“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)

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Alan O. Ebenstein 47
American political scientist, educator and author 1959

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“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 (1959) American political scientist, educator and author

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 (1959) American political scientist, educator and author

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

“The theories in this chapter, focusing on the individual level of analysis, differ somewhat from those in the next chapter, in which a more organizational level of analysis is employed. Although all of the theories are essentially cognitive and social definitionist in nature, particularly as developed in the general sociological literature, there are at least two important subgroups within the social constructionist perspective.”

Jeffrey Pfeffer (1946) American academic

Source: Organizations and organization theory, 1982, p. 209

James M. Buchanan photo

“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

"I did not call him “Fritz”: Personal recollections of Professor F. A. v. Hayek." Constitutional Political Economy 3.2 (1992): 129-135.

“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.”

Roger Backhouse (economist) (1951) British economist

"Hayek on money and the business cycle", 2006

“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 (1959) American political scientist, educator and author

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

“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 (1959) American political scientist, educator and author

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

Tjalling Koopmans photo

“Econometrics may be defined as the quantitative analysis of actual economic phenomena based on the concurrent development of theory and observation, related by appropriate methods of inference.”

Tjalling Koopmans (1910–1985) Dutch American economist

Paul Samuelson, Tjalling Koopmans, and Richard Stone. "Report of the evaluative committee for Econometrica." Econometrica- journal of the Econometric Society. (1954): 141-146.

“Econometrics may be defined as the quantitative analysis of actual economic phenomena based on the concurrent development of theory and observation, related by appropriate methods of inference.”

Richard Stone (1913–1991) British economist, Nobel Memorial Prize winner

Paul Samuelson, Tjalling Koopmans, and Richard Stone. "Report of the evaluative committee for Econometrica." Econometrica- journal of the Econometric Society. (1954): 141-146.

Paul A. Samuelson photo

“Econometrics may be defined as the quantitative analysis of actual economic phenomena based on the concurrent development of theory and observation, related by appropriate methods of inference.”

Paul A. Samuelson (1915–2009) American economist

Paul Samuelson, Tjalling Koopmans, and Richard Stone. "Report of the evaluative committee for Econometrica." Econometrica- journal of the Econometric Society. (1954): 141-146.
1950s–1970s

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