Friedrich Hayek said of his book The Fatal Conceit that “it is a work for which one has to be an economist, but this is not enough!” This sentence captures the essence of both the book and its author. Hayek was an economist, of course—but he was much more. His contributions extend to fields as disparate as cognitive psychology and political philosophy. So the study of Hayek’s thought is not without its difficulties: One must think like an economist, but this is not enough.
Bruce Caldwell—who is an economist, and a historian—confronts the difficulties inherent in Hayek scholarship with this new book. Caldwell admits to some trepidation about his work. “I am an historian of economic thought, and my own self-image is that I am a careful one,” he writes. “One need not be a genius to recognize that writing outside one’s field is not a good way to be careful.” Such reservations notwithstanding, Hayek is fortunate in his biographer. Hayek’s Challenge is a success, and Caldwell proves himself capable of presenting Hayek’s ideas—in all fields— with both depth and clarity.
Comments