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By: F. A. Hayek
Acclaimed economist F.A. Hayek gives the main arguments for the free-market case and presents his manifesto on the "errors of socialism." Hayek argues that socialism has, from its origins, been mistaken on factual and even on logical grounds. Its repeated failures in the many different practical applications of socialist ideas that this century has witnessed were the direct outcome of these errors. He labels as the "fatal conceit" the idea that "man is able to shape the world around him according to his wishes."
“The Fatal Conceit” is not simply an argument against socialism. Hayek takes a unique approach, digging deep into philosophy, morality, and cultural trends to explain the error behind the socialist ideology. This book gives examples of previous failures of socialism and explains why these applications of socialism did not work. Hayek’s detailed argument is broken down into sections covering the evolution of cultures, morality, trade, and civilization.
About the Author
Friedrich August von Hayek was born in Vienna in Austria in 1899, from a distinguished family of scholars. He received his doctorates in law and in economics from the University of Vienna in the 1920s where he was the student of Ludwig von Mises, one of the best-known exponents of the Austrian School in economics. In 1931 Hayek became Professor of Economics at the London School of Economics. In the next few years he published a series of books on capital theory, monetary theory and comparative economic systems. His powerful polemic against socialism, The Road to Serfdom, published in 1944, made him both famous and notorious. In 1947 he invited a group of distinguished economists, philosophers and historians to a meeting at the Mont Pelerin in Switzerland where they agreed to form the Mont Pelerin Society of which Hayek was the President to 1961. Hayek is considered a pioneer in monetary theory.
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