SOURCE: “Hayek's Contribution to Economics,” in Essays on Hayek, New York University Press, 1976, pp. 13-59.

In the following essay, Machlup provides an extensive review of Hayek's contributions to economic theory and the defense of free markets.

This review of the scholarly publications of Friedrich A. von Hayek is arranged under the following headings: Biographical Sketch; Bibliographical Overview; Money, Credit, Capital, and Cycles; Socialism, Planning, and Competitive Capitalism; Legal and Political Philosophy; History of Ideas; An Essay in Psychology; Philosophy of Science; and Final Assessment.

Biographical Sketch

Friedrich August von Hayek was born in Vienna on May 8, 1899 into a family of scientists and academic teachers. His grandfather was a biologist, specializing in zoology; his father, a doctor of medicine, turned to research in botany and lectured in this field as professor extraordinarius at the University of Vienna; one of F. A. Hayek's brothers became professor of anatomy at the...