By Stephen Kresge:
This e-book strains the life's paintings of a guy now greatly considered as one of many maximum economists, political philosophers and social theorists of the century. the result's the main alive and available advent to Hayek so far.
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Extra info for Hayek on Hayek: An Autobiographical Dialogue
Life, so these researchers are coming to understand, be it artificial or natural, exists on the edge of chaos. Hayek lives. Stephen Kresge PART ONE Vienna-New York-Vienna The earliest paternal ancestor of whom more than the bare name is known is my great-great-grandfather, Josef Hayek (1750–1830), who in 1789 obtained the minor title of nobility (the “von”), which the family since bears. His father Laurenz Hayek had served one of the great aristocratic landowners of Moravia at his estate near Brünn (Brno), but had died when his son Josef was not yet five years old.
If, however, we return to the hypothesis that it is the rules that survive, not necessarily the groups or individuals that adopt them, then the problem can be cast in different terms. Then the process of evolution—the equivalent of natural selection in species—becomes one of self-selection. This suggests that adaptations are successful when they allow larger numbers of individuals to communicate with one another and solve more of the problems of their environment. The group by which we measure the success of adopted rules is not a fixed population.
Then, recalling that he once argued against the theories of Keynes, some of the public began to take an interest in what Hayek had to say. He gave them a cogent defense of a free market as a necessary foundation for a free society. He also offered them an argument for the denationalization of money that proposed that a free market be utilized to maintain the value of money. Since governments had proven themselves incapable of the job, Hayek’s proposal was certainly not beyond consideration. But bankers had been creatures of government regulation for so long they had forgotten what a market was.