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 ).

Informal discussions with colleagues and friends stimulated a greater interest, which was reinforced by Friedrich Hayek's powerful book The Road to Serfdom, by my attendance at the first meeting of the Mont Pelerin Society in 1947, and by discussions with Hayek after he joined the university faculty in 1950.

* The Ludwig von Mises Institute holds a lecture named after Hayek every year at its Austrian Scholars Conference and invites notable academics to speak about subjects relating to Hayek's contributions to the Austrian School.

In fact, during Harris ' time in office, political staff at Queen's Park — the provincial seat of government — were known to keep copies of Hayek's seminal work The Road to Serfdom on hand in their offices.

The extended order is at the heart of Friedrich Hayek's thesis, in The Fatal Conceit, where he argues that " our civilization depends, not only for its origin but also for its preservation, on what can be precisely described only as the extended order of human cooperation, an order more commonly, if somewhat misleading, known as capitalism .”

Milton Friedman's Capitalism and Freedom, Bruno Leoni's Freedom and the Law, and Hayek's Constitution of Liberty were all influenced by the ideas discussed at such meetings.

He " paid von Mises's salary at New York University ; he paid F. A. Hayek's salary at the University of Chicago ; he funded lectures that Milton and Rose Friedman turned into Capitalism and Freedom and he approved the grant that enabled Murray Rothbard to write Man, Economy and State.

Hayek's essay argues that alliances with conservatives are at best a necessary evil in the fight against socialism, noting that there are deep incompatibilities because " the admiration of the conservatives for free growth generally applies only to the past.

Even after his death, Hayek's intellectual presence is noticeable, especially in the universities where he had taught: the London School of Economics, the University of Chicago, and the University of Freiburg.

The Keynesian consensus was challenged successfully with attacks launched by Friedrich Hayek's Austrian School and Milton Friedmans Chicago School as early as the 1950s, which by the 1970s had succeeded in displacing Keynes as the dominant influence.

" However, Frank Knight, founder of the Chicago School of Economics, wrote in a scholarly review of the Wootton book: " Let me repeat that the Wootton book is in no logical sense an answer to The Road to Serfdom, whatever may be thought of the cogency of Hayek's argument, or the soundness of his position.

Part of the reason that Hayek stressed the knowledge problem was also because he was mainly concerned with debating the proposal for Market Socialism and the Lange Model by Oskar R. Lange ( 1938 ) and Hayek's student Abba Lerner ( 1934, 1937, 1938 ), which was developed in response to the calculation argument.

Much of Hayek's combat experience was spent as a spotter in an aeroplane.

It was sometime after reading Socialism that Hayek began attending Ludwig 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.

Through analysis of this and other of Hayek's works, Block purports, " in making the case against socialism, Hayek was led into making all sort of compromises with what otherwise appeared to be his own philosophical perspective – so much so, that if a system was erected on the basis of them, it would not differ too sharply from what this author explicitly opposed.

It was Hayek's The Constitution of Liberty.

Hayek's analysis was based on Böhm-Bawerk's concept of the " average period of production " and on the effects that monetary policy could have upon it.

" Hayek's research into this argument was specifically cited by the Nobel Committee in its press release awarding Hayek the Nobel prize.

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, in turn, was influenced by the Austrian School economist Friedrich Hayek's move to the London School of Economics, where Hicks then studied.

Hicks was influenced directly by Hayek's notion of intertemporal coordination and paralleled by earlier work by Lindhal.

Hayek's work was rarely cited in the PDP literature until recently.

" When Dame Edna was questioned about the controversy on the eve of her 2003 Australian tour, she retorted that Hayek's denunciation was due to " professional jealousy ", and that Hayek was envious because the role of painter Frida Kahlo ( for which Hayek received an Oscar nomination ) had originally been offered to Edna:

" Having said that, Keynes did not think Hayek's philosophy was of practical use ; this was explained later in the same letter, through the following comment: " What we need therefore, in my opinion, is not a change in our economic programmes, which would only lead in practice to disillusion with the results of your philosophy ; but perhaps even the contrary, namely, an enlargement of them.

Hayek's work was influential enough to warrant mention during the 1945 British general election, when according to Harold Macmillan, Winston Churchill was " fortified in his apprehensions a Labour Party ( UK ) | Labour government by reading Professor Hayek's The Road to Serfdom " when he warned in an election broadcast in 1945 that a socialist system would " have to fall back on some form of Gestapo.

Hayek's father turned his work on regional botany into a highly esteemed botanical treatise, continuing the family's scholarly traditions.

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 most 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.

Alain de Benoist of the Nouvelle Droite ( New Right ) produced a highly critical essay on Hayek's work in an issue of Telos, citing the flawed assumptions behind Hayek's idea of " spontaneous order " and the authoritarian, totalizing implications of his free-market ideology.

Keynes asked his friend Piero Sraffa to respond publicly to Hayek's challenge ; instead of formulating an alternative theory, Sraffa elaborated on the logical inconsistencies of Hayek's argument, especially concerning 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.

Hayek's own words on democracy versus free market capitalism proves quite an insightful reading:

Hayek's influence on the development of economics is widely acknowledged.

Hayek's work on price theory has been central to the thinking of Jimmy Wales about how to manage the Wikipedia project.

Still others, such as the Cato Institute, promote libertarian social and economic theories based on Friedrich von Hayek's idea of free markets and individual liberty.

Inspired by radical debate in the student community, he wrote a critical essay on Friedrich Hayek's The Road to Serfdom.

Robbins and Hayek's views were based on the Austrian School of Economics with its emphasis on free trade and anti-interventionism, while Keynes advanced a brand of economic theory now known as Keynesianism which advocates active policy responses by the public sector.

Friedrich Hayek's ideas on information flow, present in classical neoliberalism, were codified in economic form under the Austrian School as the economic calculation problem.

These ideas were developed in The Counter-Revolution of Science: Studies in the Abuse of Reason, 1952 and in some of Hayek's later essays in the philosophy of science such as " Degrees of Explanation " and " The Theory of Complex Phenomena ".

A British scholar, Samuel Brittan, concluded in 2010, " Hayek's book Constitution of Liberty is still probably the most comprehensive statement of the underlying ideas of the moderate free market philosophy espoused by neoliberals.

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 Edelman, and Fuster.