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Friedrich Hayek: The ideas and influence of the libertarian economist by Eamonn Butler

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Psychology, Science And Sorcery

When Hayek was young, he did not know whether to become an economist or a psychologist. In the event, he went on to make important contributions in both fields – and in philosophy and social science too.

Hayek’s thoughts on human psychology, first drafted when he was only 20, are an astonishing breakthrough in their own right; but they also powerfully support his economics. His analysis of how human beings observe and understand their world is highly relevant to his view that the ‘facts’ on which any economic system must work are fundamentally subjective – being the values, opinions and imperfect understandings that exist only in the minds of the millions of individuals concerned. Hayek explained that the way ...

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