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Hayek's Contribution to Economics

Thursday 5 June, 6pm
Old Theatre, Old Building

Professor Roger Garrison, Hayek Fellow at the London School of Economics and Political Science (LSE), will be speaking on social philosopher Friedrich Hayek's contribution to economics on Thursday 5 June at LSE.

Friedrich August von Hayek is one of the most influential social philosophers of the 20th century. His early works as an economist earned him a chair at LSE, which he held from 1931 to 1950. In 1947, Hayek founded the influential neo-liberal Mont Pèlerin Society. He was awarded the Nobel prize in 1974 as a direct result of his LSE work.

Roger W Harrison is LSE's first Hayek Fellow and a professor of economics at Auburn University. In 2001, he published Time and Money: the macroeconomics of capital structure (Routledge).

Professor Anthony Giddens, director of LSE, will chair this event, which is free and open to all with no ticket required.

Ends

To reserve a press ticket, please contact Jessica Winterstein on 020 7955 7060 or email j.winterstein@lse.ac.uk| 

Notes:

Friedrich August von Hayek is one of the most influential social philosophers of the 20th century. His early works as an economist, developing a synthesis of Ludwig von Mises's Austrian School theory of the business cycle and the Lausanne School theory of general equilibrium, earned him a chair at LSE, which he held from 1931 to 1950.

At LSE, Hayek pioneered the economic analysis of the role that information plays in co-ordinating the division of labour. He later developed a general social theory stressing the importance of 'spontaneous' orders and institutions, such as those which characterise a market economy.

In 1947, Hayek founded the neo-liberal Mont Pèlerin Society, through which he was to have great personal and intellectual influence on virtually all post-war liberal and conservative movements, resulting in the radical Prices and Production lecture series and the famous Cambridge (Keynes) versus LSE (Hayek/Robbins) debates. Hayek was awarded the Nobel prize in 1974 as a direct result of this LSE work.

Professor Roger Garrison has continued on from where Hayek and Robbins left off pre-World War Two, before the Keynesian hegemony took hold, and has reformulated the Austrian theory of the business cycle, addressing the short comings of present day Keynesian, neo Keynesian, monetarist and rational expectations contemporary explanations of the current day business cycle.

28 May 2003

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