During the socialist calculation debate, Ludwig von Mises and F. A. Hayekmade a positive argument regarding the impossibility of economic calculationunder socialism. In this study, I argue that the arguments made by Mises andHayek have normative implications for capitalism. I do so by drawing...

Traditional public choice analysis implicitly views political outcomes as the intention of a single-minded person. This view is seriously misguided. Rather than viewing politics as being done by one person or a group of persons acting in concert, this paper presents an Austrian economist's...

Friedrich Hayek (1937, 1945) explained that scholars engage in fantasy when they presume that they, or anyone for that matter, presume to possess the knowledge necessary to construct some societal equilibrium. That knowledge is incapable of being possessed by a single mind, which means that the...

This paper contextualizes the early political economy of Austrian economist and social philosopher F. A. Hayek in the intellectual milieu of German ordoliberalism. It argues that the particular urgency during the 1930s and 1940s to preserve and stabilize the disintegrating orders of economy and...

The ethical and legal thought of Thomas Aquinas and F. A. Hayek emerged out of distinct philosophical traditions. Aquinas, following the Aristotelian tradition, emphasized the inexact character of ethics and hence the mutability of law due to the contingency of particular circumstances. Hayek,...

Israel M. Kirzner is the 2006 winner of The International Award for Entrepreneurship and Small Business Research (the FSF-Nutek Award). In this Prize Lecture he argues that a number of those who have commented on his work have misunderstood certain aspects of his theoretical system, and as a...