Hayek and Socialism

Bruce Caldwell

Journal of Economic Literature, 1997, vol. 35, issue 4, 1856-1890

Abstract: Friedrich A. Hayek was a life-long opponent of socialism. Three of his contributions are surveyed and placed within historical context: his debates in the 1930s with the market socialists, his political critique of socialism in The Road to Serfdom, and his evolutionary arguments against "rationalist constructivists." Recent discussions that use the economics of information to analyze the prospects for socialism are also reviewed. It is argued that theorists working in the economics of information have not recognized just how far Hayek's conceptualization of the appropriate theoretical constructs for economics deviates from those of mainstream economists. As such they have misunderstood what may constitute an independent set of arguments against socialism.

Date: 1997
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