F.A. Hayek and the Modern Economy: Economic Organization and Activity
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Edited by: Sandra J. Peart and David M. Levy
What is the role of human agency in Friedrich Hayek's thought? This volume situates Hayek's writing as it relates to economic organization and activity, particularly to assess what role Hayek assigns to leaders in determining economic progress. Peart and Levy explore the scope for policy makers leading the economy through crisis, how much agency policy makers should assume, and the leadership role that economists should legitimately play in the development and implementation of new economic policy.
Hayek held that economists should take center stage in terms of advocating economic policy but his was a quite different sort of advocacy. He disagreed with some of his contemporaries on what economic policies were best suited to promote economic expansion and stability, seeing economic aggregation as fraught with methodological difficulties and, therefore, that no scientist or policy maker had the wherewithal to direct market transactions. The volume examines the nature of these disagreements along with a number of other themes that characterize Hayek's lifelong work.