Whatever happened to Hayek?

Eamonn Butler

E. M. Wübben

pp. 281-309

in: Stephen F. Frowen (ed), Hayek: economist and social philosopher, Basingstoke, Palgrave Macmillan, 1997

Abstract

The present interest in Hayek's work is due to a large extent to an article written by J. R. Hicks. How ironic, that, at the end of the 1960s, this eminent economist, who had once laid the mathematical foundations of the Keynesian revolution, brought back Austrian economics in general and Hayek in particular from the wilderness. His "Hayek Story" begins with the assertion that, ultimately, historians of economic thought would make it clear that Hayek had been a leading character in the apparently spectacular, if not fundamentally earth-shattering, developments comprising the history of economic analysis during the 1930s: "it was quite a drama" (Hicks, 1967, p. 203).