Friedrich Hayek: A Biography

As a student of Hayak, I was often troubled by my inability to fully grasp the nature of some of his theories. After reading Mr. Ebentein's magnificent work I now have a richer understanding of this master's contributions.I found Mr. Ebenstein's book illuminating and comprehensive. He has a crisp writing style and I was impressed with the easy flow of the material. An excellent read; I highly recommend this book!

Alan Ebenstein is to be congratulated for writing a biography of perhaps the most distinguished economic philosopher of the past century. Friedrich Hayek took to task the inane extremes of both the Socialists and anarchical Libertarians. The German born scholar embittered the former for committing the unpardonable offense of inhibiting their grab for power. These arrogant intellectuals subtly implied that their statist theories deserved adulation---and yes, inevitably, unhesitating obedience. Hayek argued that an increasingly complex society significantly lessens the likelihood of these alleged benevolent and brilliant elitists to productively manage economic events for the masses. It is impossible, Hayek added, for a central authority to even begin masterminding the enormous and minutely diverse judgments required to perform the everyday economic chores of a large community. The radical Libertarian Ayn Rand despised Hayek and regarded him as an enemy. Hayek's writings concerning the mandatory need for laws to underpin all viable societies probably did much to enrage the intellectually immature Rand. She ideologically refused to accept the empirical evidence that business people are naturally inclined toward avaricious behavior; that the at least metaphorical reality of Original Sin is alive and well within the human soul of even the most saintly among us. Hayek had no problem agreeing with the earlier moralist, Adam Smith, who warned that businessmen innately join together in order to conspire against the consumer.Hayek clearly understood the hopeless dilemma of a statist economy in confronting the issues of pricing. Only the essentially "invisible hand" free decision making of individual buyers and sellers is capable of realistically pricing goods and services. One doesn't need to completely agree with all of Sigmund Freud's views to concede the extraordinary influence the subconscious has upon our overall thinking processes. Rarely do individuals spend a lot time and effort when purchasing an item such as a candy bar. Usually this is an impulsive buying decision comprising a fraction of a second. Even more significant purchases like an automobile or a house involve motivations that are hidden from our conscious mind. Thus, only we are able to somewhat haphazardly conclude on what constitutes an acceptable price regarding our own particular economic transactions.Democratic Capitalism deserves two cheers, and not three. It does not promise a utopian world. On the contrary, to paraphrase Winston Churchill, this most most efficient and beneficial economic system is brutish, awful, and sometimes downright disgusting, but it far surpasses any other economic system in human history. You owe it to yourself to learn more about Friedrich Hayek, a giant of a man who so profoundly influenced our world for the better. Ebenstein's book is a great place to start.

Hayek is a figure who has deserved a biography for some time. In "Friedrich Hayek: A Biography" Alan Ebenstein has done a great service to our understanding of Hayek the man and of Hayek's ideas. Ebenstein traces Hayek's intellectual journey from Vienna to the London School of Economics to the University of Chicago to the Nobel Prize. Many of the key intellectual figures of the twentieth century are covered in this excellent book--Ludwig von Mises, John Maynard Keynes, Karl Popper, Milton Friedman, and others. According to Ebenstein Hayek's central idea was that "liberty is the supremacy of law." My only regret is that the book could have been longer.

Ebenstein's most recent work is simply the best avalible on Friedrich Hayek. I'm sure that it will become standard reading by those that have an interest in Hayek.

I have read a number of books on Hayek, classical liberalism, and libertarianism, and this is the best of them all. This biography presents both Hayek's life and thought. The tone is friendly to Hayek but not uncritical. I learned a great deal not just about Hayek but about the people with whom he interacted--von Mises, Keynes, Popper, Friedman, and others.