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Friedrich A. Hayek is regarded as one of the preeminent economic theorists of the twentieth century, as much for his work outside of economics as for his work within it. During a career spanning several decades, he made contributions in fields as diverse as psychology, political philosophy, the history of ideas, and the methodology of the social sciences. Bruce Caldwell—editor of The Collected Works of F. A. Hayek—understands Hayek's thought like few others, and with this book he offers us the first full intellectual biography of this pivotal social theorist.

Caldwell begins by providing the necessary background for understanding Hayek's thought, tracing the emergence, in fin-de-siècle Vienna, of the Austrian school of economics—a distinctive analysis forged in the midst of contending schools of thought. In the second part of the book, Caldwell follows the path by which Hayek, beginning from the standard Austrian assumptions, gradually developed his unique perspective on not only economics but a broad range of social phenomena. In the third part, Caldwell offers both an assessment of Hayek's arguments and, in an epilogue, an insightful estimation of how Hayek's insights can help us to clarify and reexamine changes in the field of economics during the twentieth century.

As Hayek's ideas matured, he became increasingly critical of developments within mainstream economics: his works grew increasingly contrarian and evolved in striking—and sometimes seemingly contradictory—ways. Caldwell is ideally suited to explain the complex evolution of Hayek's thought, and his analysis here is nothing short of brilliant, impressively situating Hayek in a broader intellectual context, unpacking the often difficult turns in his thinking, and showing how his economic ideas came to inform his ideas on the other social sciences.

Hayek's Challenge will be received as one of the most important works published on this thinker in recent decades.

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Hayek's Challenge
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4 / 5
January 28th, 2014
This is an excellent book. If you're interested in Hayek's work, or in economics in general, it's a must read. If you have read books by Hayek, this book will provide you some important additional information about the context of his work and of each book. It attempts to describe the evolution of Hayek's thought, and while at it, summarizes the work of thinkers who influenced him and also of those he disagreed with. The book might also be a good introduction to his ideas for someone who hasn't read his work yet, but is willing to. The only criticism I have is that in some passages the author uses highly specialized language without clarifying the meaning of the words, especially when he discusses methodology. Even thought he meaning of most of these words can be guessed, and the remaining can be googled, some clarification in the text would have been helpful. Still, this happens only occasionally, mostly in the appendices of the book.
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