Compendium of Radical Political Economy


Contra Hayek and Austrian Economics

Friedrich Hayek ranks along with Milton Friedman as the iconic spokesman for so-called “free market” economics. His influence extends wider than many socialists have been willing to recognize; in fact, well beyond what can be described as "conservative intellectuals." Amartya Sen, John Roemer, David Schweikhart, Geoffrey Hodgson, Alec Nove, Vaclav Havel and Margaret Thatcher have all used his theory, in one way or another, as a stick to beat down the possibility that anything other than economies based upon private enterprise combined with markets can furnish a high standard of living in a complex, industrialized society. His ideas have not only had a strong impact on a wide spectrum of intellectuals, and corporate and political elites but he also has a vocal "grassroots" following that arguably dwarfs any left movement. This kind of intellectual dominance does have an unidentified influence on general patterns of thinking. Two of his most famous anti-socialist polemics, The Road to Serfdom and The Fatal Conceit, were accessibly written texts for mass audiences.

 

Since so many of his acolytes remain blissfully ignorant of the many critiques of his work by radical economists and social scientists, the presentation of a selected bibliography of works criticizing his views across a wide span of subject by a disparate contingent of authors seems overdue.  


Contra Hayek: A Select Bibliography of critiques of Hayek and Austrain Economics in General


1. Criticisms of Hayek's economic history and theories of Emergent Order

Andy Dennis - Friedrich Hayek: A Panglossian Evolutionary Theorist
                        Hayek and the Emergence of Spontaneous Order

                        Review of Hayek's Challenge: An Intellectual Biography of Friedrich Hayek



Hilary Wainwright - Arguments for a New Left: Answering the Free Market Right, Blackwell, 1994


Amartya Sen - Development as Freedom p. 256-261  (note here Sen criticizes Hayek's interpretations of Adam Smith and Hayek's thesis of unintended consequences, elsewhere Sen has invoked Hayek to argue that planning is unreasonable and that the market mechanism is the only viable option for ensuring 'economic freedom'.


Emma Rothschild - Economic Sentiments: Adam Smith, Condorcet and the Enlightenment


Michael Perelman - Class Warfare in the Information Age (1998)


Maurice Dobb - Studies in the Development of Capitalism, 1963


Branko Horvat - The Political Economy of Socialism, 1982


Chris Harman - The Crisis of Bourgeois Economics


2. Criticisms of Hayek's arguments in the debate on economic calculation


Robin Cox - The "Economic Calculation" controversy: unravelling of a myth

Pat Devine and Fikret Adaman- 
Socialist Renewal: Lessons from the Calculation Debate

Allin Cottrell and Paul Cockshott - Information and Economics: A Critique of Hayek

Kamran Nayeri - Socialism and the Market: Methodological Lessons from the Calculation Debate

Mick Brooks - The Socialist Calculation Debate

Michal Polak -The Real Third Way

3. Critiques of Hayek's philosophy

Joo Hyoung Ji- Liberal Fatalism: An Assessment of Hayek's Liberalism and Critique of Constructivist Rationalism

Alain de Benoist  - Hayek: A Critique


4. Critiques of Hayek's conception of capital and the business cycle

Piero Sraffa - Dr. Hayek on Money and Capital, in "Economic Journal", n. 42, pp. 42-53. (1932)

Heinz D. Kurz - Sraffa’s Reception of the German Economics Literature


5. Critiques of Hayek's underlying Ethical Preconceptions

Johm McMurtry–Unequal Freedoms: the Global Market as an Ethical System, p. 53-56


6. Hayek's toleration of dictatorship

Michael A. Lebowitz -Ideology and Economic Development


7. Critiques of Hayek's Conception of the entrepreneur

Fikret Adaman and Pat Devine - A Reconsideration of the Theory of Entrepreneurship: A Participatory Approach

Theodore Burczak - A Critique of Kirzner's Finders-Keepers Defense of Profit