title: Electroencephalography

text: The propagation of the ocular artifact is impacted by multiple factors including the properties of the subject's skull, neuronal tissues and skin but the signal may be approximated as being inversely proportional to the distance from the eyes squared. The electrooculogram (EOG) consists of a series of electrodes measuring voltage changes close to the eye and is the most common tool for dealing with the eye movement artifact in the EEG signal.


title: Electroencephalography

text: Another source of artifacts are various muscle movements across the body. This particular class of artifact is usually recorded by all electrodes on the scalp due to myogenic activity (increase or decrease of blood pressure). The origin of these artifacts have no single location and arises from functionally independent muscle groups, meaning the characteristics of the artifact are not constant. The observed patterns due to muscular artifacts will change depending on the subjects sex, the particular muscle tissue and its degree of contraction. The frequency range for muscular artifacts is wide and overlaps with every classic EEG rhythm. However most of the power is concentrated in the lower range of the observed frequencies of 20 to 300 Hz making the gamma band particularly susceptible to muscular artifacts. Some muscle artifacts may have activity with a frequency as low as 2Hz which and delta and theta bands may also be affected by muscle activity. Muscular artifacts may impact sleep studies as unconscious bruxism (grinding of teeth) or snoring can seriously impact the quality of the recorded EEG. In addition the recordings made of epilepsy patients may be significantly impacted by the existence of muscular artifacts.


title: Electroencephalography

text: The potential due to cardiac activity introduces electrocardiograph (ECG) errors in the EEG. Artifacts arising due to cardiac activity may be removed with the help of an ECG reference signal.


title: Electroencephalography

text: Glossokinetic artifacts are caused by the potential difference between the base and the tip of the tongue. Minor tongue movements can contaminate the EEG, especially in parkinsonian and tremor disorders.


title: Electroencephalography

text: In addition to artifacts generated by the body, many artifacts originate from outside the body. Movement by the patient, or even just settling of the electrodes, may cause "electrode pops", spikes originating from a momentary change in the impedance of a given electrode. Poor grounding of the EEG electrodes can cause significant 50 or 60 Hz artifact, depending on the local power system's frequency. A third source of possible interference can be the presence of an IV drip; such devices can cause rhythmic, fast, low-voltage bursts, which may be confused for spikes.


title: Electroencephalography

text: An EEG equipped phantom head can be placed on a motion platform and moved in a sinusoidal fashion. This contraption enabled researchers to study the effectiveness of motion artifact removal algorithms. Using the same model of phantom head and motion platform, it was determined that cable sway was a major attributor to motion artifacts. However, increasing the surface area of the electrode had a small but significant effect on reducing the artifact. This research was sponsored by the U.S. Army Research Laboratory as a part of the Cognition and Neuroergonomics Collaborative Technical Alliance.


title: Electroencephalography

text: Abnormal activity can broadly be separated into epileptiform and non-epileptiform activity. It can also be separated into focal or diffuse.


title: Electroencephalography

text: Focal epileptiform discharges represent fast, synchronous potentials in a large number of neurons in a somewhat discrete area of the brain. These can occur as interictal activity, between seizures, and represent an area of cortical irritability that may be predisposed to producing epileptic seizures. Interictal discharges are not wholly reliable for determining whether a patient has epilepsy nor where his/her seizure might originate. (See focal epilepsy.)


title: Electroencephalography

text: Generalized epileptiform discharges often have an anterior maximum, but these are seen synchronously throughout the entire brain. They are strongly suggestive of a generalized epilepsy.


title: Electroencephalography

text: Focal non-epileptiform abnormal activity may occur over areas of the brain where there is focal damage of the cortex or white matter. It often consists of an increase in slow frequency rhythms and/or a loss of normal higher frequency rhythms. It may also appear as focal or unilateral decrease in amplitude of the EEG signal.


title: Electroencephalography

text: Diffuse non-epileptiform abnormal activity may manifest as diffuse abnormally slow rhythms or bilateral slowing of normal rhythms, such as the PBR.


title: Electroencephalography

text: Intracortical Encephalogram electrodes and sub-dural electrodes can be used in tandem to discriminate and discretize artifact from epileptiform and other severe neurological events.


title: Electroencephalography

text: More advanced measures of abnormal EEG signals have also recently received attention as possible biomarkers for different disorders such as Alzheimer's disease.


title: Electroencephalography

text: Systems for decoding imagined speech from EEG have applications such as in brain–computer interfaces.


title: Electroencephalography

text: The Department of Defense (DoD) and Veteran's Affairs (VA), and U.S Army Research Laboratory (ARL), collaborated on EEG diagnostics in order to detect mild to moderate Traumatic Brain Injury (mTBI) in combat soldiers. Between 2000 and 2012, 75 percent of U.S. military operations brain injuries were classified mTBI. In response, the DoD pursued new technologies capable of rapid, accurate, non-invasive, and field-capable detection of mTBI to address this injury.


title: Electroencephalography

text: Combat personnel often develop PTSD and mTBI in correlation. Both conditions present with altered low-frequency brain wave oscillations. Altered brain waves from PTSD patients present with decreases in low-frequency oscillations, whereas, mTBI injuries are linked to increased low-frequency wave oscillations. Effective EEG diagnostics can help doctors accurately identify conditions and appropriately treat injuries in order to mitigate long-term effects.


title: Electroencephalography

text: Traditionally, clinical evaluation of EEGs involved visual inspection. Instead of a visual assessment of brain wave oscillation topography, quantitative electroencephalography (qEEG), computerized algorithmic methodologies, analyzes a specific region of the brain and transforms the data into a meaningful "power spectrum" of the area. Accurately differentiating between mTBI and PTSD can significantly increase positive recovery outcomes for patients especially since long-term changes in neural communication can persist after an initial mTBI incident.


title: Electroencephalography

text: Another common measurement made from EEG data is that of complexity measures such as Lempel-Ziv complexity, fractal dimension, and spectral flatness, which are associated with particular pathologies or pathology stages.


title: Electroencephalography

text: Inexpensive EEG devices exist for the low-cost research and consumer markets. Recently, a few companies have miniaturized medical grade EEG technology to create versions accessible to the general public. Some of these companies have built commercial EEG devices retailing for less than US$100.


title: Electroencephalography

text: The EEG has been used for many purposes besides the conventional uses of clinical diagnosis and conventional cognitive neuroscience. An early use was during World War II by the U.S. Army Air Corps to screen out pilots in danger of having seizures; long-term EEG recordings in epilepsy patients are still used today for seizure prediction. Neurofeedback remains an important extension, and in its most advanced form is also attempted as the basis of brain computer interfaces. The EEG is also used quite extensively in the field of neuromarketing.


title: Electroencephalography

text: The EEG is altered by drugs that affect brain functions, the chemicals that are the basis for psychopharmacology. Berger's early experiments recorded the effects of drugs on EEG. The science of pharmaco-electroencephalography has developed methods to identify substances that systematically alter brain functions for therapeutic and recreational use.


title: Electroencephalography

text: Honda is attempting to develop a system to enable an operator to control its Asimo robot using EEG, a technology it eventually hopes to incorporate into its automobiles.


title: Electroencephalography

text: EEGs have been used as evidence in criminal trials in the Indian state of Maharashtra. Brain Electrical Oscillation Signature Profiling (BEOS), an EEG technique, was used in the trial of "State of Maharashtra v. Sharma" to show Sharma remembered using arsenic to poison her ex-fiancé, although the reliability and scientific basis of BEOS is disputed.


title: Electroencephalography

text: A lot of research is currently being carried out in order to make EEG devices smaller, more portable and easier to use. So called "Wearable EEG" is based upon creating low power wireless collection electronics and 'dry' electrodes which do not require a conductive gel to be used. Wearable EEG aims to provide small EEG devices which are present only on the head and which can record EEG for days, weeks, or months at a time, as ear-EEG. Such prolonged and easy-to-use monitoring could make a step change in the diagnosis of chronic conditions such as epilepsy, and greatly improve the end-user acceptance of BCI systems. Research is also being carried out on identifying specific solutions to increase the battery lifetime of Wearable EEG devices through the use of the data reduction approach. For example, in the context of epilepsy diagnosis, data reduction has been used to extend the battery lifetime of Wearable EEG devices by intelligently selecting, and only transmitting, diagnostically relevant EEG data.


title: Electroencephalography

text: In research, currently EEG is often used in combination with machine learning. EEG data are pre-processed to be passed on to machine learning algorithms. These algorithms are then trained to recognize different diseases like schizophrenia, epilepsy or dementia. Furthermore, they are increasingly used to study seizure detection. By using machine learning, the data can be analyzed automatically. In the long run this research is intended to build algorithms that support physicians in their clinical practice and to provide further insights into diseases. In this vein, complexity measures of EEG data are often calculated, such as Lempel-Ziv complexity, fractal dimension, and spectral flatness. It has been shown that combining or multiplying such measures can reveal previously hidden information in EEG data.


title: Electroencephalography

text: EEG signals from musical performers were used to create instant compositions and one CD by the Brainwave Music Project, run at the Computer Music Center at Columbia University by Brad Garton and Dave Soldier. Similarly, an hour-long recording of the brainwaves of Ann Druyan was included on the Voyager Golden Record, launched on the "Voyager" probes in 1977, in case any extraterrestrial intelligence could decode her thoughts, which included what it was like to fall in love.


title: Isthmian League

text: The Isthmian League () is a regional men's football league covering Greater London, East and South East England, featuring mostly semi-professional clubs.


title: Isthmian League

text: Founded in 1905 by amateur clubs in the London area, the league now consists of 82 teams in four divisions: the Premier Division above its three feeder divisions, the North, South Central and South East divisions.


title: Isthmian League

text: Together with the Southern League and the Northern Premier League, it forms the seventh and eighth levels of the English football league system. It has various regional feeder leagues and the league as a whole is a feeder league mainly to the National League South.


title: Isthmian League

text: Before the Isthmian League was formed, there were no leagues in which amateur football clubs could compete, only knock-out cup competitions. Therefore, a meeting took place between representatives of Casuals, Civil Service, Clapton, Ealing Association, Ilford and London Caledonians to discuss the creation of a strong amateur league. All the clubs supported the idea and the Isthmian League was born on 7 March 1905. Membership to the league was through invitation only. The league was very strongly dedicated to the cause of amateurism in sport; consequently, the champions of the league did not even receive a trophy or medals; the league's Latin motto was "honor sufficit" ('honour is sufficient').


title: Isthmian League

text: Thus, those clubs less able to compete financially gravitated to it rather than to the Southern League, which attracted clubs with ambition and money. Although the Isthmian League established itself as one of the strongest amateur leagues in the country, routinely providing the winners of the FA Amateur Cup, it was still regarded as being at a lower level than the Southern League, which had developed into the top regional semi-professional league. By 1922 the Isthmian League had fourteen clubs and over the next five decades, only a few new members were admitted, mainly to fill vacancies left by clubs leaving the league. Most new Isthmian League members joined from the Athenian League, which was similarly dedicated to amateurism.


title: Isthmian League

text: The Isthmian League was most likely named after the ancient Isthmian Games, with the later Athenian League, Corinthian League, Delphian League, Spartan League, Parthenon League and Aetolian League all adding a Classical Greek flavour to amateur football competition. In 1962 an 'all-star' team from the Isthmian League entered the 1962 Ugandan Independence Tournament, drawing both their games versus Kenya and Ghana.


title: Isthmian League

text: The league finally began to permit professionalism in the mid 1970s when the Football Association abolished the long-standing distinction between amateur and professional status with effect from the 1974–75 season. A second division of sixteen clubs was formed in 1973 and a third division followed in 1977. However, the league still remained officious and refused to participate in the formation of the Alliance Premier League in 1979 and whilst two Isthmian clubs, Enfield and Dagenham, defected to the APL in 1981, it was not until 1985 that the Isthmian League champions were given a promotion place to the newly renamed Football Conference. The reward of promotion into the Conference means that, since 1985, no team has won the league champions title two seasons in succession (as had happened on 22 occasions previously). The Athenian League disbanded in 1984 when the Isthmian League Second Division split into North and South Divisions. These were restructured yet again to Second and Third Divisions in 1991.


title: Isthmian League

text: In 2002, the league was restructured once more, with the First and Second Divisions merging to become Division One North and Division One South (later renamed simply the North and South divisions), and the Third Division being renamed as Division Two. In addition, the league's three feeder leagues—the Combined Counties League, Essex Senior League and Spartan South Midlands League—ran in parallel with Division Two, and were able to feed directly into the regional Division Ones.


title: Isthmian League

text: In 2004, The Football Association pushed through a major restructuring of the entire national non-league National League System, creating new regional divisions of the Football Conference feeding into the top, national, level. As a consequence of this restructuring, the Isthmian League was reduced back down to three divisions, and its boundaries were changed to remove the overlap with the Southern League.


title: Isthmian League

text: In 2006, further reorganisation saw a reversion to two regional Division Ones and the disbandment of Division Two. This current plan calls for clubs based on the edges of the Isthmian League's territory to transfer to and from the Southern League as necessary to maintain numerical balance between the leagues. One team, Clapton, who were ever present in the Isthmian League since its foundation, were moved to the Essex Senior League for the 2006–07 season. Dulwich Hamlet, who had joined the league in 1907, became its longest serving member until their promotion to the National League South for the 2018–19 season.


title: Isthmian League

text: In May 2017, The Football Association chose the Isthmian League to add a third regional division at Step 4 as part of further restructuring in the National League System, reducing all divisions at Step 4 to 20 teams. The new division started play in the 2018–19 season.


title: Isthmian League

text: "For the 1977–78 season, Division One was renamed the Premier Division, Division Two was renamed Division One and new Division Two was added."


title: Isthmian League

text: "At the end of the 1994–95 season, Enfield were denied promotion to the Conference. Their place was taken by Slough Town who finished as runners-up."


title: Isthmian League

text: "For the 2002–03 season, Division One was reorganised into North and South regions and Division Three was disbanded."


title: Isthmian League

text: "For the 2006–07 season, Division One was reorganised into North and South regions and Division Two was disbanded."


title: Isthmian League

text: "For the 2018–19 season, the South Division was reorganised into South Central and South East divisions."


title: Isthmian League

text: Since the league's formation in 1905, the following clubs have won promotion to higher levels of the English football league system -


title: Isthmian League

text: The Isthmian League was the first league to have sponsorship, having been selected by Rothmans, who sponsored the league from 1973 to 1977. The company offered prize money for position in the league but money was deducted for bookings. Thus the money encouraged both more goals and fair play. The sponsors after Rothmans to the present day have been: Michael Lawrie (1977–78), Berger (1978–82), Servowarm (1982–85), Vauxhall-Opel (1985–90), Vauxhall (1990–91), Diadora (1991–95), ICIS (1995–97), Ryman (1997–2017), Bostik (2017–19) and BetVictor (2019–20). Entain's Pitching In was announced as the next sponsor for 2020–21. At the time of announcement, Entain went by its former name GVC Holdings. Under this partnership, Isthmian is marketed as one of the three Trident Leagues, alongside the Northern Premier and Southern leagues.


title: Isthmian League

text: Ryman also sponsored the Isthmian Youth League and Isthmian Development League upon their creations in 2007 and 2013 respectively. Ryman chairman Theo Paphitis added to his league sponsorship through his flagship companies. Robert Dyas became sponsors of the Isthmian League Cup, Isthmian Veterans Cup, Isthmian Disability Cup and Isthmian Youth Play-off Cup in 2014, and Boux Avenue sponsored the Isthmian Women's Cup from 2014 to 2017.


title: Isthmian League

text: Becoming the longest running sports sponsorship in UK football, Ryman stepped down as sponsors at the end of the 2016–17 season after 20 years.


title: Isthmian League

text: The Alan Turvey Trophy, formerly the Isthmian League Cup, has run since 1975 and involves all Isthmian League teams.


title: Isthmian League

text: Several previous members of the Isthmian League have reached the English Football League. In its earlier years, the Football League didn't directly promote teams from the Non-League system on merit; instead, holding regular elections, for which any Non-League side could apply to enter. In practice, only the most ambitious non-League sides put themselves forward for election, and success was uncommon (outside of divisional expansions, from 1945 to its abolition in 1987, only seven clubs were successful in vying for admission to the League). No Isthmian League member ever put themselves forward for election to the Football League, but Wimbledon were elected as a Southern League member, having left the Isthmian League in 1964.


title: Isthmian League

text: The first ex-Isthmian League team to reach the Football League was Wimbledon in 1977, followed subsequently by Maidstone United (1989), Wycombe Wanderers (1993), Yeovil Town (2003), Dagenham & Redbridge (2007), Aldershot Town (2008), Stevenage (2010), and AFC Wimbledon (2011). Sutton United, who had been in the Isthmian League as recently as 2011, became the most recent former member to be promoted to the Football League, winning promotion in 2021.


title: Friedrich Hayek

text: Friedrich August von Hayek ( , ; 8 May 189923 March 1992), often referred to by his initials F. A. Hayek, was an Austrian–British economist, legal theorist and philosopher who is best known for his defense of classical liberalism. Hayek shared the 1974 Nobel Memorial Prize in Economic Sciences with Gunnar Myrdal for their work on money and economic fluctuations, and the interdependence of economic, social and institutional phenomena. His account of how changing prices communicate information that helps individuals coordinate their plans is widely regarded as an important achievement in economics, leading to his prize.


title: Friedrich Hayek

text: Hayek served in World War I during his teenage years and said that this experience in the war and his desire to help avoid the mistakes that had led to the war drew him into economics. At the University of Vienna, he studied economics, eventually receiving his doctoral degrees in law in 1921 and in political science in 1923. He subsequently lived and worked in Austria, Great Britain, the United States, and Germany; he became a British subject in 1938. Hayek's academic life was mostly spent at the London School of Economics, and later at the University of Chicago, and the University of Freiburg. He is widely considered a leader of the Austrian School of Economics, although he also had close connections with the Chicago School of Economics. Hayek was also a major social theorist and political philosopher of the 20th century and as the co-founder of Mont Pelerin Society he contributed to the revival of classical liberalism in the post-war era. His most popular work, "The Road to Serfdom", has sold over 2.25 million copies (as of 2020).


title: Friedrich Hayek

text: Hayek was appointed a Companion of Honour in 1984 for his academic contributions to economics. He was the first recipient of the Hanns Martin Schleyer Prize in 1984. He also received the Presidential Medal of Freedom in 1991 from President George H. W. Bush. In 2011, his article "The Use of Knowledge in Society" was selected as one of the top 20 articles published in the "American Economic Review" during its first 100 years.


title: Friedrich Hayek

text: Friedrich August von Hayek was born in Vienna to August von Hayek and Felicitas Hayek ("née" von Juraschek). His father, born in 1871 also in Vienna, was a medical doctor employed by the municipal ministry of health. August was a part-time botany lecturer at the University of Vienna. Friedrich was the oldest of three brothers, Heinrich (1900–1969) and Erich (1904–1986), who were one-and-a-half and five years younger than he was.


title: Friedrich Hayek

text: His father's career as a university professor influenced Hayek's goals later in life. Both of his grandfathers, who lived long enough for Hayek to know them, were scholars. was a leading economist in Austria-Hungary and a close friend of Eugen von Böhm-Bawerk, one of the founders of the Austrian School of Economics. Hayek's paternal grandfather, Gustav Edler von Hayek, taught natural sciences at the Imperial "Realobergymnasium" (secondary school) in Vienna. He wrote works in the field of biological systematics, some of which are relatively well known.


title: Friedrich Hayek

text: On his mother's side, Hayek was second cousin to the philosopher Ludwig Wittgenstein. His mother often played with Wittgenstein's sisters and had known him well. As a result of their family relationship, Hayek became one of the first to read Wittgenstein's "Tractatus Logico-Philosophicus" when the book was published in its original German edition in 1921. Although he met Wittgenstein on only a few occasions, Hayek said that Wittgenstein's philosophy and methods of analysis had a profound influence on his own life and thought. In his later years, Hayek recalled a discussion of philosophy with Wittgenstein when both were officers during World War I. After Wittgenstein's death, Hayek had intended to write a biography of Wittgenstein and worked on collecting family materials and later assisted biographers of Wittgenstein. He was related to Wittgenstein on the non-Jewish side of the Wittgenstein family. Since his youth, Hayek frequently socialized with Jewish intellectuals and he mentions that people often speculated whether he was also of Jewish ancestry. That made him curious, so he spent some time researching his ancestors and found out that he has no Jewish ancestors within five generations. The surname Hayek uses the German spelling of the Czech surname Hájek. Hayek traced his ancestry to an ancestor with the surname "Hagek" who came from Prague.


title: Friedrich Hayek

text: Hayek displayed an intellectual and academic bent from a very young age and read fluently and frequently before going to school. However, he did quite poorly at school, due to lack of interest and problems with teachers. He was at the bottom of his class in most subjects, and once received three failing grades, in Latin, Greek and mathematics. He was very interested in theater, even attempting to write some tragedies, and biology, regularly helping his father with his botanical work. At his father's suggestion, as a teenager he read the genetic and evolutionary works of Hugo de Vries and August Weismann and the philosophical works of Ludwig Feuerbach. He noted Goethe as the greatest early intellectual influence. In school, Hayek was much taken by one instructor's lectures on Aristotle's ethics. In his unpublished autobiographical notes, Hayek recalled a division between him and his younger brothers who were only a few years younger than him, but he believed that they were somehow of a different generation. He preferred to associate with adults.


title: Friedrich Hayek

text: In 1917, Hayek joined an artillery regiment in the Austro-Hungarian Army and fought on the Italian front. Hayek suffered damage to his hearing in his left ear during the war and was decorated for bravery. He also survived the 1918 flu pandemic.


title: Friedrich Hayek

text: Hayek then decided to pursue an academic career, determined to help avoid the mistakes that had led to the war. Hayek said of his experience: "The decisive influence was really World War I. It's bound to draw your attention to the problems of political organization". He vowed to work for a better world.


title: Friedrich Hayek

text: At the University of Vienna, Hayek initially studied mostly philosophy, psychology and economics. The university allowed students to choose their subjects freely and there wasn't much obligatory written work, or tests except main exams at the end of the study. By the end of his studies Hayek became more interested in economics, mostly for financial and career reasons; he planned to combine law and economics to start a career in diplomatic service. He earned doctorates in law and political science in 1921 and 1923 respectively.


title: Friedrich Hayek

text: For a short time, when the University of Vienna closed he studied in Constantin von Monakow's Institute of Brain Anatomy, where Hayek spent much of his time staining brain cells. Hayek's time in Monakow's lab and his deep interest in the work of Ernst Mach inspired his first intellectual project, eventually published as "The Sensory Order" (1952). It located connective learning at the physical and neurological levels, rejecting the "sense data" associationism of the empiricists and logical positivists. Hayek presented his work to the private seminar he had created with Herbert Furth called the Geistkreis.


title: Friedrich Hayek

text: During Hayek's years at the University of Vienna, Carl Menger's work on the explanatory strategy of social science and Friedrich von Wieser's commanding presence in the classroom left a lasting influence on him. Upon the completion of his examinations, Hayek was hired by Ludwig von Mises on the recommendation of Wieser as a specialist for the Austrian government working on the legal and economic details of the Treaty of Saint-Germain-en-Laye. Between 1923 and 1924, Hayek worked as a research assistant to Professor Jeremiah Jenks of New York University, compiling macroeconomic data on the American economy and the operations of the Federal Reserve. He was influenced by Wesley Clair Mitchell and started a doctoral program on problems of monetary stabilization but didn't finish it. His time in America wasn't especially happy. He had very limited social contacts, missed the cultural life of Vienna, and was troubled by his poverty. His family's financial situation deteriorated significantly after the War.


title: Friedrich Hayek

text: Initially sympathetic to Wieser's democratic socialism he found Marxism rigid and unattractive, and his mild socialist phase lasted until he was about 23. Hayek's economic thinking shifted away from socialism and toward the classical liberalism of Carl Menger after reading von Mises' book "Socialism". It was sometime after reading "Socialism" that Hayek began attending von Mises' private seminars, joining several of his university friends, including Fritz Machlup, Alfred Schutz, Felix Kaufmann and Gottfried Haberler, who were also participating in Hayek's own more general and private seminar. It was during this time that he also encountered and befriended noted political philosopher Eric Voegelin, with whom he retained a long-standing relationship.


title: Friedrich Hayek

text: With the help of Mises, in the late 1920s he founded and served as director of the Austrian Institute for Business Cycle Research before joining the faculty of the London School of Economics (LSE) in 1931 at the behest of Lionel Robbins. Upon his arrival in London, Hayek was quickly recognised as one of the leading economic theorists in the world and his development of the economics of processes in time and the co-ordination function of prices inspired the ground-breaking work of John Hicks, Abba P. Lerner and many others in the development of modern microeconomics.


title: Friedrich Hayek

text: In 1932, Hayek suggested that private investment in the public markets was a better road to wealth and economic co-ordination in Britain than government spending programs as argued in an exchange of letters with John Maynard Keynes, co-signed with Lionel Robbins and others in "The Times". The nearly decade long deflationary depression in Britain dating from Winston Churchill's decision in 1925 to return Britain to the gold standard at the old pre-war and pre-inflationary par was the public policy backdrop for Hayek's dissenting engagement with Keynes over British monetary and fiscal policy. Keynes called Hayek's book "Prices and Production" "one of the most frightful muddles I have ever read", famously adding: "It is an extraordinary example of how, starting with a mistake, a remorseless logician can end in Bedlam".


title: Friedrich Hayek

text: Notable economists who studied with Hayek at the LSE in the 1930s and 1940s include Arthur Lewis, Ronald Coase, William Baumol, John Maynard Keynes, CH Douglas, John Kenneth Galbraith, Leonid Hurwicz, Abba Lerner, Nicholas Kaldor, George Shackle, Thomas Balogh, L. K. Jha, Arthur Seldon, Paul Rosenstein-Rodan and Oskar Lange. Some were supportive and some were critical of his ideas. Hayek also taught or tutored many other LSE students, including David Rockefeller.


title: Friedrich Hayek

text: Unwilling to return to Austria after the "Anschluss" brought it under the control of Nazi Germany in 1938, Hayek remained in Britain. Hayek and his children became British subjects in 1938. He held this status for the remainder of his life, but he did not live in Great Britain after 1950. He lived in the United States from 1950 to 1962 and then mostly in Germany, but also briefly in Austria.


title: Friedrich Hayek

text: Hayek was concerned about the general view in Britain's academia that fascism was a capitalist reaction to socialism and "The Road to Serfdom" arose from those concerns. The title was inspired by the French classical liberal thinker Alexis de Tocqueville's writings on the "road to servitude". It was first published in Britain by Routledge in March 1944 and was quite popular, leading Hayek to call it "that unobtainable book" also due in part to wartime paper rationing. When it was published in the United States by the University of Chicago in September of that year, it achieved greater popularity than in Britain. At the instigation of editor Max Eastman, the American magazine "Reader's Digest" also published an abridged version in April 1945, enabling "The Road to Serfdom" to reach a far wider audience than academics. The book is widely popular among those advocating individualism and classical liberalism.


title: Friedrich Hayek

text: In 1950, Hayek left the London School of Economics. After spending the 1949–1950 academic year as a visiting professor at the University of Arkansas, Hayek was conferred professorship by the University of Chicago, where he became a professor in the Committee on Social Thought. Hayek's salary was funded not by the university, but by an outside foundation, the William Volker Fund.


title: Friedrich Hayek

text: Hayek had made contact with many at the University of Chicago in the 1940s, with Hayek's "The Road to Serfdom" playing a seminal role in transforming how Milton Friedman and others understood how society works. Hayek conducted a number of influential faculty seminars while at the University of Chicago and a number of academics worked on research projects sympathetic to some of Hayek's own, such as Aaron Director, who was active in the Chicago School in helping to fund and establish what became the "Law and Society" program in the University of Chicago Law School. Hayek, Frank Knight, Friedman and George Stigler worked together in forming the Mont Pèlerin Society, an international forum for neoliberals. Hayek and Friedman cooperated in support of the Intercollegiate Society of Individualists, later renamed the Intercollegiate Studies Institute, an American student organisation devoted to libertarian ideas.


title: Friedrich Hayek

text: Although they shared most political beliefs, disagreeing primarily on question of monetary policy, Hayek and Friedman worked in separate university departments with different research interests and never developed a close working relationship. According to Alan O. Ebenstein, who wrote biographies of both of them, Hayek probably had a closer friendship with Keynes than with Friedman.


title: Friedrich Hayek

text: Another influential political philosopher and German-speaking exile at the University of Chicago at the time was Leo Strauss, but according to his student Joseph Cropsey who also knew Hayek, there was no contact between the two of them.


title: Friedrich Hayek

text: After editing a book on John Stuart Mill's letters he planned to publish two books on the liberal order, "The Constitution of Liberty" and "The Creative Powers of a Free Civilization" (eventually the title for the second chapter of "The Constitution of Liberty"). He completed "The Constitution of Liberty" in May 1959, with publication in February 1960. Hayek was concerned that "with that condition of men in which coercion of some by others is reduced as much as is possible in society". Hayek was disappointed that the book did not receive the same enthusiastic general reception as "The Road to Serfdom" had sixteen years before.


title: Friedrich Hayek

text: He left Chicago mostly because of financial reasons, being concerned about his pension provisions. His primary source of income was his salary and he received some additional money from book royalties, but avoided other lucrative sources of income for academics such as writing textbooks. He spent a lot on his frequent travels. He regularly spent summers in Austrian Alps, usually in the Tyrolean village Obergurgl where he enjoyed mountain climbing, and also visited Japan four times with additional trips to Tahiti, Fiji, Indonesia, Australia, New Caledonia and Ceylon. After his divorce, his financial situation worsened.


title: Friedrich Hayek

text: From 1962 until his retirement in 1968, he was a professor at the University of Freiburg, West Germany, where he began work on his next book, "Law, Legislation and Liberty". Hayek regarded his years at Freiburg as "very fruitful". Following his retirement, Hayek spent a year as a visiting professor of philosophy at the University of California, Los Angeles, where he continued work on "Law, Legislation and Liberty", teaching a graduate seminar by the same name and another on the philosophy of social science. Preliminary drafts of the book were completed by 1970, but Hayek chose to rework his drafts and finally brought the book to publication in three volumes in 1973, 1976 and 1979.


title: Friedrich Hayek

text: Hayek became a professor at the University of Salzburg from 1969 to 1977 and then returned to Freiburg. When Hayek left Salzburg in 1977, he wrote: "I made a mistake in moving to Salzburg". The economics department was small and the library facilities were inadequate.


title: Friedrich Hayek

text: Although Hayek's health suffered, and he fell into a depressionary bout, he continued to work on his magnum opus, "Law, Legislation and Liberty" in periods when he was feeling better.


title: Friedrich Hayek

text: On 9 October 1974, it was announced that Hayek would be awarded the Nobel Memorial Prize in Economics with Swedish economist Gunnar Myrdal, with the reasons for selection being listed in a press release. He was surprised at being given the award and believed that he was given it with Myrdal to balance the award with someone from the opposite side of the political spectrum. The Sveriges-Riksbank Nobel Prize in Economics was established in 1968, and Hayek was the first non-Keynesian economist to win it.


title: Friedrich Hayek

text: Among the reasons given, the committee stated, Hayek "was one of the few economists who gave warning of the possibility of a major economic crisis before the great crash came in the autumn of 1929." The following year, Hayek further confirmed his original prediction. An interviewer asked, "We understand that you were one of the only economists to forecast that America was headed for a depression, is that true?" Hayek responded, "Yes." However, no textual evidence has emerged of "a prediction". Indeed, Hayek wrote on 26 October 1929, three days before the crash, "at present there is no reason to expect a sudden crash of the New York stock exchange. ... The credit possibilities/conditions are, at any rate, currently very great, and therefore it appears assured that an outright crisis-like destruction of the present high [price] level should not be feared."


title: Friedrich Hayek

text: During the Nobel ceremony in December 1974, Hayek met the Russian dissident Aleksandr Solzhenitsyn. Hayek later sent him a Russian translation of "The Road to Serfdom". He spoke with apprehension at his award speech about the danger the authority of the prize would lend to an economist, but the prize brought much greater public awareness to the then controversial ideas of Hayek and was described by his biographer as "the great rejuvenating event in his life".


title: Friedrich Hayek

text: In February 1975, Margaret Thatcher was elected leader of the British Conservative Party. The Institute of Economic Affairs arranged a meeting between Hayek and Thatcher in London soon after. During Thatcher's only visit to the Conservative Research Department in the summer of 1975, a speaker had prepared a paper on why the "middle way" was the pragmatic path the Conservative Party should take, avoiding the extremes of left and right. Before he had finished, Thatcher "reached into her briefcase and took out a book. It was Hayek's "The Constitution of Liberty". Interrupting our pragmatist, she held the book up for all of us to see. 'This', she said sternly, 'is what we believe', and banged Hayek down on the table".


title: Friedrich Hayek

text: Despite the media depictions of him as Thatcher's guru and power behind the throne, the communication between him and the Prime Minister was not very regular, they were in contact only once or twice a year. Besides Thatcher, Hayek also made a significant influence on Enoch Powell, Keith Joseph, Nigel Lawson, Geoffrey Howe and John Biffen.


title: Friedrich Hayek

text: Hayek gained some controversy in 1978 by praising Thatcher's anti-immigration policy proposal in an article which ignited numerous accusations of anti-Semitism and racism because of his reflections on the inability of assimilation of Eastern European Jews in the Vienna of his youth. He defended himself by explaining that he made no racial judgements, only highlighted the problems of acculturation.


title: Friedrich Hayek

text: In 1977, Hayek was critical of the Lib–Lab pact in which the British Liberal Party agreed to keep the British Labour government in office. Writing to "The Times", Hayek said: "May one who has devoted a large part of his life to the study of the history and the principles of liberalism point out that a party that keeps a socialist government in power has lost all title to the name 'Liberal'. Certainly no liberal can in future vote 'Liberal'". Hayek was criticised by Liberal politicians Gladwyn Jebb and Andrew Phillips, who both claimed that the purpose of the pact was to discourage socialist legislation.


title: Friedrich Hayek

text: Lord Gladwyn pointed out that the German Free Democrats were in coalition with the German Social Democrats. Hayek was defended by Professor Antony Flew, who stated that—unlike the British Labour Party—the German Social Democrats had since the late 1950s abandoned public ownership of the means of production, distribution and exchange and had instead embraced the social market economy.


title: Friedrich Hayek

text: In 1978, Hayek came into conflict with Liberal Party leader David Steel, who claimed that liberty was possible only with "social justice and an equitable distribution of wealth and power, which in turn require a degree of active government intervention" and that the Conservative Party were more concerned with the connection between liberty and private enterprise than between liberty and democracy. Hayek claimed that a limited democracy might be better than other forms of limited government at protecting liberty, but that an unlimited democracy was worse than other forms of unlimited government because "its government loses the power even to do what it thinks right if any group on which its majority depends thinks otherwise".


title: Friedrich Hayek

text: Hayek stated that if the Conservative leader had said "that free choice is to be exercised more in the market place than in the ballot box, she has merely uttered the truism that the first is indispensable for individual freedom while the second is not: free choice can at least exist under a dictatorship that can limit itself but not under the government of an unlimited democracy which cannot".


title: Friedrich Hayek

text: Hayek supported Britain in the Falklands War, writing that it would be justified to attack Argentinian territory instead of just defending the islands, which earned him a lot of criticism in Argentina, a country which he also visited several times. He was also displeased by the weak response of the United States to the Iran hostage crisis, claiming that an ultimatum should be issued and Iran bombed if they do not comply. He supported Ronald Reagan's decision to keep high defence spending, believing that a strong US military is a guarantee of world peace and necessary to keep the Soviet Union under control. President Reagan listed Hayek as among the two or three people who most influenced his philosophy and welcomed him to the White House as a special guest. Senator Barry Goldwater listed Hayek as his favourite political philosopher and congressman Jack Kemp named him an inspiration for his political career.


title: Friedrich Hayek

text: In 1980, Hayek was one of twelve Nobel laureates to meet with Pope John Paul II "to dialogue, discuss views in their fields, communicate regarding the relationship between Catholicism and science, and 'bring to the Pontiff's attention the problems which the Nobel Prize Winners, in their respective fields of study, consider to be the most urgent for contemporary man'"


title: Friedrich Hayek

text: Hayek was appointed a Companion of Honour (CH) in the 1984 Birthday Honours by Elizabeth II on the advice of British Prime Minister Margaret Thatcher for his "services to the study of economics". Hayek had hoped to receive a baronetcy and after being awarded the CH sent a letter to his friends requesting that he be called the English version of Friedrich (i.e. Frederick) from now on. After his twenty-minute audience with the Queen, he was "absolutely besotted" with her according to his daughter-in-law Esca Hayek. Hayek said a year later that he was "amazed by her. That ease and skill, as if she'd known me all my life". The audience with the Queen was followed by a dinner with family and friends at the Institute of Economic Affairs. When later that evening Hayek was dropped off at the Reform Club, he commented: "I've just had the happiest day of my life".


title: Friedrich Hayek

text: In 1991, President George H. W. Bush awarded Hayek the Presidential Medal of Freedom, one of the two highest civilian awards in the United States, for a "lifetime of looking beyond the horizon".


title: Friedrich Hayek

text: Hayek died on 23 March 1992, aged 92, in Freiburg, Germany and was buried on 4 April in the Neustift am Walde cemetery in the northern outskirts of Vienna according to the Catholic rite. In 2011, his article "The Use of Knowledge in Society" was selected as one of the top 20 articles published in "The American Economic Review" during its first 100 years.


title: Friedrich Hayek

text: Ludwig von Mises had earlier applied the concept of marginal utility to the value of money in his "Theory of Money and Credit" (1912) in which he also proposed an explanation for "industrial fluctuations" based on the ideas of the old British Currency School and of Swedish economist Knut Wicksell. Hayek used this body of work as a starting point for his own interpretation of the business cycle, elaborating what later became known as the Austrian theory of the business cycle. Hayek spelled out the Austrian approach in more detail in his book, published in 1929, an English translation of which appeared in 1933 as "Monetary Theory and the Trade Cycle". There, Hayek argued for a monetary approach to the origins of the cycle. In his "Prices and Production" (1931), Hayek argued that the business cycle resulted from the central bank's inflationary credit expansion and its transmission over time, leading to a capital misallocation caused by the artificially low interest rates. Hayek claimed that "the past instability of the market economy is the consequence of the exclusion of the most important regulator of the market mechanism, money, from itself being regulated by the market process".


title: Friedrich Hayek

text: Hayek's analysis was based on Eugen Böhm von Bawerk's concept of the "average period of production" and on the effects that monetary policy could have upon it. In accordance with the reasoning later outlined in his essay "The Use of Knowledge in Society" (1945), Hayek argued that a monopolistic governmental agency like a central bank can neither possess the relevant information which should govern supply of money, nor have the ability to use it correctly.


title: Friedrich Hayek

text: In 1929, Lionel Robbins assumed the helm of the London School of Economics (LSE). Eager to promote alternatives to what he regarded as the narrow approach of the school of economic thought that then dominated the English-speaking academic world (centered at the University of Cambridge and deriving largely from the work of Alfred Marshall), Robbins invited Hayek to join the faculty at LSE, which he did in 1931. According to Nicholas Kaldor, Hayek's theory of the time-structure of capital and of the business cycle initially "fascinated the academic world" and appeared to offer a less "facile and superficial" understanding of macroeconomics than the Cambridge school's.


title: Friedrich Hayek

text: Also in 1931, Hayek crititicized John Maynard Keynes's "Treatise on Money" (1930) in his "Reflections on the pure theory of Mr. J.M. Keynes" and published his lectures at the LSE in book form as "Prices and Production". For Keynes, unemployment and idle resources are caused by a lack of effective demand, but for Hayek they stem from a previous unsustainable episode of easy money and artificially low interest rates. Keynes asked his friend Piero Sraffa to respond. Sraffa elaborated on the effect of inflation-induced "forced savings" on the capital sector and about the definition of a "natural" interest rate in a growing economy (see Sraffa–Hayek debate). Others who responded negatively to Hayek's work on the business cycle included John Hicks, Frank Knight and Gunnar Myrdal, who, later on, would share the Sveriges-Riksbank Prize in Economics with him. Kaldor later wrote that Hayek's "Prices and Production" had produced "a remarkable crop of critics" and that the total number of pages in British and American journals dedicated to the resulting debate "could rarely have been equalled in the economic controversies of the past".


title: Friedrich Hayek

text: Hayek's work, throughout the 1940s, was largely ignored, except for scathing critiques by Nicholas Kaldor. Lionel Robbins himself, who had embraced the Austrian theory of the business cycle in "The Great Depression" (1934), later regretted having written the book and accepted many of the Keynesian counter-arguments.


title: Friedrich Hayek

text: Hayek never produced the book-length treatment of "the dynamics of capital" that he had promised in the "Pure Theory of Capital." At the University of Chicago, Hayek was not part of the economics department and did not influence the rebirth of neoclassical theory that took place there (see Chicago school of economics). When in 1974 he shared the Nobel Memorial Prize in Economics with Myrdal, the latter complained about being paired with an "ideologue". Milton Friedman declared himself "an enormous admirer of Hayek, but not for his economics. Milton Friedman also commented on some of his writings, saying "I think "Prices and Production" is a very flawed book. I think his ["Pure Theory of Capital"] is unreadable. On the other hand, "The Road to Serfdom" is one of the great books of our time".


title: Friedrich Hayek

text: Building on the earlier work of Mises and others, Hayek also argued that while in centrally planned economies an individual or a select group of individuals must determine the distribution of resources, these planners will never have enough information to carry out this allocation reliably. This argument, first proposed by Max Weber and Ludwig von Mises, says that the efficient exchange and use of resources can be maintained only through the price mechanism in free markets (see economic calculation problem).


title: Friedrich Hayek

text: In 1935, Hayek published "Collectivist Economic Planning", a collection of essays from an earlier debate that had been initiated by Mises. Hayek included Mises's essay in which Mises argued that rational planning was impossible under socialism.


title: Friedrich Hayek

text: Socialist Oskar Lange responded by invoking general equilibrium theory, which they argued disproved Mises's thesis. They noted that the difference between a planned and a free market system lay in who was responsible for solving the equations. They argued that if some of the prices chosen by socialist managers were wrong, gluts or shortages would appear, signalling them to adjust the prices up or down, just as in a free market. Through such a trial and error, a socialist economy could mimic the efficiency of a free market system while avoiding its many problems.


title: Friedrich Hayek

text: Hayek challenged this vision in a series of contributions. In "Economics and Knowledge" (1937), he pointed out that the standard equilibrium theory assumed that all agents have full and correct information, and how, in his mind, in the real world different individuals have different bits of knowledge and furthermore some of what they believe is wrong.


title: Friedrich Hayek

text: In "The Use of Knowledge in Society" (1945), Hayek argued that the price mechanism serves to share and synchronise local and personal knowledge, allowing society's members to achieve diverse and complicated ends through a principle of spontaneous self-organization. He contrasted the use of the price mechanism with central planning, arguing that the former allows for more rapid adaptation to changes in particular circumstances of time and place. Thus, Hayek set the stage for Oliver Williamson's later contrast between markets and hierarchies as alternative co-ordination mechanisms for economic transactions. He used the term catallaxy to describe a "self-organizing system of voluntary co-operation". Hayek's research into this argument was specifically cited by the Nobel Committee in its press release awarding Hayek the Nobel prize.


title: Friedrich Hayek

text: Hayek was one of the leading academic critics of collectivism in the 20th century. In Hayek's view, the central role of the state should be to maintain the rule of law, with as little arbitrary intervention as possible. In his popular book "The Road to Serfdom" (1944) and in subsequent academic works, Hayek argued that socialism required central economic planning and that such planning in turn leads towards totalitarianism.


title: Friedrich Hayek

text: Hayek posited that a central planning authority would have to be endowed with powers that would impact and ultimately control social life because the knowledge required for centrally planning an economy is inherently decentralised, and would need to be brought under control.


title: Friedrich Hayek

text: Though Hayek did argue that the state should provide law centrally, others have pointed out that this contradicts his arguments about the role of judges in "discovering" the law, suggesting that Hayek would have supported decentralized provision of legal services.


title: Friedrich Hayek

text: Hayek also wrote that the state can play a role in the economy, specifically in creating a safety net, saying: There is no reason why, in a society which has reached the general level of wealth ours has, the first kind of security should not be guaranteed to all without endangering general freedom; that is: some minimum of food, shelter and clothing, sufficient to preserve health. Nor is there any reason why the state should not help to organize a comprehensive system of social insurance in providing for those common hazards of life against which few can make adequate provision.


title: Friedrich Hayek

text: "The Denationalization of Money" is one of his literary works, in which he advocated the establishment of competitions in issuing moneys.


title: Friedrich Hayek

text: Hayek made breakthroughs in the choice theory, and examined the inter-relations between non-permanent production goods and "latent" or potentially economic permanent resources, building on the choice theoretical insight that "processes that take more time will evidently not be adopted unless they yield a greater return than those that take less time".


title: Friedrich Hayek

text: During World War II, Hayek began the Abuse of Reason project. His goal was to show how a number of then-popular doctrines and beliefs had a common origin in some fundamental misconceptions about the social science.


title: Friedrich Hayek

text: Ideas were developed in "The Counter-Revolution of Science" in 1952 and in some of Hayek's later essays in the philosophy of science such as "Degrees of Explanation" (1955) and "The Theory of Complex Phenomena" (1964).


title: Friedrich Hayek

text: In "Counter-Revolution", for example, Hayek observed that the hard sciences attempt to remove the "human factor" to obtain objective and strictly controlled results:


title: Friedrich Hayek

text: He notes that these are mutually exclusive and that social sciences should not attempt to impose positivist methodology, nor to claim objective or definite results:


title: Friedrich Hayek

text: Hayek's first academic essay was a psychological work titled 'Contributions to the Theory of the Development of Consciousness' ("Beiträge zur Theorie der Entwicklung des Bewußtseins") In "The Sensory Order: An Inquiry into the Foundations of Theoretical Psychology" (1952), Hayek independently developed a "Hebbian learning" model of learning and memory—an idea he first conceived in 1920 prior to his study of economics. Hayek's expansion of the "Hebbian synapse" construction into a global brain theory received attention in neuroscience, cognitive science, computer science, and evolutionary psychology by scientists such as Gerald Edelman, Vittorio Guidano and Joaquin Fuster.


title: Friedrich Hayek

text: "The Sensory Order" can be viewed as a development of his attack on scientism. Hayek posited two orders, namely the sensory order that we experience and the natural order that natural science revealed. Hayek thought that the sensory order actually is a product of the brain. He described the brain as a very complex yet self-ordering hierarchical classification system, a huge network of connections. Because of the nature of the classifier system, richness of our sensory experience can exist. Hayek's description posed problems to behaviorism, whose proponents took the sensory order as fundamental.


title: Friedrich Hayek

text: Hayek was a lifelong federalist. He joined several pan-European and pro-federalist movements throughout his career, and called for federal ties between the U.K. and Europe, and between Europe and the United States. After the 1950's, when the Cold War began in earnest, Hayek largely kept his federalist proposals out of the public sphere, although he did propose to federate Jerusalem as late as the 1970s.


title: Friedrich Hayek

text: Hayek argued that closer economic ties without closer political ties would lead to more problems because interest groups in nation-states would best be able to counter the internationalization of markets that comes with closer economic ties by appealing to nationalism. Much of his time in the pro-federalist and pan-European groups was spent arguing with pro-federal and pan-European democratic socialists over the proper extent of a world federal government. Hayek argued that such a world government should do little more than act as a negative check on national sovereignties and serve as a focal point for collective defense.


title: Friedrich Hayek

text: As the Cold War heated up, Hayek grew more hawkish and he pushed his federal proposals onto the backburner in favor of more traditional public policy proposals that acknowledged and respected the sovereignty of nation-states. Yet Hayek never disavowed his famous call for "the abrogation of national sovereignties" and his lifetime of work in the area of international relations continues to attract attention from scholars searching for federalist answers to contemporary problems in international relations.


title: Friedrich Hayek

text: In the latter half of his career, Hayek made a number of contributions to social and political philosophy which he based on his views on the limits of human knowledge and the idea of spontaneous order in social institutions. He argues in favour of a society organised around a market order in which the apparatus of state is employed almost (though not entirely) exclusively to enforce the legal order (consisting of abstract rules and not particular commands) necessary for a market of free individuals to function. These ideas were informed by a moral philosophy derived from epistemological concerns regarding the inherent limits of human knowledge. Hayek argued that his ideal individualistic and free-market polity would be self-regulating to such a degree that it would be "a society which does not depend for its functioning on our finding good men for running it".


title: Friedrich Hayek

text: Although Hayek believed in a society governed by laws, he disapproved of the notion of "social justice". He compared the market to a game in which "there is no point in calling the outcome just or unjust" and argued that "social justice is an empty phrase with no determinable content". Likewise, "the results of the individual's efforts are necessarily unpredictable, and the question as to whether the resulting distribution of incomes is just has no meaning". He generally regarded government redistribution of income or capital as an unacceptable intrusion upon individual freedom, saying that "the principle of distributive justice, once introduced, would not be fulfilled until the whole of society was organized in accordance with it. This would produce a kind of society which in all essential respects would be the opposite of a free society".


title: Friedrich Hayek

text: Hayek viewed the free price system not as a conscious invention (that which is intentionally designed by man), but as spontaneous order or what Scottish philosopher Adam Ferguson referred to as "the result of human action but not of human design". For instance, Hayek put the price mechanism on the same level as language, which he developed in his price signal theory.


title: Friedrich Hayek

text: Hayek attributed the birth of civilisation to private property in his book "The Fatal Conceit" (1988). He explained that price signals are the only means of enabling each economic decision maker to communicate tacit knowledge or dispersed knowledge to each other to solve the economic calculation problem. Alain de Benoist of the "Nouvelle Droite" (New Right) produced a highly critical essay on Hayek's work in an issue of "Telos", citing the flawed assumptions behind Hayek's idea of "spontaneous order" and the authoritarian and totalising implications of his free-market ideology.


title: Friedrich Hayek

text: Hayek's concept of the market as a spontaneous order was recently applied to ecosystems to defend a broadly non-interventionist policy. Like the market, ecosystems contain complex networks of information, involve an ongoing dynamic process, contain orders within orders and the entire system operates without being directed by a conscious mind. On this analysis, species takes the place of price as a visible element of the system formed by a complex set of largely unknowable elements. Human ignorance about the countless interactions between the organisms of an ecosystem limits our ability to manipulate nature.


title: Friedrich Hayek

text: Hayek's price signal concept is in relation to how consumers are often unaware of specific events that change market, yet change their decisions, simply because the price goes up. Thus pricing communicates information.


title: Friedrich Hayek

text: With regard to a social safety net, Hayek advocated "some provision for those threatened by the extremes of indigence or starvation due to circumstances beyond their control" and argued that the "necessity of some such arrangement in an industrial society is unquestioned—be it only in the interest of those who require protection against acts of desperation on the part of the needy". Summarizing Hayek's views on the topic, journalist Nicholas Wapshott has argued that "[Hayek] advocated mandatory universal health care and unemployment insurance, enforced, if not directly provided, by the state". Critical theorist Bernard Harcourt has argued further that "Hayek was adamant about this". In 1944, Hayek wrote in "The Road to Serfdom":


title: Friedrich Hayek

text: In 1973, Hayek reiterated in "Law, Legislation and Liberty": There is no reason why in a free society government should not assure to all, protection against severe deprivation in the form of an assured minimum income, or a floor below which nobody need to descend. To enter into such an insurance against extreme misfortune may well be in the interest of all; or it may be felt to be a clear moral duty of all to assist, within the organised community, those who cannot help themselves. So long as such a uniform minimum income is provided outside the market to all those who, for any reason, are unable to earn in the market an adequate maintenance, this need not lead to a restriction of freedom, or conflict with the Rule of law.


title: Friedrich Hayek

text: Political theorist Adam James Tebble has argued that Hayek's concession of a social minimum provided by the state introduces a conceptual tension with his epistemically-derived commitment to private property rights, free markets, and spontaneous order.


title: Friedrich Hayek

text: Arthur M. Diamond argues Hayek's problems arise when he goes beyond claims that can be evaluated within economic science. Diamond argued: The human mind, Hayek says, is not just limited in its ability to synthesize a vast array of concrete facts, it is also limited in its ability to give a deductively sound ground to ethics. Here is where the tension develops, for he also wants to give a reasoned moral defense of the free market. He is an intellectual skeptic who wants to give political philosophy a secure intellectual foundation. It is thus not too surprising that what results is confused and contradictory.


title: Friedrich Hayek

text: Chandran Kukathas argues that Hayek's defence of liberalism is unsuccessful because it rests on presuppositions that are incompatible. The unresolved dilemma of his political philosophy is how to mount a systematic defence of liberalism if one emphasizes the limited capacity of reason. Norman P. Barry similarly notes that the "critical rationalism" in Hayek's writings appears incompatible with "a certain kind of fatalism, that we must wait for evolution to pronounce its verdict". Milton Friedman and Anna Schwartz argue that the element of paradox exists in the views of Hayek. Noting Hayek's vigorous defense of "invisible hand" evolution that Hayek claimed created better economic institutions than could be created by rational design, Friedman pointed out the irony that Hayek was then proposing to replace the monetary system thus created with a deliberate construct of his own design. John N. Gray summarized this view as "his scheme for an ultra-liberal constitution was a prototypical version of the philosophy he had attacked". Bruce Caldwell wrote that "[i]f one is judging his work against the standard of whether he provided a finished political philosophy, Hayek clearly did not succeed", although he thinks that "economists may find Hayek's political writings useful".


title: Friedrich Hayek

text: Hayek sent António de Oliveira Salazar a copy of "The Constitution of Liberty" (1960) in 1962. Hayek hoped that his book—this "preliminary sketch of new constitutional principles"—"may assist" Salazar "in his endeavour to design a constitution which is proof against the abuses of democracy".


title: Friedrich Hayek

text: Hayek visited Chile in the 1970s and 1980s during the Government Junta of general Augusto Pinochet and accepted being appointed Honorary Chairman of the Centro de Estudios Públicos, the think tank formed by the economists who transformed Chile into a free market economy.


title: Friedrich Hayek

text: Asked about the military dictatorship of Chile by a Chilean interviewer, Hayek is translated from German to Spanish to English as having said the following: As long term institutions, I am totally against dictatorships. But a dictatorship may be a necessary system for a transitional period. [...] Personally I prefer a liberal dictatorship to democratic government devoid of liberalism. My personal impression—and this is valid for South America—is that in Chile, for example, we will witness a transition from a dictatorial government to a liberal government.


title: Friedrich Hayek

text: In a letter to the "London Times", he defended the Pinochet regime and said that he had "not been able to find a single person even in much maligned Chile who did not agree that personal freedom was much greater under Pinochet than it had been under Allende". Hayek admitted that "it is not very likely that this will succeed, even if, at a particular point in time, it may be the only hope there is", but he explained that "[i]t is not certain hope, because it will always depend on the goodwill of an individual, and there are very few individuals one can trust. But if it is the sole opportunity which exists at a particular moment it may be the best solution despite this. And only if and when the dictatorial government is visibly directing its steps towards limited democracy".


title: Friedrich Hayek

text: For Hayek, the distinction between authoritarianism and totalitarianism has much importance and he was at pains to emphasise his opposition to totalitarianism, noting that the concept of transitional dictatorship which he defended was characterised by authoritarianism, not totalitarianism. For example, when Hayek visited Venezuela in May 1981, he was asked to comment on the prevalence of totalitarian regimes in Latin America. In reply, Hayek warned against confusing "totalitarianism with authoritarianism" and said that he was unaware of "any totalitarian governments in Latin America. The only one was Chile under Allende". For Hayek, the word "totalitarian" signifies something very specific, namely the intention to "organize the whole of society" to attain a "definite social goal" which is stark in contrast to "liberalism and individualism". He claimed that democracy can also be repressive and totalitarian; in "The Constitution of Liberty" he often refers to Jacob Talmon's concept of totalitarian democracy.


title: Friedrich Hayek

text: Hayek was skeptical about international immigration and supported Thatcher's anti-immigration policies. In "Law, Legislation and Liberty" he elaborated:


title: Friedrich Hayek

text: Freedom of migration is one of the widely accepted and wholly admirable principles of liberalism. But should this generally give the stranger a right to settle down in a community in which he is not welcome? Has he a claim to be given a job or be sold a house if no resident is willing to do so? He clearly should be entitled to accept a job or buy a house if offered to him. But have the individual inhabitants a duty to offer either to him? Or ought it to be an offence if they voluntarily agree not to do so? Swiss and Tyrolese villages have a way of keeping out strangers which neither infringe nor rely on any law. Is this anti-liberal or morally justified? For established old communities I have no certain answers to these questions.


title: Friedrich Hayek

text: There exist, of course, other reasons why such restrictions appear unavoidable so long as certain differences in national or ethnic traditions (especially differences in the rate of propagation) exist-which in turn are not likely to disappear so long as restrictions on migration continue. We must face the fact that we here encounter a limit to the universal application of those liberal principles of policy which the existing facts of the present world make unavoidable.


title: Friedrich Hayek

text: He was not sympathetic to nationalist ideas and was afraid that mass immigration might revive nationalist sentiment among domestic population and ruin the postwar progress that was made among Western nations. He additionally explained:


title: Friedrich Hayek

text: However far modern man accepts in principle the ideal that the same rules should apply to all men, in fact he does concede it only to those whom he regards as similar to himself, and only slowly learns to extend the range of those he does accept as his likes. There is little legislation can do to speed up this process and much it may do to reverse it by re-awakening sentiments that are already on the wane.


title: Friedrich Hayek

text: Despite his opposition to nationalism, Hayek made numerous controversial and inflammatory comments about specific ethnic groups. Answering an interview question about people he cannot deal with he mentioned his dislike of Middle Eastern populations, claiming they were dishonest, and also expressed "profound dislike" of Indian students at London School of Economics, saying that were usually "detestable sons of Bengali moneylenders". He claimed that his attitude is not based on any racial feeling. During World War II he discussed the possibility of sending his children to the United States, but was concerned that they might be placed with a "coloured family". In a later interview, questioned about his attitude towards Black people, he said laconically that he "did not like dancing Negroes" and on another occasion he ridiculed the decision to award the Nobel Peace Prize to Martin Luther King Jr. He also made negative comments about awarding the Prize to Ralph Bunche, Albert Luthuli, and his LSE colleague W. Arthur Lewis who he described as an "unusually able West Indian negro". In 1978 Hayek made a month-long visit to South Africa (his third) where he gave numerous lectures, interviews, and met prominent politicians and business leaders, unconcerned about possible propagandistic effect of his tour for Apartheid regime. He expressed his opposition to some of the government policies, believing that publicly funded institutions should treat all citizens equally, but also claimed that private institutions have the right to discriminate. Additionally, he condemned the "scandalous" hostility and interference of the international community in South African internal affairs. He further explained his attitude:


title: Friedrich Hayek

text: People in South Africa have to deal with their own problems, and the idea that you can use external pressure to change people, who after all have built up a civilization of a kind, seems to me morally a very doubtful belief.


title: Friedrich Hayek

text: While Hayek gave somewhat ambiguous comments on the injustices of Apartheid and proper role of the state, some of his Mont Pelerin colleagues, such as John Davenport and Wilhelm Röpke, were more ardent supporters of South African government and criticized Hayek for being too soft on the subject.


title: Friedrich Hayek

text: Hayek claimed that the idea that "all men are born equal" is untrue because evolution and genetic differences have created "boundless variety of human nature". He emphasized the importance of nature, complaining that it became too fashionable to ascribe all human differences to environment. Hayek defended economic inequality, believing that the existence of wealthy class is important not only for economic reasons—accumulating capital and directing investments—but also for political, cultural, scientific and conservationist goals which are often financed and promoted by philanthropists. Since the market mechanism cannot provide for all societal needs, some of which are outside of economic calculation, existence of wealthy individuals guarantees the efficiency and pluralism in their development and realization, which could not be guaranteed in the case of state monopoly. Individual wealth offers independence and can create intellectual, moral, political and artistic leaders which are not employed and influenced by the state. According to Hayek the society benefits from having a hereditary wealthy class because individuals born in it don't have to devote their energy to earning a living and can devote themselves to other purposes such as experimenting with different ideas, hobbies and lifestyles which can later be adopted by broader society. In "The Constitution of Liberty" he wrote:


title: Friedrich Hayek

text: Yet is it really so obvious that the tennis or golf professional is a more useful member of society than the wealthy amateurs who devoted their time to perfecting these games? Or that the paid curator of a public museum is more useful than a private collector? Before the reader answers these questions too hastily, I would ask him to consider whether there would ever have been golf or tennis professionals or museum curators if wealthy amateurs had not preceded them. Can we not hope that other new interests will still arise from the playful explorations of those who can indulge in them for the short span of a human life? It is only natural that the development of the art of living and of the non-materialistic values should have profited most from the activities of those who had no material worries.


title: Friedrich Hayek

text: He contrasted individuals who inherited wealth, with upper class values and education, with the "nouveau riche" who often use their wealth in more vulgar ways. He decried the disappearance of such leisured aristocratic class, claiming that contemporary Western elites are usually business groups that lack intellectual leadership and coherent "philosophy of life" and use their wealth mostly for economic purposes.


title: Friedrich Hayek

text: Hayek was against high taxes on inheritance, believing that it is natural function of the family to transmit standards, traditions and material goods. Without transmission of property, parents might try to secure the future of their children by placing them in prestigious and high-paying positions, as was customary in socialist countries, which creates even worse injustices. He was also strongly against progressive taxation, noting that in most countries additional taxes paid by the rich amount to insignificantly small amount of total tax revenue and that the only major result of the policy is "gratification of the envy of the less-well-off". He also claimed that it is contrary to idea of equality under law and against democratic principle that majority should not impose discriminatory rules against minority.


title: Friedrich Hayek

text: Hayek's influence on the development of economics is widely acknowledged. With regard to the popularity of his Nobel acceptance lecture, Hayek is the second-most frequently cited economist (after Kenneth Arrow) in the Nobel lectures of the prize winners in economics. Hayek wrote critically there of the field of orthodox economics and neo-classical modelisation. A number of Nobel Laureates in economics, such as Vernon Smith and Herbert A. Simon, recognise Hayek as the greatest modern economist. Another Nobel winner, Paul Samuelson, believed that Hayek was worthy of his award, but nevertheless claimed that "there were good historical reasons for fading memories of Hayek within the mainstream last half of the twentieth century economist fraternity. In 1931, Hayek's "Prices and Production" had enjoyed an ultra-short Byronic success. In retrospect hindsight tells us that its mumbo-jumbo about the period of production grossly misdiagnosed the macroeconomics of the 1927–1931 (and the 1931–2007) historical scene". Despite this comment, Samuelson spent the last 50 years of his life obsessed with the problems of capital theory identified by Hayek and Böhm-Bawerk, and Samuelson flatly judged Hayek to have been right and his own teacher Joseph Schumpeter to have been wrong on the central economic question of the 20th century, the feasibility of socialist economic planning in a production goods dominated economy.


title: Friedrich Hayek

text: Hayek is widely recognised for having introduced the time dimension to the equilibrium construction and for his key role in helping inspire the fields of growth theory, information economics and the theory of spontaneous order. The "informal" economics presented in Milton Friedman's massively influential popular work "Free to Choose" (1980) is explicitly Hayekian in its account of the price system as a system for transmitting and co-ordinating knowledge. This can be explained by the fact that Friedman taught Hayek's famous paper "The Use of Knowledge in Society" (1945) in his graduate seminars.


title: Friedrich Hayek

text: In 1944, he was elected as a Fellow of the British Academy after he was nominated for membership by Keynes.


title: Friedrich Hayek

text: Harvard economist and former Harvard University President Lawrence Summers explains Hayek's place in modern economics: "What's the single most important thing to learn from an economics course today? What I tried to leave my students with is the view that the invisible hand is more powerful than the [un]hidden hand. Things will happen in well-organized efforts without direction, controls, plans. That's the consensus among economists. That's the Hayek legacy".


title: Friedrich Hayek

text: By 1947, Hayek was an organiser of the Mont Pelerin Society, a group of classical liberals who sought to oppose socialism. Hayek was also instrumental in the founding of the Institute of Economic Affairs, the right-wing libertarian and free-market think tank that inspired Thatcherism. He was in addition a member of the conservative and libertarian Philadelphia Society.


title: Friedrich Hayek

text: Hayek had a long-standing and close friendship with philosopher of science Karl Popper, who was also from Vienna. In a letter to Hayek in 1944, Popper stated: "I think I have learnt more from you than from any other living thinker, except perhaps Alfred Tarski". Popper dedicated his "Conjectures and Refutations" to Hayek. For his part, Hayek dedicated a collection of papers, "Studies in Philosophy, Politics, and Economics", to Popper and in 1982 said that "ever since his "Logik der Forschung" first came out in 1934, I have been a complete adherent to his general theory of methodology". Popper also participated in the inaugural meeting of the Mont Pelerin Society. Their friendship and mutual admiration do not change the fact that there are important differences between their ideas.


title: Friedrich Hayek

text: Hayek also played a central role in Milton Friedman's intellectual development. Friedman wrote: My interest in public policy and political philosophy was rather casual before I joined the faculty of the University of Chicago. Informal discussions with colleagues and friends stimulated a greater interest, which was reinforced by Friedrich Hayek's powerful book The Road to Serfdom, by my attendance at the first meeting of the Mont Pelerin Society in 1947, and by discussions with Hayek after he joined the university faculty in 1950. In addition, Hayek attracted an exceptionally able group of students who were dedicated to a libertarian ideology. They started a student publication, The New Individualist Review, which was the outstanding libertarian journal of opinion for some years. I served as an adviser to the journal and published a number of articles in it...


title: Friedrich Hayek

text: While Friedman often mentioned Hayek as an important influence, Hayek rarely mentioned Friedman. He deeply disagreed with Chicago School methodology, quantitative and macroeconomic focus, and claimed that Friedman's "Essays in Positive Economics" was as dangerous a book as Keynes' "General Theory". Friedman also claimed that despite some Popperian influence Hayek always retained basic Misesian praxeological view which he found "utterly nonsensical". He also noted that he admired Hayek only for his political works, and disagreed with his technical economics; he called "Prices and Production" a "very flawed book" and "The Pure Theory of Capital" "unreadable". There were occasional tensions at the Mont Pelerin meetings between the Hayek's and Friedman's followers that sometimes threatened to split the Society. Although they worked at the same university and shared political beliefs, Hayek and Friedman rarely collaborated professionally and were not close friends.


title: Friedrich Hayek

text: Hayek's greatest intellectual debt was to Carl Menger, who pioneered an approach to social explanation similar to that developed in Britain by Bernard Mandeville and the Scottish moral philosophers in the Scottish Enlightenment. He had a wide-reaching influence on contemporary economics, politics, philosophy, sociology, psychology and anthropology. For example, Hayek's discussion in "The Road to Serfdom" (1944) about truth, falsehood and the use of language influenced some later opponents of postmodernism.


title: Friedrich Hayek

text: Some radical libertarians had a negative view of Hayek and his milder form of liberalism. Ayn Rand disliked him, seeing him as a conservative and compromiser. In a letter to Rose Wilder Lane in 1946 she wrote:Now to your question: 'Do those almost with us do more harm than 100% enemies?' I don't think this can be answered with a flat 'yes' or 'no,' because the 'almost' is such a wide term. There is one general rule to observe: those who are with us, but merely do not go far enough are the ones who may do us some good. Those who agree with us in some respects, yet preach contradictory ideas at the same time, are definitely more harmful than 100% enemies. As an example of the kind of 'almost' I would tolerate, I'd name Ludwig von Mises. As an example of our most pernicious enemy, I would name Hayek. That one is real poison.


title: Friedrich Hayek

text: Wikipedia co-founder Jimmy Wales was influenced by Hayek's ideas on spontaneous order and the Austrian School of economics, after being exposed to these ideas by Austrian economist and Mises Institute Senior Fellow Mark Thornton.


title: Friedrich Hayek

text: Hayek received new attention in the 1980s and 1990s with the rise of conservative governments in the United States, United Kingdom and Canada. After winning the 1979 United Kingdom general election, Margaret Thatcher appointed Keith Joseph, the director of the Hayekian Centre for Policy Studies, as her secretary of state for industry in an effort to redirect parliament's economic strategies. Likewise, David Stockman, Ronald Reagan's most influential financial official in 1981, was an acknowledged follower of Hayek.


title: Friedrich Hayek

text: Hayek wrote an essay, "Why I Am Not a Conservative" (included as an appendix to "The Constitution of Liberty"). In it he disparaged conservatism for its inability to adapt to changing human realities or to offer a positive political program, remarking: "Conservatism is only as good as what it conserves". Although he noted that modern day American and British conservatism share many opinions on economics with classical liberals, particularly a belief in the free market, he believed it is because conservatism wants to "stand still" whereas liberalism embraces the free market because it "wants to go somewhere". He was much more critical of conservativism in continental Europe which he saw as more similar to socialism. European conservatives, according to Hayek, are similar to socialists in their belief that social and political problems can be solved by placing right people in governmental positions and giving them the opportunity to rule without much restrictions. Both are less concerned with "limiting state power" and more concerned with "arbitrarily" using that power to promote their own goals and "force" their values on other people. Hayek also disliked what he saw as a conservative tendency to obscurantism, such as rejection of theory of evolution and naturalistic explanations of life because of moral consequences that follow from them. He opposed conservatism for "its hostility to internationalism and its proneness to a strident nationalism", with its frequent association with imperialism. He also criticized the intolerance and lack of pluralism:


title: Friedrich Hayek

text: What I mean is that he [conservative] has no political principles which enable him to work with people whose moral values differ from his own for a political order in which both can obey their convictions. It is the recognition of such principles that permits the coexistence of different sets of values that makes it possible to build a peaceful society with a minimum of force. The acceptance of such principles means that we agree to tolerate much that we dislike. There are many values of the conservative which appeal to me more than those of the socialists; yet for a liberal the importance he personally attaches to specific goals is no sufficient justification for forcing others to serve them.


title: Friedrich Hayek

text: Hayek identified himself as a classical liberal, but noted that in the United States it had become almost impossible to use "liberal" in its original definition and the term "libertarian" was used instead. He also found libertarianism a term "singularly unattractive" and offered the term "Old Whig" (a phrase borrowed from Edmund Burke) instead. In his later life, he said: "I am becoming a Burkean Whig". Whiggery as a political doctrine had little affinity for classical political economy, the tabernacle of the Manchester School and William Gladstone.


title: Friedrich Hayek

text: In his 1956 preface to The Road to Serfdom, Hayek summarized all his disagreements with conservatism in this way:


title: Friedrich Hayek

text: Conservatism, though a necessary element in any stable society, is not a social program; in its paternalistic, nationalistic, and poweradoring tendencies it is often closer to socialism than true liberalism; and with its traditionalistic, anti-intellectual, and often mystical propensities it will never, except in short periods of disillusionment, appeal to the young and all those others who believe that some changes are desirable if this world is to become a better place. A conservative movement, by its very nature, is bound to be a defender of established privilege and to lean on the power of government for the protection of privilege. The essence of the liberal position, however, is the denial of all privilege, if privilege is understood in its proper and original meaning of the state granting and protecting rights to some which are not available on equal terms to others.


title: Friedrich Hayek

text: Samuel Brittan, concluded in 2010 that "Hayek's book ["The Constitution of Liberty"] is still probably the most comprehensive statement of the underlying ideas of the moderate free market philosophy espoused by neoliberals". Brittan adds that although Raymond Plant (2009) comes out in the end against Hayek's doctrines, Plant gives "The Constitution of Liberty" a "more thorough and fair-minded analysis than it has received even from its professed adherents". As a neo-liberal, he helped found the Mont Pelerin Society, a prominent neo-liberal think tank where many other minds, such as Mises and Friedman gathered.


title: Friedrich Hayek

text: Although Hayek is likely a student of the neo-liberal school of libertarianism, he is nonetheless influential in the conservative movement, mainly for his critique of collectivism.


title: Friedrich Hayek

text: Hayek's ideas on spontaneous order and the importance of prices in dealing with the knowledge problem inspired a debate on economic development and transition economies after the fall of the Berlin wall. For instance, economist Peter Boettke elaborated in detail on why reforming socialism failed and the Soviet Union broke down. Economist Ronald McKinnon uses Hayekian ideas to describe the challenges of transition from a centralized state and planned economy to a market economy. Former World Bank Chief Economist William Easterly emphasizes why foreign aid tends to have no effect at best in books such as "The White Man's Burden: Why the West's Efforts to Aid the Rest Have Done So Much Ill and So Little Good".


title: Friedrich Hayek

text: Since the 2007–2008 financial crisis, there is a renewed interest in Hayek's core explanation of boom-and-bust cycles, which serves as an alternative explanation to that of the savings glut as launched by economist and former Federal Reserve Chair Ben Bernanke. Economists at the Bank for International Settlements, e.g. William R. White, emphasize the importance of Hayekian insights and the impact of monetary policies and credit growth as root causes of financial cycles. Andreas Hoffmann and Gunther Schnabl provide an international perspective and explain recurring financial cycles in the world economy as consequence of gradual interest rate cuts led by the central banks in the large advanced economies since the 1980s. Nicolas Cachanosky outlines the impact of American monetary policy on the production structure in Latin America.


title: Friedrich Hayek

text: In line with Hayek, an increasing number of contemporary researchers sees expansionary monetary policies and too low interest rates as mal-incentives and main drivers of financial crises in general and the subprime market crisis in particular. To prevent problems caused by monetary policy, Hayekian and Austrian economists discuss alternatives to current policies and organizations. For instance, Lawrence H. White argued in favor of free banking in the spirit of Hayek's "Denationalization of Money". Along with market monetarist economist Scott Sumner, White also noted that the monetary policy norm that Hayek prescribed, first in "Prices and Production" (1931) and as late as the 1970s, was the stabilization of nominal income.


title: Friedrich Hayek

text: Hayek's ideas find their way into the discussion of the post-Great Recession issues of secular stagnation. Monetary policy and mounting regulation are argued to have undermined the innovative forces of the market economies. Quantitative easing following the financial crises is argued to have not only conserved structural distortions in the economy, leading to a fall in trend-growth. It also created new distortions and contributes to distributional conflicts.


title: Friedrich Hayek

text: In the 1970s and 1980s, the writings of Hayek were a major influence on some of the future postsocialist economic and political elites in Central and Eastern Europe. Supporting examples include the following:


title: Friedrich Hayek

text: In August 1926, Hayek married Helen Berta Maria von Fritsch (1901–1960), a secretary at the civil service office where he worked. They had two children together. Upon the close of World War II, Hayek restarted a relationship with an old girlfriend, who had married since they first met, but kept it secret until 1948. Hayek and Fritsch divorced in July 1950 and he married his cousin Helene Bitterlich (1900–1996) just a few weeks later, after moving to Arkansas to take advantage of permissive divorce laws. His wife and children were offered settlement and compensation for accepting a divorce. The divorce caused some scandal at LSE, where certain academics refused to have anything to do with Hayek. In a 1978 interview to explain his actions, Hayek stated that he was unhappy in his first marriage and as his wife would not grant him a divorce he had taken steps to obtain one unilaterally.


title: Friedrich Hayek

text: For a time after his divorce, Hayek rarely visited his children, but kept up more regular contact with them in his older years after moving to Europe. Hayek's son, Laurence Hayek (1934–2004) was a distinguished microbiologist. His daughter Christine was an entomologist at the British Museum of Natural History, and she cared for him during his last years, when he had declining health.


title: Friedrich Hayek

text: Hayek had a lifelong interest in biology and was also concerned with ecology and environmental protection. After being awarded his Nobel Prize, he offered his name to be used for endorsements by World Wildlife Fund, National Audubon Society, and the National Trust, a British conservationist organisation. Evolutionary biology was simply one of his interests in natural sciences. Hayek also had an interest in epistemology, which he often applied to his own thinking, as a social scientist. He held that methodological differences in the social sciences and in natural sciences were key to understanding why incompetent policies are often allowed.


title: Friedrich Hayek

text: He died in 1992 in Freiburg, Germany, where he had lived since leaving Chicago in 1961. Despite his advanced age by the 1980s, he continued to write, even purportedly finishing a book, "The Fatal Conceit", in 1988, although its actual authorship is unclear.


title: Friedrich Hayek

text: Even after his death, Hayek's intellectual presence is noticeable, especially in the universities where he had taught, namely the London School of Economics, the University of Chicago and the University of Freiburg. His influence and contributions have been noted by many. A number of tributes have resulted, many established posthumously:


title: Azadirachta indica

text: Azadirachta indica, commonly known as neem, nimtree or Indian lilac, is a tree in the mahogany family Meliaceae. It is one of two species in the genus "Azadirachta", and is native to the Indian subcontinent. It is typically grown in tropical and semi-tropical regions. Neem trees also grow on islands in southern Iran. Its fruits and seeds are the source of neem oil.


title: Azadirachta indica

text: Neem is a fast-growing tree that can reach a height of , and rarely . It is deciduous, shedding many of its leaves during the dry winter months. The branches are wide and spreading. The fairly dense crown is roundish and may reach a diameter of . The neem tree is similar in appearance to its relative, the chinaberry ("Melia azedarach").


title: Azadirachta indica

text: The opposite, pinnate leaves are long, with 20 to 30 medium to dark green leaflets about long. The terminal leaflet often is missing. The petioles are short.


title: Azadirachta indica

text: White and fragrant flowers are arranged in more-or-less drooping axillary panicles which are up to long. The inflorescences, which branch up to the third degree, bear from 250 to 300 flowers. An individual flower is long and wide. Protandrous, bisexual flowers and male flowers exist on the same individual tree.


title: Azadirachta indica

text: The fruit is a smooth (glabrous), olive-like drupe which varies in shape from elongate oval to nearly roundish, and when ripe is by . The fruit skin (exocarp) is thin and the bitter-sweet pulp (mesocarp) is yellowish-white and very fibrous. The mesocarp is thick. The white, hard inner shell (endocarp) of the fruit encloses one, rarely two, or three, elongated seeds (kernels) having a brown seed coat.