Alan O. Ebenstein: Economics

Alan O. Ebenstein is American political scientist, educator and author. Explore interesting quotes on economics.
Alan O. Ebenstein: 94   quotes 0   likes

“Hayek truly did get Popper his position at the London School of Economics. “I am personally anxious to get Dr. Popper to this School,” Hayek wrote Gombrich as early as 1943. Given the later prominence that Popper achieved for the school, this was one of Hayek’s most significant contributions to its reputation, as well as the decisive career move in Popper’s life.
Hayek also genuinely influenced Popper’s political philosophy. While Popper always remained to Hayek’s left, he started out much further to Hayek’s left than he wound up, and this movement was in no small part the result of Hayek’s influence. Popper was a charter member of the Mont Pelerin Society. He suggested, however, that socialists be brought into it. Hayek wrote Popper several deeply personal letters in connection with his divorce. It is likely that their personal relationship was more important to and valued by Hayek than Popper, though Popper valued highly Hayek’s friendship.”

Alan O. Ebenstein

Hayek's Journey: The Mind of Friedrich Hayek (2003)

Life , Friendship , School , Decision

“Notwithstanding the predominant role in academic economic theory that Keynes and Keynesian economics achieved during the twentieth century, his basic outlook and policy recommendations were shaped by the particular experiences of the British Empire’s waning years.”

Alan O. Ebenstein

Hayek's Journey: The Mind of Friedrich Hayek (2003)

“Hayek’s essential gist in capital theory was that capital is heterogeneous, that it cannot be put to many uses simultaneously or at different times. If these empirical assumptions as to capital’s heterogeneity are false, then his theoretical system of economic activity falls. Hayek never established that changes in interest rates primarily and predominantly influence capital production of goods of higher order and their prices.”

Alan O. Ebenstein

Hayek's Journey: The Mind of Friedrich Hayek (2003)

Change , Time , Falseness

“When Keynes’s General Theory was published in February 1936, it obliterated all else on the scene in academic economics. Hayek was known to be working on a treatise on capital as Keynes’s work was published (the work that became The Pure Theory of Capital). While there was some anticipation in academia for this forthcoming major work, interest even by economists in Hayek’s work waned.”

Alan O. Ebenstein

Hayek's Journey: The Mind of Friedrich Hayek (2003)

“Although Hayek ascribed a primarily monetary source to economic fluctuations, he was not a monetarist as this term came to be used.”

Alan O. Ebenstein

Hayek's Journey: The Mind of Friedrich Hayek (2003)

“Hayek’s move from economic theory to political philosophy was a natural evolution in his ideas. First, he considered the influence of prices in production. Then he considered the larger question of the role of prices in social life. The conclusion he reached was that law should guarantee to each person a protected sphere within which each could live as much as possible as he pleased. Later in his career, he progressed to the idea that whole societies through their customs, morals, and rules are engaged in macrocompetition, the survivor of which would possess the customs, morals, and rules that are the most materially productive and result in the highest standard of living for the most—the economist’s goal.”

Alan O. Ebenstein

Hayek's Journey: The Mind of Friedrich Hayek (2003)

Life , Law , Idea , Question

“The question of Hayek’s relationship to the Chicago school of economics raises the anterior question of the Chicago school of economics itself.”

Alan O. Ebenstein

Hayek's Journey: The Mind of Friedrich Hayek (2003)

School , Question

“The history of the Austrian school remains unfinished, and what happens in the future may influence interpretations of the past as much as what has already occurred. An increasing number of economists, however, believe that a reconceptualization of the role the Austrian school has played in academic economics from the 1870s to the present would be more accurate than the prevailing view.”

Alan O. Ebenstein

Hayek's Journey: The Mind of Friedrich Hayek (2003)

School , History , Past , Future

“Hayek had high regard for Marx in technical economic theory and considered him a predecessor in his business cycle theory. […] It was not in technical economic theory that the classical Austrians disagreed with Marx. So towering a figure in history is Marx that discussion of his thought in summary form is always difficult, for there is so much that he said and that others have said about him. At the same time, so tendentious, ill-spirited, and just plain wrong a thinker was Marx that it is surprising that he may have had some of the influence attributed to him. Hayek’s opposition to Marx was in the realm of practical political emanations from Marx’s thought. Here he considered Marx’s influence to have been wholly pernicious.”

Alan O. Ebenstein

Hayek's Journey: The Mind of Friedrich Hayek (2003)

History , Business , Time

“Hayek never really departed from the essential economic theory that he developed during the 1920s, although he expanded and deepened his analysis.”

Alan O. Ebenstein

Hayek's Journey: The Mind of Friedrich Hayek (2003)

“The time component of economic production became vital in Hayek’s work in economic theory. Essentially, his economic work could be said to rest on the idea that the price system is a method for coordinating economic activity through time.”

Alan O. Ebenstein

Hayek's Journey: The Mind of Friedrich Hayek (2003)

Idea , Time

“The General Theory is at once both a book of economic theory and a font of economic prejudices—there are probably few academics in economics and political science who do not have an opinion of it, whether they have read it or not. It has reached the status—which it obtained almost immediately—where the fact of its existence is as important, if not more important, than what it actually says.”

Alan O. Ebenstein

Hayek's Journey: The Mind of Friedrich Hayek (2003)

Books , Science , Reading