The Fatal Conceit: The Errors of Socialism

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University of Chicago Press, Oct 4, 1991 - Business & Economics - 180 pages
2 Reviews
Hayek gives the main arguments for the free-market case and presents his manifesto on the "errors of socialism." Hayek argues that socialism has, from its origins, been mistaken on factual, and even on logical, grounds and that its repeated failures in the many different practical applications of socialist ideas that this century has witnessed were the direct outcome of these errors. He labels as the "fatal conceit" the idea that "man is able to shape the world around him according to his wishes."

"The achievement of The Fatal Conceit is that it freshly shows why socialism must be refuted rather than merely dismissed—then refutes it again."—David R. Henderson, Fortune.

"Fascinating. . . . The energy and precision with which Mr. Hayek sweeps away his opposition is impressive."—Edward H. Crane, Wall Street Journal

F. A. Hayek is considered a pioneer in monetary theory, the preeminent proponent of the libertarian philosophy, and the ideological mentor of the Reagan and Thatcher "revolutions."

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User Review  - Hae-Yu - LibraryThing

Hayek is a good thinker but lousy writer. The writing is entirely unengaging. Fortunately, the book is a short 150 +/- pages. This book's redeeming value is that Hayek's arguments are well-formulated ... Read full review

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User Review  - gbanville - LibraryThing

The central themes of this book are those of cultural evolution and the inability of centralized economies to make economic calculations without a price system to harness diffuse knowledge. It is the ... Read full review

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About the author (1991)

F. A. Hayek (1899-1992), recipient of the Medal of Freedom in 1991 and co-winner of the Nobel Memorial Prize in Economics in 1974, was a pioneer in monetary theory and a leading proponent of classical liberalism  in the twentieth century. He taught at the University of London, the University of Chicago, and the University of Freiburg.