Hayek’s rapid rise to stardom and his inconsistent views: Understanding the intellectual and doctrinal background

A Hayek day.

Uneasy Money has a  post on Hayek’s rise to stardom. More importantly, how his policy views were different from his academic view:

The perplexing and disturbing question raised by Hayek’s policy stance in the early 1930s is why, given the availability of his neutral-money criterion as a justification for favoring at least a mildly inflationary (or reflationary) policy to promote economic recovery from the Depression, did Hayek remain, during the 1930s at any rate, implacably opposed to expansionary monetary policies? Hayek’s later disavowals of his early position actually provide some insight into his reasoning in the early 1930s, but to understand the reasons for his advocacy of a policy inconsistent with his own theoretical understanding of the situation for which he was offering policy advice, it is necessary to understand the intellectual and doctrinal background that set the boundaries on what kinds of policies Hayek was prepared to entertain. The source of that intellectual and doctrinal background was David Hume and the intermediary through which it was transmitted was none other than Hayek’s mentor Ludwig von Mises.

The emphasized lines are really important. History of thought of especially key names in economics profession have to be read really well..

2 Responses to “Hayek’s rapid rise to stardom and his inconsistent views: Understanding the intellectual and doctrinal background”

  1. The evolution of Hayek's thought on gold and monetary standards | Me Stock Broker Says:

    […] Uneasy Money posted about Rise of Hayek and his inconsistent views. […]

  2. The evolution of Hayek’s thought on gold and monetary standards – Courtier en Bourse Says:

    […] Uneasy Money a publié sur Rise of Hayek et ses vues incohérentes . […]

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