Hayek, Co-ordination and Evolution: His Legacy in Philosophy, Politics, Economics, and the History of Ideas.

• Author: Kirzner, Israel M.

Superbly conceived and edited, this valuable book contains eighteen impressive papers (besides an equally impressive introduction) on virtually all aspects of Hayek's work. The editors correctly emphasize [p. xi] that these papers "are critical and creative rather than hagiographic ruminations." As such the volume contains a feast of controversial and provocative ideas, theses, interpretations and challenges for the Hayek student. No reviewer could, in the space available, possibly do justice to the richness of this multi-faceted volume. Rather than attempt the frustrating task of commenting on the individual contributions to the book, I have decided to comment on several related themes, particularly relevant for Hayek's economics, that seem to emerge from the work as a whole. The following critical observations relate to a presumably unintended consequence of the editorial process that created this volume.

This consequence is the impression conveyed by the book as a whole (though certainly not by all of the individual contributions), (a) that only a relatively small (and less important) portion of Hayek's life's work bears the strong imprint of the Austrian School of Economics, and (b) that, in particular, Hayek's understanding of the economic process is significantly (and favorably) to be contrasted with that of Ludwig von Mises, the economist most universally recognized as representing the Austrian School in this century.

This general impression owes something to the sub-title of the volume (in which economics seems to be seen as only one - and by no means the dominant - theme in Hayek's work). The impression is reinforced, inter alia, by a general emphasis throughout the volume on Hayek's philosophical and methodological distinctiveness. It is substantially and particularly strengthened by several contributions (notably chapters 11 and 14) in which a wedge is driven between Hayek's critique of socialism, and the earlier critique pioneered by Mises. It should of course be acknowledged that a number of the contributions do recognize Hayek's "Austrian" credentials, at least in economics; Karl Milford describes him as "one of the most important and original representatives" of the Austrian School of Economics. And several contributors (e.g., Desai, p. 27, Shearmur, p. 190, O'Brien, p. 344) indeed emphasize Mises's shaping influence upon Hayek in various respects. Yet, for this reviewer, Hayek seems to emerge from the book primarily as a...