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Quarterly Journal of Austrian Economics, Volume 5, No. 3 (Fall 2002) [ This is a translation from German of F.A. Hayek’s “Der Wettbewerb als Entdeckungsverfahren,” a 1968 lecture sponsored by the Institut für Weltwirtschaft at the University of Kiel. Translated by Marcellus S. Snow. ] I. It would not be easy to defend macroeconomists against the

Introduction to Carl Menger’s Principles of Economics (1934) The history of economics is full of tales of forgotten forerunners, men whose work had no effect and was only rediscovered after their main ideas had been made popular by others, of remarkable coincidences of simultaneous discoveries, and of the peculiar fate of individual books. But

The chief root of our present monetary troubles is, of course, the sanction of scientific authority which Lord Keynes and his disciples have given to the age-old superstition that by increasing the aggregate of money expenditure we can lastingly ensure prosperity and full employment. It is a superstition against which economists before Keynes had

To advocate any clear-cut principles of social order is today an almost certain way to incur the stigma of being an unpractical doctrinaire. It has come to be regarded as’-the sign of the judicious mind that in social matters one does not adhere to fixed principles but decides each question “on its merits”; that one is generally guided by

In 1944 Professor Hayek emphasised that sustainable employment depends on an appropriate distribution of labour among the different lines of production. This distribution must change as circumstances change. Sustain able employment thus depends on appropriate changes in relative real wage-rates. If established producers—both unions and