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The trend of economic thinking

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  • Graves Leslie
  • Hayek F. A.

Abstract

The Iron Curtain has been cast aside. The Berlin Wall has fallen. Germany has been reunited. And F. A. Hayek's forceful predictions of the inevitable failure of socialism and central economic planning are now rendered irrefutable. Yet Hayek still rightfully cautions us to heed his arguments, warning that "in economics you can never establish a truth once and for all but have always to convince every generation anew." The Trend of Economic Thinking captures Hayek's views on political economists and economic history—on Mandeville, Hume, Cantillon, Adam Smith, and Henry Thornton. Framed by insightful editorial notes, fifteen newly collected essays—including five previously unpublished pieces and two others never before available in English—provide a fascinating introduction to the historical context of political economy and the evolution of monetary practices. In a highlight of the collection, "On Being an Economist," Hayek reflects on the influence of economists, the time required for new ideas to take hold, the best way to educate economic theorists, and the need to follow one's own interests, often in opposition to fashionable beliefs. As always, the words of this outspoken scholar are sure to provoke debate.
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Suggested Citation

  • Graves Leslie & Hayek F. A., 1991. "The trend of economic thinking," Journal des Economistes et des Etudes Humaines, De Gruyter, vol. 2(4), pages 1-5, December.
  • Handle: RePEc:bpj:jeehcn:v:2:y:1991:i:4:p:5:n:12
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    Cited by:

    1. Vernon L. Smith, 2003. "Constructivist and Ecological Rationality in Economics," American Economic Review, American Economic Association, vol. 93(3), pages 465-508, June.
    2. Funk, Matt, 2008. "On the Problem of Sustainable Economic Development: A Theoretical Solution to this Prisoner's Dilemma," MPRA Paper 19025, University Library of Munich, Germany, revised 08 Jun 2008.
    3. Scrimgeour, Frank G. & Pasour, E.C., Jr., 1994. "The Public Choice Revolution and New Zealand Farm Policy," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 62(02), pages 1-11, August.

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