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 ).

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.

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.

Hayek's first class at Chicago was a faculty seminar on the philosophy of science attended by many of the University's most notable scientists of the time, including Enrico Fermi, Sewall Wright and Leó Szilárd.

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.

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.

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:

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.

" 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.

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 Ludwig von Mises ' book Socialism.

Others who responded negatively to Hayek's work on the business cycle included John Hicks, Frank Knight, and Gunnar Myrdal.

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.

Economist Jeffery Hummel is critical of Hayek's explanation of labor asymmetry in booms and busts.

Economist Jeffery Hummel is critical of Hayek's explanation of labor asymmetry in booms and busts.

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 ".

As developed in Hayek's The Pure Theory of Capital, the goal is the preservation of the unique information contained in the price itself.

Hayek's influential book The Road to Serfdom and developed into a classical liberal.

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.

By 1990, Chile had fulfilled Hayek's prediction by transitioning to a democratic state as established in the 1980 Constitution of Chile approved during the Pinochet regime.

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.

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.

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.

The condensed version of Hayek's The Road to Serfdom has been republished by the IEA, while the work of Nobel Prize Winners is reprinted in The Road to Economic Freedom with a foreword by Margaret Thatcher.

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.

Much of the literature in information economics was originally inspired by Friedrich Hayek's " The Use of Knowledge in Society " on the uses of the price mechanism in allowing information decentralization to order the effective use of resources.

Hayek's argumentation is not only regarding computational complexity for the central planners, however.

Hayek's account of how changing prices communicate information which enables individuals to coordinate their plans is widely regarded as an important achievement in economics.

Hayek's grandfathers were prominent academics working in the fields of statistics and biology.

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

Hayek's economic notes from this period have yet to be published.

Hayek's principal investigations in economics concerned capital, money, and the business cycle.

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.

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.

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.