Celebrating the 40th Anniversary of Hayek's Nobel Prize

Richard Ebeling emails:

Dear Bob,

I have a new article on the news and commentary website, "EpicTimes," on "Celebrating the Work of Nobel Prize Winning Economist, F. A. Hayek -- the Man Who Has Made the 21st Century a Freer and More Prosperous Time."

This week marks the 40th anniversary of the announcement that Austrian Economist, Friedrich A. Hayek, was awarded the Nobel Prize in Economics. And it is worth recalling the important contributions made by Hayek for a better understanding of the world in which we live.

The Nobel committee recognized Hayek's important contributions to monetary and business cycle theory that it is central bank mismanagement of the monetary and credit systems that set in motion the boom and bust cycle, and which in the 1930s made Hayek the leading critic and opponent of the emerging Keynesian Revolution.

Hayek was also recognized for his pathbreaking work on the institutional impossibilities of a socialist centrally planned economy due to the lack of an effective market-based price system that integrates and coordinates the dispersed knowledge of a complex system of division of labor.

And for his insightful analysis that social and economic orders have not been and cannot be "created" by planners and regulators, but are the results of the spontaneous interactions of multitudes of generations of people that incorporates more knowledge and experience than even the wisest of social engineers can ever comprehend. 

His writings effectively helped spearhead the intellectual battle of ideas in the 20th century to stop the onslaught of the collectivist tide. And if Hayek's ideas continue to be understood and taken seriously they may herald the opportunity for the return to a truly free and prosperous world in the 21st century.

http://www.epictimes.com/2014/10/celebrating-the-work-of-nobel-prize-winning-economist-f-a-hayek-a-man-who-has-made-the-21st-century-a-freer-and-more-prosperous-time/