2009-09-11 FNF PAK - Liberal Thinkers 01 - Hayek

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Friedrich A. von Hayek is the first in the series of Liberal Thinkers. We have a look on the life, the work as well as the impact of this oustanding polymath, liberal thinker and philosopher.

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2009-09-11 FNF PAK - Liberal Thinkers 01 - Hayek

  1. 1. Friedrich A. von Hayek Liberal Thinkers 01 Olaf Kellerhoff Resident Representative Pakistan
  2. 2. Olaf Kellerhoff Friedrich A. von Hayek 10.09.2009 Overview 1. Life lifelong liberal and anti-socialist 2. Work up to highest commitment – winner of Nobel prize 3. Impact influenced economic thinking and liberal ideas Friedrich A. von Hayek
  3. 3. Olaf Kellerhoff Friedrich A. von Hayek 10.09.2009 1. Life
  4. 4. Olaf Kellerhoff Friedrich A. von Hayek 10.09.2009 Early Life Born in multi-ethnic Austro-Hungarian Empire Son of a doctor Noble family Wide network of academics, philosophers World War I at Italian front The decisive influence was really World War I. It's bound to draw your attention to the problems of political organization. F.A. Hayek 1. Life 2. Work 3. Impact
  5. 5. Olaf Kellerhoff Friedrich A. von Hayek 10.09.2009 His studies 1918–21 studies in law 1921 Political Economics Contacts to 2nd generation of Austrian School Employee of the Austrian Office for Accounting of War Reparations (Director: Ludwig von Mises) 1923–24 Rockefeller scholarship in New York 1. Life 2. Work 3. Impact
  6. 6. Olaf Kellerhoff Friedrich A. von Hayek 10.09.2009 Call for London Founding together with von Mises the Austrian Institute for Business Cycle Research -1931 Director Teaching In LSE 1926 married Berta Fritsch, 2 children 1929 Habilitation in Political Economy: private lecturer in Vienna 1931 London School of Economics (LSE) 1. Life 2. Work 3. Impact
  7. 7. Olaf Kellerhoff Friedrich A. von Hayek 10.09.2009 Mont Pelerin Society 1938 Conference in Paris: Concept of Neoliberalism 1947 Mont Pelerin Society (MPS) Ludwig von Mises Karl Popper Milton Friedman Frank Knight Hayek – first president of MPS (left) Current President Deepak Lal George Stigler called once MPS also “The Friends of F.A. Hayek” immense influence on politics 1. Life 2. Work 3. Impact
  8. 8. Olaf Kellerhoff Friedrich A. von Hayek 10.09.2009 Chicago Years Left London for Arkansas 1949 due to mobbing and divorce 1950 Chicago Economic Department Frank Knight Milton Friedman Georg Stigler Productive years: The Constitution of Liberty: We can either have a free Parliament or a free people. Personal freedom requires that all authority is restrained by long-run principles which the opinion of the people approves. 1. Life 2. Work 3. Impact
  9. 9. Olaf Kellerhoff Friedrich A. von Hayek 10.09.2009 Freiburg (Germany) 1962 followed a call from Freiburg University Member of board of trustees Walter-Eucken-Institut 1967 retired – continued teaching 1968 visiting professor in Salzburg (Austria) I am certain that nothing has done so much to destroy the juridical 1977 return to Freiburg safeguards of individual freedom as the striving after this mirage of social justice. F.A. Hayek 1. Life 2. Work 3. Impact
  10. 10. Olaf Kellerhoff Friedrich A. von Hayek 10.09.2009 Retirement? Kept on writing Stronger direct involvement in politics Died in the circle of his family 23rd of March 1992 Hayek (right) with Arthur Seldon and Lord Ralph Harris in London, 1984 1. Life 2. Work 3. Impact
  11. 11. Olaf Kellerhoff Friedrich A. von Hayek 10.09.2009 2. Work
  12. 12. Olaf Kellerhoff Friedrich A. von Hayek 10.09.2009 Prices and Production, 1931 University lectures collected in a book extending Ludwig von Mises business cycle theory changed in 1936 when John Maynard Keynes published: The General Theory of Employment, Interest and Money never refuted left up to Milton Friedman to do 1. Life 2. Work 3. Impact
  13. 13. Olaf Kellerhoff Friedrich A. von Hayek 10.09.2009 The pure Theory of Capital, 1941 Different concept from Keynes But too late: Keynes already established The late Hayek having the bull named Inflation by the balls. 1. Life 2. Work 3. Impact
  14. 14. Olaf Kellerhoff Friedrich A. von Hayek 10.09.2009 The Road to Serfdom, 1944 objection to government intervention paving the way for totalitarian regimes Warning for post-war: do not endanger the freedom you’re fighting for now made him famous inspiring politicians and thinkers around the world We shall all be the gainers if we can create a world fit for small states to live in. 1. Life 2. Work 3. Impact
  15. 15. Olaf Kellerhoff Friedrich A. von Hayek 10.09.2009 Individualism and Economic Order, 1952 There is all the difference in the world between treating people equally and attempting to make them equal. While the first is the condition of a free society, the second means as De Tocqueville describes it, 'a new form of servitude.' Hayek in: Collection of essays from 1930s and 40s From moral philosophy to methodology of sciences and economic theory and even politics like: Economic Conditions of Interstate Federalism 1. Life 2. Work 3. Impact
  16. 16. Olaf Kellerhoff Friedrich A. von Hayek 10.09.2009 The Constitution of Liberty, 1960 Against any attempt to construct a society All participants in markets will always be more knowledgeable then any steering committee Arguments in details Adam Smith’s invisible hand The great aim of the struggle for liberty has been equality before the law. 1. Life 2. Work 3. Impact
  17. 17. Olaf Kellerhoff Friedrich A. von Hayek 10.09.2009 Denationalisation of Money, 1976 Government monopoly of money must be abolished To stop recurring bouts of inflation and deflation World Economic Crisis 1929 was not lack of demand (as Keynes stated) – but due to a wrong policy of finance and economy 1. Life 2. Work 3. Impact
  18. 18. Olaf Kellerhoff Friedrich A. von Hayek 10.09.2009 Law Legislation and Liberty, 1973/76/78 We must shed the illusion that we can deliberately 'create the future of mankind'…This is the final conclusion of the forty years which I have now devoted to the study of these problems… Hayek in this book: Perhaps not most famous, but one of the most important work Concept of competition as method of discovery 1. Life 2. Work 3. Impact
  19. 19. Olaf Kellerhoff Friedrich A. von Hayek 10.09.2009 The Fatal Conceit, 1988 examination and critique of the central issues of socialism Birth of civilization due to private property Modern societies evolved and were not planned as socialism attempts [Hayek's The Fatal Conceit] fully supports the recent characterization of Hayek by the Economist that he is our time's preeminent social philosopher. Peter Drucker 1. Life 2. Work 3. Impact
  20. 20. Olaf Kellerhoff Friedrich A. von Hayek 10.09.2009 Famous Papers and Articles The Use of Knowledge in Society, 1945 article against planned pricing and planned economy The Sensory Order, 1952 psychological Essay on John Stuart Mill and Harriet Taylor Why I am not conservative Essay disparaging conservatism for its inability to adapt to changing realities The Pretence of Knowledge, 1974 Lecture to the memory of Alfred Nobel accusing “social engineers” who want to plan a society of pretence of knowledge 1. Life 2. Work 3. Impact
  21. 21. Olaf Kellerhoff Friedrich A. von Hayek 10.09.2009 Hayek on Hayek, 1994 Autobiography of an extraordinary intellectual From private life up to interpretations of his work by others I had a period of twenty years in which I bitterly regretted having once mentioned to my wife after Keynes's death that now Keynes was dead, I was probably the best-known economist living. But ten days later it was probably no longer true. At that very moment, Keynes became the great figure, and I was gradually forgotten as an economist. Hayek on Hayek 1. Life 2. Work 3. Impact
  22. 22. Olaf Kellerhoff Friedrich A. von Hayek 10.09.2009 Main standpoints Free Market Competition Liberal Democracy Progress of Society Hayek's work composes a system of ideas, fully as ambitious as the systems of Mill and Marx, but far less vulnerable to criticism than theirs because it is grounded on a philosophically defensible view of the scope and limits of human reason. John Gray 1. Life 2. Work 3. Impact
  23. 23. Olaf Kellerhoff Friedrich A. von Hayek 10.09.2009 3. Impact
  24. 24. Olaf Kellerhoff Friedrich A. von Hayek 10.09.2009 Hayek and Keynes Because Keynes believed that he was fundamentally still a classical English liberal and wasn't quite aware of how far he had moved away from it. His basic ideas were still those of individual freedom. He did not think systematically enough to see the conflicts. Hayek about Keynes Hayek argued: Keynes positions too volatile (after Hayek critiqued Keynes Treatise on Money (1930) Keynes replied that this did no longer reflect his thinking) Hayek did not dare to confront him directly due to Keynes rhetorical skills The book Hayek never wrote to his own regret. 1. Life 2. Work 3. Impact
  25. 25. Olaf Kellerhoff Friedrich A. von Hayek 10.09.2009 Nobel Laureate With King Adolf 1974 Nobel Prize together with Gunnar Myrdal: for their pioneering work in the theory of money and economic fluctuations But the influence of the economist that mainly matters is an influence over laymen: politicians, journalists, civil servants and the public generally. Hayek in the Nobel laureate speech 1. Life 2. Work 3. Impact
  26. 26. Olaf Kellerhoff Friedrich A. von Hayek 10.09.2009 Philosophy & Sciences Karl Popper and Friedrich von Hayek Interactions with philosophers like Karl Popper history of ideas Contribution to neurobiology Changed the path of economics I think that I have learned more from you than from any other living thinker, except perhaps Alfred Tarski .. but not even excepting Russell. Popper in a letter to Hayek, 1944 1. Life 2. Work 3. Impact
  27. 27. Olaf Kellerhoff Friedrich A. von Hayek 10.09.2009 Consultant of Stakeholders Together with Ronald Ragan and Dr. strong direct influence Ed Feulner in the White House by his books by direct consulting but also many adversaries The most powerful critique of socialist planning and the socialist state which I read at this time [the late 1940's], and to which I have returned so often since [is] F. A. Hayek's The Road to Serfdom. Margaret Thatcher 1. Life 2. Work 3. Impact
  28. 28. Olaf Kellerhoff Friedrich A. von Hayek 10.09.2009 Summing up outstanding polymath pure liberal, Anti-Socialist, and Anti-Protectionist was compared: Hayek for 20th century like Adam Smith for the 18th one of the greatest thinkers of the 20th cent. His first book for sell: 8,500 $ www.baumanrarebooks.com 1. Life 2. Work 3. Impact
  29. 29. Olaf Kellerhoff Friedrich A. von Hayek 10.09.2009 Reading The Road to Serfdom, 1944 The Constitution of Liberty, 1960 Law, Legislation, and Liberty, 1978 The Fatal Conceit, 1988 Hayek, in my view, is the leading economic thinker of the 20th century. Vernon Smith 1. Life 2. Work 3. Impact
  30. 30. Olaf Kellerhoff Friedrich A. von Hayek 10.09.2009 Further E-Reading http://mises.org/about/3234 his biography http://www.iea.org.uk/files/upld -publication43pdf?.pdf Road to Serfdom in Reader’s Digest format http://revver.com/video/10904/ hayeks-the-road-to-serfdom- in-five-minutes his book into a little sketch film http://mises.org/articles.aspx?A uthorId=126 his papers 1. Life 2. Work 3. Impact
  31. 31. Olaf Kellerhoff Friedrich A. von Hayek 10.09.2009 Links www.hayek.de Friedrich A. von Hayek Gesellschaft www.hayek-stiftung.de Friedrich A. von Hayek Stiftung Friedrich Hayek, who died on March 23, www.hayek-institut.at 1992 at age 92, was arguably the greatest social Friedrich A. von Hayek Institute scientist of the twentieth century. By the time of http://hayekcenter.org his death, his fundamental way of thought had American Blog on Hayek supplanted the system of John Maynard Keynes -- his chief intellectual rival of the century -- in the http://mises.org Ludwig von Mises Institute battle since the 1930s for the minds of economists and the policies of governments. www.freiheit.org Julian Simon Liberal Institute of FNF 1. Life 2. Work 3. Impact
  32. 32. Olaf Kellerhoff Friedrich A. von Hayek 10.09.2009 1. Life 2. Work 3. Impact
  33. 33. Olaf Kellerhoff Friedrich A. von Hayek 10.09.2009 Follow us: twitter.com/FNF_Pakistan Keep in touch! See us: flickr.com/photos/liberal_friends_of_pakistan Watch us: youtube.com/LiberalFriendsofPAK Read with us: amazon.com (People search: FNF Pakistan) Learn from us: slideshare.net/LiberalFriendsofPakistan Become a fan: Liberal Friends of Pakistan www.mynameise.com/LiberalFriendsofPAK Also in Urdu www.southasia.fnst.org

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