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

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 ).

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.

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

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

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

The two chief modes of failure are usually due to imperfect property rights and due to imperfect information and correspond directly to Friedrich Hayek's assertion that classical liberalism will not work without protection of the private sphere and the prevention of fraud and deception.

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

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 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.

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.

Although Hayek's work was intended to discredit the effectiveness of central planning agencies over a free market system, his proposal that price mechanisms communicate information about scarcity of goods inspired Abba Lerner, Tjalling Koopmans, Leonid Hurwicz, George Stigler and others to further develop the field of information economics.

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.

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.

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.

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.

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.

" 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:

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.

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.

A way of modelling a Complex Adaptive System One of Hayek's main contributions to early complexity theory is his distinction between the human capacity to predict the behaviour of simple systems and its capacity to predict the behaviour of complex systems through modeling.

His most recent scholarly article is " Rand Versus Hayek on Abstraction ," in the Fall 2011 issue of Reason Papers -- a " descriptive and explanatory " account of the similarities and differences between Rand's and Friedrich Hayek's views on cognition and mind.

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.

Harvard economist and former Harvard University President Lawrence Summers explains Hayek's place in modern economics: " What's the single most important thing to learn from an economics course today?

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.

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.

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

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.

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.

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

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.

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.

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

It was Hayek's The Constitution of Liberty.

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

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

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.