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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 Framed by insightful editorial notes, fifteen newly collected essays—including five previously unpublished pieces and two others never before available in English—provide a fascinating introduction to the historical context of political economy and the evolution of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 584-588, December.
    • Handle: RePEc:bpj:jeehcn:v:2:y:1991:i:4:p:5:n:12
    DOI: 10.1515/jeeh-1991-0412
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    Cited by:

    1. Robert B. Ekelund & Mark Thornton, 2020. "Rent seeking as an evolving process: the case of the Ancien Régime," Public Choice, Springer, vol. 182(1), pages 139-155, January.
    2. Bruce Caldwell, 2011. "Ten (Mostly) Austrian Insights for These Trying Times," CAE Working Papers 90, Aix-Marseille Université, CERGAM.
    3. Razeen Sally, 1997. "The Political Economy of Frank Knight: Classical Liberalism from Chicago," Constitutional Political Economy, Springer, vol. 8(2), pages 123-138, June.
    4. Lotz, Aileen & Gosselin, Pierre, 2012. "A dynamic model of interactions between conscious and unconscious," MPRA Paper 36697, University Library of Munich, Germany.
    5. Razeen Sally, 1998. "Classical Liberalism and International Economic Order: An Advance Sketch," Constitutional Political Economy, Springer, vol. 9(1), pages 19-44, March.
    6. Kolev Stefan, 2015. "Two interactive masterminds: Hayek′s fluctuating fascination for John Stuart Mill′s system of thought," ORDO. Jahrbuch für die Ordnung von Wirtschaft und Gesellschaft, De Gruyter, vol. 66(1), pages 387-396, January.
    7. Kevin McCabe, 2005. "Reciprocity and Social Order: What Do Experiments Tell us About the Failure of Economic Growth?," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 18(3), pages 241-280, December.
    8. Bruce Caldwell, 2020. "The Road to Serfdom after 75 Years," Journal of Economic Literature, American Economic Association, vol. 58(3), pages 720-748, September.
    9. Roy H Grieve, 2015. "Revisiting Cantillon's admirable theory of distribution and value - a misinterpretation corrected," Working Papers 1506, University of Strathclyde Business School, Department of Economics.
    10. Peter J. Boettke, 2011. "Economics For Yesterday, Today, and Tomorrow," Journal of Private Enterprise, The Association of Private Enterprise Education, vol. 26(Spring 20), pages 1-14.
    11. Stephen P. Barrows, 2010. "The Law of Population and the Austrian School," American Journal of Economics and Sociology, Wiley Blackwell, vol. 69(4), pages 1178-1205, October.
    12. Funk, Matt, 2007. "On the Problem of Dependent People: hyperbolic discounting in Atlantic Canadian island jurisdictions," MPRA Paper 14522, University Library of Munich, Germany.
    13. Hansjoerg Klausinger, 2011. "Hayek's Geldtheoretische Untersuchungen : New insights from a 1925--29 typescript," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 18(4), pages 579-600, October.
    14. Matthew Desmond, 2013. "Is Democratic Regulation of High Finance Possible?," The ANNALS of the American Academy of Political and Social Science, , vol. 649(1), pages 180-184, September.
    15. Vernon L. Smith, 2003. "Constructivist and Ecological Rationality in Economics," American Economic Review, American Economic Association, vol. 93(3), pages 465-508, June.
    16. Marek Hudík, 2015. "Homo Economicus and Homo Stramineus," Prague Economic Papers, Prague University of Economics and Business, vol. 2015(2), pages 154-172.
    17. Thiago Vargas, 2021. "Anatomizing the invisible: moral philosophy and economics in Mandeville’s thought," Post-Print hal-03968670, HAL.
    18. 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.
    19. Klaus Heine & Karsten Mause, 2004. "Policy Advice as an Investment Problem," Kyklos, Wiley Blackwell, vol. 57(3), pages 403-427, August.
    20. 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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