“I am not persuaded that Hayek got the substantive connections entirely right. He was too captivated by the enabling effects of the market system on human freedoms and tended to downplay - though he never fully ignored - the lack of freedom for some that may result from a complete reliance on the market system, with its exclusions and imperfections, and the social effects of big disparities in the ownership of assets. But it would be hard to deny Hayek's immense contribution to our understanding of the importance of judging institutions by the criterion of freedom.”

— Amartya Sen

"An insight into the purpose of prosperity", Financial Times (September 20, 2004)
2000s, "An insight into the purpose of prosperity," 2004

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Amartya Sen 31

Indian economist 1933

Alan O. Ebenstein (1959) American political scientist, educator and author

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

“Real economic efficiency implies including all resources that affect sustainable human well-being in the allocation system, not just marketed goods and services. Our current market allocation system excludes most non-marketed natural and social capital assets and services that are critical contributors to human well-being. The current economic model ignores this and therefore does not achieve real economic efficiency. A new, sustainable ecological economic model would measure and include the contributions of natural and social capital and could better approximate real economic efficiency.”

Robert Costanza (1950) American economist

Source: Toward a New Sustainable Economy, 2008, p. 46

“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

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

“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.”

Mark Blaug (1927–2011) British economist

Hayek revisited (1993)

“Our debt to Hayek is very substantial. He helped to establish a freedom-based approach of evaluation through which economic systems can be judged (no matter what substantive judgments we arrive at). He pointed to the importance of identifying those services that the state can perform well and has a social duty to undertake. Finally, he showed why administrative psychology and propensities to corruptibility have to be considered in determining how states can, or cannot, work and how the world can, or cannot, be run.”

Amartya Sen (1933) Indian economist

"An insight into the purpose of prosperity", Financial Times (September 20, 2004)
2000s, "An insight into the purpose of prosperity," 2004

“The dilemma of a socialized system is that the information flow overwhelms a centralized system if it is open to new ideas and data, that closing the system and forcing the plan to work forecloses alternatives and risks unhedged mistakes, and that decentralizing without real markets poses the problems discussed by Hayek. These information problems permeate virtually all economic processes.”

Sidney G. Winter book An Evolutionary Theory of Economic Change

Richard Nelson and Sidney Winter, An Evolutionary Theory of Economic Change (1982), p. 365

“The Good Economist Hayek is the thinker who has mind-blowing insights into just why the competitive market system is such a marvelous societal device for coordinating our by now 7.2 billion-wide global division of labor. Few other economists imagined that Lenin’s centrally-planned economy behind the Iron Curtain was doomed to settle at a level of productivity 1/5 that of the capitalist industrial market economies outside. Hayek did so imagine. And Hayek had dazzling insights as to why. Explaining the thought of this Hayek requires not sociology or history of thought but rather appreciation, admiration, and respect for pure genius.The Bad Economist Hayek is the thinker who was certain that Keynes had to be wrong, and that the mass unemployment of the Great Depression had to have in some mysterious way been the fault of some excessively-profligate government entity (or perhaps of those people excessively clever with money–fractional-reserve bankers, and those who claim not the natural increase of flocks but rather the interest on barren gold). Why Hayek could not see with everybody else–including Milton Friedman–that the Great Depression proved that Say’s Law was false in theory, and that aggregate demand needed to be properly and delicately managed in order to make Say’s Law true in practice is largely a mystery. Nearly everyone else did: the Lionel Robbinses and the Arthur Burnses quickly marked their beliefs to market after the Great Depression and figured out how to translate what they thought into acceptable post-World War II Keynesian language. Hayek never did.
My hypothesis is that the explanation is theology: For Hayek, the market could never fail. For Hayek, the market could only be failed. And the only way it could be failed was if its apostles were not pure enough.”

J. Bradford DeLong (1960) American economist

Making Sense of Friedrich A. von Hayek: Focus/The Honest Broker for the Week of August 9, 2014 http://equitablegrowth.org/making-sense-friedrich-von-hayek-focusthe-honest-broker-week-august-9-2014/ (2014)

“There are areas where untrained people may work effectively and with limited equipment. Our pupil doesn't need a big laboratory to do this, he needs freedom; he needs encouragement.”

Edwin H. Land (1909–1991) American scientist and inventor

Generation of Greatness (1957)

“Hayek’s essential political philosophy was that liberty is the supremacy of law. To some, this may appear a paradoxical conception of liberty, for liberty is too often considered to be the absence of law. This, however, was the exact opposite of Hayek’s view. He thought that liberty is not possible without law. Right law is liberty.”

Alan O. Ebenstein (1959) American political scientist, educator and author

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

“Hayek’s work in philosophy can be considered from another perspective than its methodology. When Hayek wrote that his philosophical studies should precede his political studies, he meant that in order to explain the sort of political system he favored, it was necessary to have greater understanding of the transmission and communication of information and knowledge. This is why he wished to travel to Italy and Greece. He thought that he might understand nonverbal knowledge better in doing so and might better understand the role of institutions in transmitting knowledge and information.”

Alan O. Ebenstein (1959) American political scientist, educator and author

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

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