new Committee on Social Thought.
qas: answers: University of Chicago
question: Upon leaving London, for what college did he choose to work?

answers: an outside foundation
question: Who supplied Hayek's salary?

answers: departmental autonomy and control
question: What was the cause for the feud between Robert Hutchins and faculty?

answers: sick of Hutchins' meddling
question: Why did the economics department turn down Hayek's employment?

answers: Committee on Social Thought
question: What did Hayek serve on after his initial rejection?

context: Hayek had made contact with many at the U. of Chicago in the 1940s, with Hayek's The Road to Serfdom playing a seminal role in transforming how Milton Friedman and others understood how society works. Hayek conducted a number in influential faculty seminars while at the U. of Chicago, and a number of academics worked on research projects sympathetic to some of Hayek's own, such as Aaron Director, who was active in the Chicago School in helping to fund and establish what became the "Law and Society" program in the University of Chicago Law School. Hayek, Frank Knight, Friedman and George Stigler worked together in forming the Mont Pèlerin Society, an international forum for libertarian economists. Hayek and Friedman cooperated in support of the Intercollegiate Society of Individualists, later renamed the Intercollegiate Studies Institute, an American student organisation devoted to libertarian ideas.
qas: answers: The Road to Serfdom
question: Which of Hayek's works had a profound influence on those at the University of Chicago?

answers: Aaron Director
question: Who played a critical role in the formation of the Law and Society program?

answers: Mont Pèlerin Society
question: What group did Hayek form with three other people?

answers: Intercollegiate Studies Institute
question: What was the group that Friedman and Hayek supported later renamed to?

context: After editing a book on John Stuart Mill's letters he planned to publish two books on the liberal order, The Constitution of Liberty and "The Creative Powers of a Free Civilization" (eventually the title for the second chapter of The Constitution of Liberty). He completed The Constitution of Liberty in May 1959, with publication in February 1960. Hayek was concerned "with that condition of men in which coercion of some by others is reduced as much as is possible in society". Hayek was disappointed that the book did not receive the same enthusiastic general reception as The Road to Serfdom had sixteen years before.
qas: answers: the liberal order
question: What topic were Hayek's next two books going to cover?

answers: The Constitution of Liberty
question: Which of Hayek's books was not as well received as The Road to Serfdom?

answers: sixteen years
question: As of the release of his 1960 book, how long had it been since The Road to Serfdom was released?

answers: The Creative Powers of a Free Civilization
question: What was the title of the his 1960 book's second chapter?

answers: disappointed
question: How did Hayek feel about the success of the book he released in 1960?

context: From 1962 until his retirement in 1968, he was a professor at the University of Freiburg, West Germany, where he began work on his next book, Law, Legislation and Liberty. Hayek regarded his years at Freiburg as "very fruitful". Following his retirement, Hayek spent a year as a visiting professor of philosophy at the University of California, Los Angeles, where he continued work on Law, Legislation and Liberty, teaching a graduate seminar by the same name and another on the philosophy of social science. Primary drafts of the book were completed by 1970, but Hayek chose to rework his drafts and finally brought the book to publication in three volumes in 1973, 1976 and 1979.
qas: answers: West Germany
question: What country did Hayek move to in 1962?

answers: Law, Legislation and Liberty
question: What is the name of the book Hayek started upon his arrival in West Germany?

answers: University of California, Los Angeles
question: Where did Hayek spend an entire year after his retirement?

answers: 1979
question: When was the final volume of Law, Legislation and Liberty released?

answers: philosophy of social science
question: During his time in Los Angeles, what was the topic of the seminars Hayek taught not related to his new book?

context: In February 1975, Margaret Thatcher was elected leader of the British Conservative Party. The Institute of Economic Affairs arranged a meeting between Hayek and Thatcher in London soon after. During Thatcher's only visit to the Conservative Research Department in the summer of 1975, a speaker had prepared a paper on why the "middle way" was the pragmatic path the Conservative Party should take, avoiding the extremes of left and right. Before he had finished, Thatcher "reached into her briefcase and took out a book. It was Hayek's The Constitution of Liberty. Interrupting our pragmatist, she held the book up for all of us to see. 'This', she said sternly, 'is what we believe', and banged Hayek down on the table".
qas: answers: British Conservative Party
question: What political party was Margaret Thatcher the head of in 1975?

answers: Hayek
question: Who did Thatcher meet with shortly after she was elected as the head of her party?

answers: the "middle way"
question: What path was suggested as the right one for Margaret Thatcher's party by a speaker?

answers: The Constitution of Liberty
question: Which of Hayek's works did Thatcher produce at the Conservative Research Department?

context: In 1977, Hayek was critical of the Lib-Lab pact, in which the British Liberal Party agreed to keep the British Labour government in office. Writing to The Times, Hayek said, "May one who has devoted a large part of his life to the study of the history and the principles of liberalism point out that a party that keeps a socialist government in power has lost all title to the name 'Liberal'. Certainly no liberal can in future vote 'Liberal'". Hayek was criticised by Liberal politicians Gladwyn Jebb and Andrew Phillips, who both claimed that the purpose of the pact was to discourage socialist legislation.
qas: answers: Lib-Lab pact
question: What was the name of the agreement Hayek criticized in 1977?

answers: discourage socialist legislation
question: What did some Liberal politicians claim the pact was meant to do?

answers: British Liberal Party
question: The agreement Hayek criticized was between the British Labour government and which political party?

answers: all title to the name 'Liberal'
question: What did Hayek believe was lost in the continued empowerment of a socialist government?

context: In 1978, Hayek came into conflict with the Liberal Party leader, David Steel, who claimed that liberty was possible only with "social justice and an equitable distribution of wealth and power, which in turn require a degree of active government intervention" and that the Conservative Party were more concerned with the connection between liberty and private enterprise than between liberty and democracy. Hayek claimed that a limited democracy might be better than other forms of limited government at protecting liberty but that an unlimited democracy was worse than other forms of unlimited government because "its government loses the power even to do what it thinks right if any group on which its majority depends thinks otherwise".
qas: answers: the Conservative Party
question: Which party was criticized for being less concerned about liberty and democracy?

answers: Liberal Party
question: With which political group was David Steel affiliated?

answers: Hayek
question: Who disagreed with David Steel's statements in 1978

answers: limited democracy
question: Which type of government was more favorable than others according to Hayek?

answers: unlimited
question: Hayek believed that which type of democracy was the worst of its alternatives?

context: In 1984, he was appointed as a member of the Order of the Companions of Honour (CH) by Queen Elizabeth II of the United Kingdom on the advice of the British Prime Minister Margaret Thatcher for his "services to the study of economics". Hayek had hoped to receive a baronetcy, and after he was awarded the CH he sent a letter to his friends requesting that he be called the English version of Friedrich (Frederick) from now on. After his 20 min audience with the Queen, he was "absolutely besotted" with her according to his daughter-in-law, Esca Hayek. Hayek said a year later that he was "amazed by her. That ease and skill, as if she'd known me all my life." The audience with the Queen was followed by a dinner with family and friends at the Institute of Economic Affairs. When, later that evening, Hayek was dropped off at the Reform Club, he commented: "I've just had the happiest day of my life."
qas: answers: Order of the Companions of Honour
question: What group was Hayek inducted into by the Queen of England?

answers: Margaret Thatcher
question: Who suggest Hayek for the honor of joining the Order?

answers: Prime Minister
question: In 1984, what was Margaret Thatcher's position within the British government?

answers: Frederick
question: How did Hayek wish to be referred to after his 1984 award?

answers: "I've just had the happiest day of my life."
question: At the end of the same day Hayek met with the Queen of England, what did he say?

context: In 1991, US President George H. W. Bush awarded Hayek the Presidential Medal of Freedom, one of the two highest civilian awards in the United States, for a "lifetime of looking beyond the horizon". Hayek died on 23 March 1992 in Freiburg, Germany, and was buried on 4 April in the Neustift am Walde cemetery in the northern outskirts of Vienna according to the Catholic rite. In 2011, his article The Use of Knowledge in Society was selected as one of the top 20 articles published in the American Economic Review during its first 100 years.
qas: answers: a "lifetime of looking beyond the horizon"
question: What was the reason given for Hayek's 1991 award from the President?

answers: George H. W. Bush
question: Which President presented the award to Hayek?

answers: Freiburg, Germany
question: Where was Hayek when he died?

answers: northern outskirts
question: Where was Hayek buried in relation to his home town of Vienna?

answers: American Economic Review
question: Where was The Use of Knowledge in Society published?

context: Hayek's principal investigations in economics concerned capital, money, and the business cycle. Mises had earlier applied the concept of marginal utility to the value of money in his Theory of Money and Credit (1912), in which he also proposed an explanation for "industrial fluctuations" based on the ideas of the old British Currency School and of Swedish economist Knut Wicksell. Hayek used this body of work as a starting point for his own interpretation of the business cycle, elaborating what later became known as the "Austrian Theory of the Business Cycle". Hayek spelled out the Austrian approach in more detail in his book, published in 1929, an English translation of which appeared in 1933 as Monetary Theory and the Trade Cycle. There he argued for a monetary approach to the origins of the cycle. In his Prices and Production (1931), Hayek argued that the business cycle resulted from the central bank's inflationary credit expansion and its transmission over time, leading to a capital misallocation caused by the artificially low interest rates. Hayek claimed that "the past instability of the market economy is the consequence of the exclusion of the most important regulator of the market mechanism, money, from itself being regulated by the market process".
qas: answers: Theory of Money and Credit
question: What is the name of Mises' 1912 book?

answers: capital
question: Hayek focused most of his economic works on the business cycle, money and what else?

answers: Austrian Theory of the Business Cycle
question: What work did Hayek produce as a result of studying Mises' book?

answers: Monetary Theory and the Trade Cycle
question: What is the English name for the book Hayek published in 1929?

answers: artificially low interest rates
question: According to Hayek, what was the cause of the banks' wrongful allocation of funds?

context: In 1929, Lionel Robbins assumed the helm of the London School of Economics (LSE). Eager to promote alternatives to what he regarded as the narrow approach of the school of economic thought that then dominated the English-speaking academic world (centred at the University of Cambridge and deriving largely from the work of Alfred Marshall), Robbins invited Hayek to join the faculty at LSE, which he did in 1931. According to Nicholas Kaldor, Hayek's theory of the time-structure of capital and of the business cycle initially "fascinated the academic world" and appeared to offer a less "facile and superficial" understanding of macroeconomics than the Cambridge school's.
qas: answers: London School of Economics
question: Lionel Robbins came to head which school in 1929?

answers: narrow approach
question: In regards to economics, Lionel Robbins believe English-speaking academics had what?

answers: Alfred Marshall
question: Which man's works were mostly the cause of the ''narrow approach''?

answers: Lionel Robbins
question: Who was responsible for bringing on Hayek at the LSE?

answers: less "facile and superficial" understanding
question: What did Nicholas Kaldor say Hayek brought to macroeconomics?

context: Also in 1931, Hayek critiqued Keynes's Treatise on Money (1930) in his "Reflections on the pure theory of Mr. J. M. Keynes" and published his lectures at the LSE in book form as Prices and Production. Unemployment and idle resources are, for Keynes, caused by a lack of effective demand; for Hayek, they stem from a previous, unsustainable episode of easy money and artificially low interest rates. Keynes asked his friend Piero Sraffa to respond. Sraffa elaborated on the effect of inflation-induced "forced savings" on the capital sector and about the definition of a "natural" interest rate in a growing economy. Others who responded negatively to Hayek's work on the business cycle included John Hicks, Frank Knight, and Gunnar Myrdal. Kaldor later wrote that Hayek's Prices and Production had produced "a remarkable crop of critics" and that the total number of pages in British and American journals dedicated to the resulting debate "could rarely have been equalled in the economic controversies of the past."
qas: answers: Prices and Production
question: Hayek's critical analysis of Keyne's work was published under what title?

answers: artificially low interest rates
question: Apart from easy money, what did Hayek believe unemployment was caused by?

answers: Piero Sraffa
question: Who did Keynes turn to for assistance in arguing his point to Hayek?

answers: "a remarkable crop of critics"
question: According to Nicholas Kaldor, what had Hayek's book created?

context: Hayek continued his research on monetary and capital theory, revising his theories of the relations between credit cycles and capital structure in Profits, Interest and Investment (1939) and The Pure Theory of Capital (1941), but his reputation as an economic theorist had by then fallen so much that those works were largely ignored, except for scathing critiques by Nicholas Kaldor. Lionel Robbins himself, who had embraced the Austrian theory of the business cycle in The Great Depression (1934), later regretted having written the book and accepted many of the Keynesian counter-arguments.
qas: answers: works were largely ignored
question: What was the result of Hayek's Prices and Production?

answers: Nicholas Kaldor
question: Who was particularly critical of Hayek's work following Prices and Production?

answers: Profits, Interest and Investment
question: What is the name of the first book Hayek released to revise his stances from Prices and Production?

answers: the Austrian theory of the business cycle
question: Lionel Robbins' The Great Depression was a result of his support for what?

answers: Lionel Robbins
question: Who did Keynes' arguments against the Austrian theory of the business cycle eventually influence?

context: Hayek never produced the book-length treatment of "the dynamics of capital" that he had promised in the Pure Theory of Capital. After 1941, he continued to publish works on the economics of information, political philosophy, the theory of law, and psychology, but seldom on macroeconomics. At the University of Chicago, Hayek was not part of the economics department and did not influence the rebirth of neoclassical theory which took place there (see Chicago school of economics). When, in 1974, he shared the Nobel Memorial Prize in Economics with Gunnar Myrdal, the latter complained about being paired with an "ideologue". Milton Friedman declared himself "an enormous admirer of Hayek, but not for his economics. I think Prices and Production is a very flawed book. I think his [Pure Theory of Capital] is unreadable. On the other hand, The Road to Serfdom is one of the great books of our time."
qas: answers: the dynamics of capital
question: What topic did Hayek never write a book about as he said he would?

answers: macroeconomics
question: What topic did Hayek shy away from following Pure Theory of Capital?

answers: an "ideologue"
question: What did Gunnar Myrdal call Hayek?

answers: The Road to Serfdom
question: Which of Hayeks books did Milton Friedman praise most?

answers: Gunnar Myrdal
question: Which whom did Hayek share a Nobel prize?

context: Building on the earlier work of Ludwig von Mises and others, Hayek also argued that while in centrally planned economies an individual or a select group of individuals must determine the distribution of resources, these planners will never have enough information to carry out this allocation reliably. This argument, first proposed by Max Weber, says that the efficient exchange and use of resources can be maintained only through the price mechanism in free markets (see economic calculation problem).
qas: answers: enough information
question: What did Hayek claim those who must distribute resources would lack most?

answers: Max Weber
question: Whose work most notably influenced Hayek's argument regarding resource distribution?

answers: through the price mechanism in free markets
question: What is the one way Hayek argued that resource distribution could succeed?

answers: Ludwig von Mises
question: Other than Max Weber, who was a notable influence to Hayek's statements regarding resource distribution?

context: Some socialists such as H. D. Dickinson and Oskar Lange, responded by invoking general equilibrium theory, which they argued disproved Mises's thesis. They noted that the difference between a planned and a free market system lay in who was responsible for solving the equations. They argued, if some of the prices chosen by socialist managers were wrong, gluts or shortages would appear, signalling them to adjust the prices up or down, just as in a free market. Through such a trial and error, a socialist economy could mimic the efficiency of a free market system, while avoiding its many problems.
qas: answers: general equilibrium theory
question: What did some socialists bring up as a rebuttal to Hayek's resource distribution argument?

answers: Mises's thesis
question: What did socialists believe equilibrium theory invalidated?

answers: who was responsible for solving the equations
question: According to those who argued against Hayek, what sets planned and free markets apart is what?

answers: free market
question: What type of economic system did the socialists want to avoid?

context: In The Use of Knowledge in Society (1945), Hayek argued that the price mechanism serves to share and synchronise local and personal knowledge, allowing society's members to achieve diverse, complicated ends through a principle of spontaneous self-organization. He contrasted the use of the price mechanism with central planning, arguing that the former allows for more rapid adaptation to changes in particular circumstances of time and place. Thus, he set the stage for Oliver Williamson's later contrast between markets and hierarchies as alternative co-ordination mechanisms for economic transactions. He used the term catallaxy to describe a "self-organizing system of voluntary co-operation". Hayek's research into this argument was specifically cited by the Nobel Committee in its press release awarding Hayek the Nobel prize.
qas: answers: The Use of Knowledge in Society
question: Which of Hayek's books argued against the socialist price mechanism?

answers: central planning
question: Which type of economy did Hayek believe the price mechanism to be less effective with?

answers: Oliver Williamson
question: The arguments presented in The Use of Knowledge in Society created an starting point for who?

answers: the Nobel prize
question: The arguments presented in Hayek's 1945 book were a large reason for being granted what award?

context: Hayek was one of the leading academic critics of collectivism in the 20th century. Hayek argued that all forms of collectivism (even those theoretically based on voluntary co-operation) could only be maintained by a central authority of some kind. In Hayek's view, the central role of the state should be to maintain the rule of law, with as little arbitrary intervention as possible. In his popular book, The Road to Serfdom (1944) and in subsequent academic works, Hayek argued that socialism required central economic planning and that such planning in turn leads towards totalitarianism.
qas: answers: collectivism
question: What was the name of the ideology Hayek criticized?

answers: a central authority
question: How did Hayek believe collectivism could be maintained?

answers: central economic planning
question: According to Hayek, what is necessary for the implementation of a socialist economy?

answers: totalitarianism
question: Hayek believed the requirements for a socialist economy would lead to what?

answers: maintain the rule of law
question: What did Hayek believe was the core responsibility of the state?

context: Hayek also wrote that the state can play a role in the economy, and specifically, in creating a "safety net". He wrote, "There is no reason why, in a society which has reached the general level of wealth ours has, the first kind of security should not be guaranteed to all without endangering general freedom; that is: some minimum of food, shelter and clothing, sufficient to preserve health. Nor is there any reason why the state should not help to organize a comprehensive system of social insurance in providing for those common hazards of life against which few can make adequate provision."
qas: answers: creating a "safety net"
question: Hayek believed the state could aid the economy by doing what?

answers: all
question: Who did Hayek say economic security should be guaranteed to?

answers: sufficient to preserve health
question: According to Hayek, clothing, food and shelter should be provided to what extent?

answers: social insurance
question: What sort of system did Hayek propose the government create?

context: Hayek's work on the microeconomics of the choice theoretics of investment, non-permanent goods, potential permanent resources, and economically-adapted permanent resources mark a central dividing point between his work in areas of macroeconomics and that of almost all other economists. Hayek's work on the macroeconomic subjects of central planning, trade cycle theory, the division of knowledge, and entrepreneurial adaptation especially, differ greatly from the opinions of macroeconomic "Marshallian" economists in the tradition of John Maynard Keynes and the microeconomic "Walrasian" economists in the tradition of Abba Lerner.
qas: answers: microeconomics
question: In what economic field of study does Hayek's views differ from those in macroeconomics?

answers: "Marshallian"
question: What is the term used to describe economists following Keynes school of thought?

answers: Abba Lerner
question: Whose works inspire the term "Walrasian" in economics?

context: During World War II, Hayek began the ‘Abuse of Reason’ project. His goal was to show how a number of then-popular doctrines and beliefs had a common origin in some fundamental misconceptions about the social science. In his philosophy of science, which has much in common with that of his good friend Karl Popper, Hayek was highly critical of what he termed scientism: a false understanding of the methods of science that has been mistakenly forced upon the social sciences, but that is contrary to the practices of genuine science. Usually, scientism involves combining the philosophers' ancient demand for demonstrative justification with the associationists' false view that all scientific explanations are simple two-variable linear relationships.
qas: answers: During World War II
question: When did Hayek start working on Abuse of Reason?

answers: fundamental misconceptions about the social science
question: What did Hayek specifically aim to expose in Abuse of Reason?

answers: Karl Popper
question: Whose beliefs in scientific philosophy were similar to Hayek's?

answers: scientism
question: What did Hayek use to refer to the spread of ignorance and misunderstanding within the social sciences?

answers: simple two-variable linear relationships
question: In scientism, it is typically believed that explanations in science are what?

context: In The Sensory Order: An Inquiry into the Foundations of Theoretical Psychology (1952), Hayek independently developed a "Hebbian learning" model of learning and memory – an idea which he first conceived in 1920, prior to his study of economics. Hayek's expansion of the "Hebbian synapse" construction into a global brain theory has received continued attention in neuroscience, cognitive science, computer science, behavioural science, and evolutionary psychology, by scientists such as Gerald Edelman, and Joaquin Fuster.
qas: answers: 1952
question: In what year was the book published in which Hayek developed Hebbian learning?

answers: Hebbian learning
question: Before he began studying economics, what concept did Hayek come up with that was later featured in his 1952 book?

answers: "Hebbian synapse"
question: What did Hayek present in his 1952 book that affected multiple areas of science?

answers: The Sensory Order: An Inquiry into the Foundations of Theoretical Psychology
question: What is the name of the book in which Hayek presented the Hebbian Synapse?

context: In the latter half of his career Hayek made a number of contributions to social and political philosophy, which he based on his views on the limits of human knowledge, and the idea of spontaneous order in social institutions. He argues in favour of a society organised around a market order, in which the apparatus of state is employed almost (though not entirely) exclusively to enforce the legal order (consisting of abstract rules, and not particular commands) necessary for a market of free individuals to function. These ideas were informed by a moral philosophy derived from epistemological concerns regarding the inherent limits of human knowledge. Hayek argued that his ideal individualistic, free-market polity would be self-regulating to such a degree that it would be 'a society which does not depend for its functioning on our finding good men for running it'.
qas: answers: the latter half of his career
question: When did Hayek begin presenting his ideas on the limits of human knowledge?

answers: a market order
question: What did Hayek want society to function around?

answers: to enforce the legal order
question: What is the responsibility of government in Hayek's market order?

answers: would be self-regulating
question: What would be the cause of the success for the Hayek's ideal free-market?

answers: good men
question: What would Hayek's free-market not require in order to function properly?

context: Hayek disapproved of the notion of 'social justice'. He compared the market to a game in which 'there is no point in calling the outcome just or unjust' and argued that 'social justice is an empty phrase with no determinable content'; likewise "the results of the individual's efforts are necessarily unpredictable, and the question as to whether the resulting distribution of incomes is just has no meaning". He generally regarded government redistribution of income or capital as an unacceptable intrusion upon individual freedom: "the principle of distributive justice, once introduced, would not be fulfilled until the whole of society was organized in accordance with it. This would produce a kind of society which in all essential respects would be the opposite of a free society."
qas: answers: social justice
question: What concept did Hayek dislike?

answers: there is no point in calling the outcome just or unjust
question: How did Hayek feel regarding income distribution?

answers: the results of the individual's efforts are necessarily unpredictable
question: What reason does Hayek provide for differences in income distribution not being a matter of just or unjust?

answers: the opposite of a free society
question: According to Hayek, a society in which income is redistributed is what?

context: Hayek’s concept of the market as a spontaneous order has been recently applied to ecosystems to defend a broadly non-interventionist policy. Like the market, ecosystems contain complex networks of information, involve an ongoing dynamic process, contain orders within orders, and the entire system operates without being directed by a conscious mind. On this analysis, species takes the place of price as a visible element of the system formed by a complex set of largely unknowable elements. Human ignorance about the countless interactions between the organisms of an ecosystem limits our ability to manipulate nature. Since humans rely on the ecosystem to sustain themselves, we have a prima facie obligation to not disrupt such systems. This analysis of ecosystems as spontaneous orders does not rely on markets qualifying as spontaneous orders. As such, one need not endorse Hayek’s analysis of markets to endorse ecosystems as spontaneous orders.
qas: answers: non-interventionist policy
question: What has Hayek's views on the market been used to defend?

answers: prima facie
question: What is the term used to describe the obligation for humans to avoid disrupting the ecosystem?

answers: spontaneous orders
question: What are ecosystems views to be?

answers: analysis of markets
question: One might still support spontaneous orders without agreeing with which of Hayek's assessments?

answers: our ability to manipulate nature
question: What is limited by the ignorance of humanity?

context: With regard to a safety net, Hayek advocated "some provision for those threatened by the extremes of indigence or starvation, be if only in the interest of those who require protection against acts of desperation on the part of the needy." As referenced in the section on "The economic calculation problem," Hayek wrote that "there is no reason why... the state should not help to organize a comprehensive system of social insurance." Summarizing on this topic, Wapshott writes "[Hayek] advocated mandatory universal health care and unemployment insurance, enforced, if not directly provided, by the state." Bernard Harcourt says that "Hayek was adamant about this." In the 1973 Law, Legislation, and Liberty, Hayek wrote:
qas: answers: Hayek
question: According to Wapshott, who was promoting the implementation of universal health care?

answers: the state
question: Who did Hayek say should provide a safety net for society?

answers: The economic calculation problem
question: In which of Hayek's works did he make his statements regarding social insurance?

answers: Bernard Harcourt
question: Who made the claim that Hayek was particularly determined regarding his beliefs on social insurance and a safety net?

context: Arthur M. Diamond argues Hayek's problems arise when he goes beyond claims that can be evaluated within economic science. Diamond argued that: “The human mind, Hayek says, is not just limited in its ability to synthesize a vast array of concrete facts, it is also limited in its ability to give a deductively sound ground to ethics. Here is where the tension develops, for he also wants to give a reasoned moral defense of the free market. He is an intellectual skeptic who wants to give political philosophy a secure intellectual foundation. It is thus not too surprising that what results is confused and contradictory.”
qas: answers: Arthur M. Diamond
question: Who criticizes Hayek's ability to provide specific facts?

answers: economic science
question: Diamond believes Hayek's weaknesses come out when he steps beyond the bounds of what topic?

answers: intellectual skeptic
question: What term does Diamond use to refer to Hayek?

answers: confused and contradictory
question: Diamond states that the final result of Hayek's statements are what?

context: Asked about the liberal, non-democratic rule by a Chilean interviewer, Hayek is translated from German to Spanish to English as having said, "As long term institutions, I am totally against dictatorships. But a dictatorship may be a necessary system for a transitional period. [...] Personally I prefer a liberal dictatorship to democratic government devoid of liberalism. My personal impression – and this is valid for South America – is that in Chile, for example, we will witness a transition from a dictatorial government to a liberal government." In a letter to the London Times, he defended the Pinochet regime and said that he had "not been able to find a single person even in much maligned Chile who did not agree that personal freedom was much greater under Pinochet than it had been under Allende." Hayek admitted that "it is not very likely that this will succeed, even if, at a particular point in time, it may be the only hope there is.", he explained, however, "It is not certain hope, because it will always depend on the goodwill of an individual, and there are very few individuals one can trust. But if it is the sole opportunity which exists at a particular moment it may be the best solution despite this. And only if and when the dictatorial government is visibly directing its steps towards limited democracy".
qas: answers: a transitional period
question: At what point did Hayek claim dictatorships may be necessary?

answers: a liberal dictatorship
question: What did Hayek claim to prefer over a democratic government in the absence of liberal ideals?

answers: a liberal government
question: What did Hayek believe the Chilean government would become in the future?

answers: Pinochet
question: As claimed by Hayek, Chilean citizens had more freedom under which ruler?

context: For Hayek, the supposedly stark difference between authoritarianism and totalitarianism has much importance and Hayek places heavy weight on this distinction in his defence of transitional dictatorship. For example, when Hayek visited Venezuela in May 1981, he was asked to comment on the prevalence of totalitarian regimes in Latin America. In reply, Hayek warned against confusing "totalitarianism with authoritarianism," and said that he was unaware of "any totalitarian governments in Latin America. The only one was Chile under Allende". For Hayek, however, the word 'totalitarian' signifies something very specific: the want to “organize the whole of society” to attain a “definite social goal” —which is stark in contrast to “liberalism and individualism”.
qas: answers: totalitarianism
question: Hayek believed that authoritarianism was very different from what?

answers: Venezuela
question: What country did Hayek arrive in where he provided his disctinction between totalitarianism and authoritarianism?

answers: totalitarian governments
question: What did Hayek believe to be absent from Latin America?

answers: the want to “organize the whole of society” to attain a “definite social goal”
question: What is Hayek's definition of totalitarian?

context: In 1932, Hayek suggested that private investment in the public markets was a better road to wealth and economic co-ordination in Britain than government spending programs, as argued in a letter he co-signed with Lionel Robbins and others in an exchange of letters with John Maynard Keynes in The Times. The nearly decade long deflationary depression in Britain dating from Churchill's decision in 1925 to return Britain to the gold standard at the old pre-war, pre-inflationary par was the public policy backdrop for Hayek's single public engagement with Keynes over British monetary and fiscal policy, otherwise Hayek and Keynes agreed on many theoretical matters, and their economic disagreements were fundamentally theoretical, having to do almost exclusively with the relation of the economics of extending the length of production to the economics of labour inputs.
qas: answers: private investment in the public markets
question: What did Hayek claim to be better than investing in government spending programs?

answers: Lionel Robbins
question: What other notable figure signed the letter in which Hayek made his statement regarding private investment?

answers: Churchill
question: Who was responsible for England's return to the use of gold as standard currency?

answers: John Maynard Keynes
question: With whom did Hayek disagree with publicly?

context: Hayek's influence on the development of economics is widely acknowledged. Hayek is the second-most frequently cited economist (after Kenneth Arrow) in the Nobel lectures of the prize winners in economics, which is particularly striking since his own lecture was critical of the field of orthodox economics and neo-classical modelisation. A number of Nobel Laureates in economics, such as Vernon Smith and Herbert A. Simon, recognise Hayek as the greatest modern economist. Another Nobel winner, Paul Samuelson, believed that Hayek was worthy of his award but nevertheless claimed that "there were good historical reasons for fading memories of Hayek within the mainstream last half of the twentieth century economist fraternity. In 1931, Hayek's Prices and Production had enjoyed an ultra-short Byronic success. In retrospect hindsight tells us that its mumbo-jumbo about the period of production grossly misdiagnosed the macroeconomics of the 1927–1931 (and the 1931–2007) historical scene". Despite this comment, Samuelson spent the last 50 years of his life obsessed with the problems of capital theory identified by Hayek and Böhm-Bawerk, and Samuelson flatly judged Hayek to have been right and his own teacher, Joseph Schumpeter, to have been wrong on the central economic question of the 20th century, the feasibility of socialist economic planning in a production goods dominated economy.
qas: answers: Kenneth Arrow
question: Which economist is cited the most by winners of the Nobel prize in that field?

answers: Paul Samuelson
question: What Nobel prize winner has spent most of his life studying Hayek's capital theory despite being critical of the man?

answers: Joseph Schumpeter
question: On the topic of the practicality of a socialist economy, who does Samuelson believe was wrong?

answers: Hayek's
question: On the topic of mainstream economics, whose Nobel lecture was particularly critical?

answers: Prices and Production
question: Which of Hayek's works does Samuelson cite as being incorrect regarding macroeconomics?

context: Hayek is widely recognised for having introduced the time dimension to the equilibrium construction and for his key role in helping inspire the fields of growth theory, information economics, and the theory of spontaneous order. The "informal" economics presented in Milton Friedman's massively influential popular work Free to Choose (1980), is explicitly Hayekian in its account of the price system as a system for transmitting and co-ordinating knowledge. This can be explained by the fact that Friedman taught Hayek's famous paper "The Use of Knowledge in Society" (1945) in his graduate seminars.
qas: answers: Milton Friedman's
question: Whose 1980 book mentions "informal" economics?

answers: Free to Choose
question: What is the name of the book Friedman released in 1980?

answers: Hayekian
question: How is Friedman's book described in regards to the price system?

answers: The Use of Knowledge in Society
question: Which of Hayek's works did Friedman once teach?

context: Hayek had a long-standing and close friendship with philosopher of science Karl Popper, also from Vienna. In a letter to Hayek in 1944, Popper stated, "I think I have learnt more from you than from any other living thinker, except perhaps Alfred Tarski." (See Hacohen, 2000). Popper dedicated his Conjectures and Refutations to Hayek. For his part, Hayek dedicated a collection of papers, Studies in Philosophy, Politics, and Economics, to Popper and, in 1982, said that "ever since his Logik der Forschung first came out in 1934, I have been a complete adherent to his general theory of methodology". Popper also participated in the inaugural meeting of the Mont Pelerin Society. Their friendship and mutual admiration, however, do not change the fact that there are important differences between their ideas.
qas: answers: Karl Popper
question: Which fellow Vienna native was Hayek friends with?

answers: Alfred Tarski
question: Who is the only exception from whom Hayek claims to have learned more than he did from Popper?

answers: Conjectures and Refutations
question: Hayek dedicated many of his papers to Popper based on a dedication Popper made to him in which of his work?

answers: Logik der Forschung
question: Which of Popper's works was the first to grasp Hayek's attention?

answers: the inaugural meeting
question: Popper was present for which notable Mont Pelerin Society event?

context: Hayek's greatest intellectual debt was to Carl Menger, who pioneered an approach to social explanation similar to that developed in Britain by Bernard Mandeville and the Scottish moral philosophers in the Scottish Enlightenment. He had a wide-reaching influence on contemporary economics, politics, philosophy, sociology, psychology and anthropology. For example, Hayek's discussion in The Road to Serfdom (1944) about truth, falsehood and the use of language influenced some later opponents of postmodernism.
qas: answers: The Road to Serfdom
question: Which of Hayek's books had an impact on those against postmodernism?

answers: Carl Menger
question: To whom did Hayek owe his intellectual success?

answers: Scottish Enlightenment
question: Carl Menger's work in social explanation was not too different from those in which Scottish period??

context: Hayek received new attention in the 1980s and 1990s with the rise of conservative governments in the United States, United Kingdom, and Canada. After winning the United Kingdom general election, 1979, Margaret Thatcher appointed Keith Joseph, the director of the Hayekian Centre for Policy Studies, as her secretary of state for industry in an effort to redirect parliament's economic strategies. Likewise, David Stockman, Ronald Reagan's most influential financial official in 1981 was an acknowledged follower of Hayek.
qas: answers: 1979
question: In what year was Margaret Thatcher elected Prime Minister?

answers: Keith Joseph
question: Whom did the Prime Minister of England choose as secretary of state?

answers: conservative governments
question: During the 80s and 90s, three major English speaking nations experienced a political shift to to what?

answers: director of the Hayekian Centre for Policy Studies
question: What position did the British Prime Minister's secretary of state previously hold?

answers: Ronald Reagan's
question: One of Hayek's supporters served which US president?

context: Hayek wrote an essay, "Why I Am Not a Conservative" (included as an appendix to The Constitution of Liberty), in which he disparaged conservatism for its inability to adapt to changing human realities or to offer a positive political program, remarking, "Conservatism is only as good as what it conserves." Although he noted that modern day conservatism shares many opinions on economics with classical liberals, particularly a belief in the free market, he believed it's because conservatism wants to "stand still," whereas liberalism embraces the free market because it "wants to go somewhere." Hayek identified himself as a classical liberal, but noted that in the United States it had become almost impossible to use "liberal" in its original definition, and the term "libertarian" has been used instead. In this text, Hayek also opposed conservatism for "its hostility to internationalism and its proneness to a strident nationalism" and its frequent association with imperialism.
qas: answers: conservatism
question: What ideology did Hayek not agree with in an essay appended to The Constitution of Liberty?

answers: libertarian
question: What word is used in the United States to identify Hayek's ideology?

answers: internationalism
question: Which ideology did Hayek believe conservatism discouraged?

answers: belief in the free market
question: What does conservatism have in common with classical liberalism?

answers: "Conservatism is only as good as what it conserves."
question: What was Hayek's statement regarding conservatism?

context: However, for his part, Hayek found this term "singularly unattractive" and offered the term "Old Whig" (a phrase borrowed from Edmund Burke) instead. In his later life, he said, "I am becoming a Burkean Whig." However, Whiggery as a political doctrine had little affinity for classical political economy, the tabernacle of the Manchester School and William Gladstone. His essay has served as an inspiration to other liberal-minded economists wishing to distinguish themselves from conservative thinkers, for example James M. Buchanan's essay "Why I, Too, Am Not a Conservative: The Normative Vision of Classical Liberalism".
qas: answers: Old Whig
question: What did Hayek suggest as an alternative to being called a libertarian?

answers: liberal-minded economists
question: In opposition to conservatives, what group has Hayek's work influenced?

answers: James M. Buchanan
question: Who wrote an essay as a result of Hayek's "Why I Am Not a Conservative"?

answers: Edmund Burke
question: From whom did Hayek acquire the term he proposed as an alternative to libertarian?

answers: a Burkean Whig
question: In his later years, what term did Hayek use to describe himself?

context: His opponents have attacked Hayek as a leading promoter of "neoliberalism". A British scholar, Samuel Brittan, concluded in 2010, "Hayek's book [The Constitution of Liberty] is still probably the most comprehensive statement of the underlying ideas of the moderate free market philosophy espoused by neoliberals." Brittan adds that although Raymond Plant (2009) comes out in the end against Hayek's doctrines, Plant gives The Constitution of Liberty a "more thorough and fair-minded analysis than it has received even from its professed adherents".
qas: answers: neoliberalism
question: What term do those who disagree with Hayek use to describe his ideals?

answers: Samuel Brittan
question: Who was it that claimed Hayek's The Constitution of Liberty to be an thorough example of neoliberal philosophy?

answers: Raymond Plant
question: Whose ideals does Brittan believe to win out over Hayek's?

context: In Why F A Hayek is a Conservative, British policy analyst Madsen Pirie claims Hayek mistakes the nature of the conservative outlook. Conservatives, he says, are not averse to change – but like Hayek, they are highly averse to change being imposed on the social order by people in authority who think they know how to run things better. They wish to allow the market to function smoothly and give it the freedom to change and develop. It is an outlook, says Pirie, that Hayek and conservatives both share.
qas: answers: Madsen Pirie
question: Who makes the claim that Hayek was actually a conservative?

answers: people in authority who think they know how to run things better
question: According to Pirie, conservatives dislike change only when its forced upon them by whom?

answers: mistakes the nature of the conservative outlook
question: Pirie believes Hayek to be a conservative for what reason?

answers: to function smoothly
question: What does Pirie claim conservatives want for the free market?