Chapter

“Economics and Knowledge” and Hayek's Transformation

Bruce Caldwell

in Hayek's Challenge

Published by University of Chicago Press

Published in print November 2003 | ISBN: 9780226091914
Published online February 2013 | e-ISBN: 9780226091921 | DOI: http://dx.doi.org/10.7208/chicago/9780226091921.003.0011
“Economics and Knowledge” and Hayek's Transformation

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On 10 November 1936, Hayek delivered his presidential address before the London Economics Club. The address was published the next February in Economica as “Economics and Knowledge”. Many years later, Hayek would claim that the paper played an important role in the development of his thought. “Economics and Knowledge” clearly looms large in Hayek's own retrospective reconstructions. Given the retrospective, and, perhaps, contemporaneous, importance that Hayek attributed to “Economics and Knowledge,” the paper warrants careful study. This chapter first reviews exactly what Hayek says in it, then examines the origins of some of his ideas. Next, it explores some reasons why, at least from the perspective of today, it was, indeed, a significant paper.

Keywords: Friedrich A. Hayek; presidential address; London Economics Club; Economics and Knowledge

Chapter.  11382 words. 

Subjects: Economic History

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