“The 'new theory of money and the cycle' which is spoken of in the opening paragraph is of course Hayek's. It was from Hayek that I began - where I got to will be seen. Even at the end, I was minimising my differences from Hayek. I could do so because, as I have elsewhere explained (Economic Perspectives, p. 141n), I still thought, like Pigou and Robertson, and Hayek, but by that time unlike Keynes, that 'we were talking about fluctuations, which, since they did not result in complete collapse or complete explosion, could not have engendered an expectation of going on forever. Booms could then be considered as times of high prices, slumps as times of low prices - with regard to some norm, which throughout the which throughout the fluctuations would not be changed, or not much changed'.”

Source: Money, Interest and Wages, (1982), p. 28; on his "Equilibrium and the Cycle" (1933), an influential work on the topics of intertemporal equilibrium, monetary theory, and trade cycle phenomena.

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British economist 1904–1989

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“In the years after 1936, whilst Hayek was working on The Pure Theory of Capital, most economists were convinced by Keynes, whose theory had an elegance and simplicity that Hayek’s did not. Keynes’ theory lacked Hayek’s theoretical rigor in that it was not based on equilibrium (on individual rationality), and there were places in the argument where Keynes relied on loose, informal arguments, preferring to put his trust in intuition rather than formal theory. Keynesians did not solve the problems with capital theory that Hayek had identified: they just bypassed or ignored them. According to Hayek’s methodological criteria, Keynes’ theory was decidedly inferior. Against this, Keynes’ theory provided opportunities for mathematical and statistical analysis that Hayek’s did not. Indeed, though Hayek paid some attention to data, he did so only minimally: he certainly made no attempt to test his theory against statistical data. The choice of Keynesian theory was, at least in part, a methodological one.”

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“There were many Hayeks: Hayek, the political scientist; Hayek, the economist; Hayek, the philosopher of social science; Hayek, the psychologist. Even in these different roles, he played many parts.”

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“It is not so well known that it [Keynes's and my own move from thinking in terms of price-levels and the rate of interest to thinking in terms of inputs and outputs] is matched by a movement from Hayek to Harrod. I once asked Harrod what had put him on to the construction of his so-call 'dynamic' theory; he said, to my surprise, that it was thinking about Hayek.”

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Source: Money, Interest and Wages, (1982), p. 340

“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 (1959) American political scientist, educator and author

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“Alchian: Two things you [Hayek] wrote that had a personal influence on me, after your Prices and Production, were 'Individualism and Economic Order' [sic — Alchian certainly has in mind Hayek's 'Economics and Knowledge'] and 'The Use of Knowledge in Society.' These I would regard as your two best articles, best in terms of their influence on me.
Hayek: 'Economics and Knowledge' — the '37 one — which is reprinted in the volume, is the one which marks the new look at things in my way.
Alchian: It was new to you, too, then? Was it a change in your own thinking?
Hayek: Yes, it was really the beginning of my looking at things in a new light. … I was aware that I was putting down things which were fairly well known in a new form, and perhaps it was the most exciting moment in my career when I saw it [i. e. 'Economics and Knowledge'] in print.
Alchian: Well, I'm delighted to hear you say that, because I had that copy typed up to mimeograph for my students in the first course I gave here [i. e. UCLA]. And Allan Wallace … came through town one day, and I said, 'Allan, I've got a great article!" He looked at it, started to laugh, and said, "I've seen it too; it's just phenomenal!' I'm just delighted to hear you say that it was exciting, because it was to me, too … that was a very influential article, I must say.”

Armen Alchian (1914–2013) American economist

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“It seems evident from his unpublished piece that his reading of the Mill-Taylor letters gave Hayek a bit of a shock. He knew, of course, from the Autobiography that Mill had an elevated opinion of Mrs. Taylor. The letters seem to have convinced Hayek that she dominated him. Hayek would doubtless have seen this as a weakness, and he might well have lost some respect for Mill as a result. It may also have provided a convenient explanation for Hayek for why a great mind like Mill might nonetheless “desert” the liberal camp. (Hayek’s hope to lead others to the same conclusion might have helped motivate him to write the book on the correspondence between Mill and Taylor.) Given what has sometimes been said about the dominating personality of Hayek’s second wife, one wonders whether Hayek would later in his life have felt even more commonalities with Mill.”

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“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.”

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“I can date my own personal 'revolution' rather exactly to May or June 1933. It was like this. It began… with Hayek. His "Prices and Production" is one of the influences that can be detected in The Theory of Wages; it could not have been otherwise, for 1931 was a Prices and Production year at the London School of Economics… I did not in fact find it all easy to fit in with my own ideas. What started me off in 1933 was an earlier work of Hayek's, his paper on 'Intertemporal Equilibrium', an idea which I found easier to reduce to my preferred (Paretian or Wicksellian) pattern.”

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“I did not call him "Fritz." To me he remained always "Professor Hayek," despite his own graciousness in treating me as a peer. I shall not attempt to evaluate Professor Hayek's monumental contribution to our understanding of the events of this turbulent century, to the influence of his ideas on these events themselves or even to the development of economic theory in a strictly scientific sense.”

James M. Buchanan (1919–2013) American economist

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