{"product_id":"9783319952185","title":"Archival Insights into the Evolution of Economics: Part XV: The Chicago School of Economics, Hayek’s ‘luck’ and the 1974 Nobel Prize for Economic Science","description":"\u003ch1\u003eArchival Insights into the Evolution of Economics: Part XV: The Chicago School of Economics, Hayek’s ‘luck’ and the 1974 Nobel Prize for Economic Science\u003c\/h1\u003e \u003ch2\u003eLeeson, Robert\u003c\/h2\u003e \u003cp\u003e\u003c\/p\u003e\u003cdiv\u003eOn 9 August 1974, Richard Nixon resigned to avoid impeachment; on 29 April 1975, the United States scuttled from their Embassy in Saigon - optics that were interpreted as defeats for the ‘International Right’. Yet in 1975, Margaret Thatcher became leader of the Conservative Party; and in 1976 Ronald Reagan almost unseated a sitting Republican Party President.  Pivotal to the ‘turn to the Right’ was Friedrich ‘von’ Hayek’s 1974 Nobel Prize for Economic Science - awarded for having used Austrian Business Cycle Theory to predict the Great Depression: ‘For him it is not a matter of a simple defence of a liberal system of society as may sometimes appear from the popularized versions of his thinking.’\u003c\/div\u003e\u003cdiv\u003e\u003cbr\u003e\u003c\/div\u003e\u003cdiv\u003eThe evidence suggests that Hayek’s fraudulent assertion was uncovered at the University of Chicago in the early 1930s – but not reported. The most likely explanation is self-censorship - for reasons of ideological correctness, fund raising and residual deference to the Second Estate. Four indirect tests suggest that ‘free’ market economists have - in other instances and presumably for fund-raising motives - suppressed embarrassing ‘knowledge’: which suggests that they were perfectly capable of suppressing ‘knowledge’ about Hayek’s non-prediction of the Great Depression.\u003c\/div\u003e\u003cdiv\u003e\u003cbr\u003e\u003c\/div\u003e\u003cdiv\u003eWith respect to the Nobel Prize and thus his ability to reach a wider audience, Hayek was fortune in having two loyal ‘intermediaries’: Lionel Robbins and Fritz Machlup who were – and probably felt themselves to be – ‘socially’ inferior to ‘von’ Hayek.\u003c\/div\u003e \u003ch3\u003eDetails\u003c\/h3\u003e \u003cp\u003ePublished by: Palgrave Macmillan\u003c\/p\u003e \u003cp\u003ePublication Date: 2018-11-16\u003c\/p\u003e \u003cp\u003eFormat: Hardcover\u003c\/p\u003e \u003cp\u003eISBN-13: 9783319952185\u003c\/p\u003e \u003cp\u003eDOI: 10.1007\/978-3-319-95219-2\u003c\/p\u003e \u003cp\u003eDimensions: 210cm x148cm\u003c\/p\u003e \u003cp\u003ePages: 432\u003c\/p\u003e ","brand":"Springer International Publishing","offers":[{"title":"Default Title","offer_id":47511747264652,"sku":"9783319952185","price":116.99,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0710\/9545\/1788\/files\/9783319952185.jpg?v=1775961349","url":"https:\/\/lateknightbooks.com\/products\/9783319952185","provider":"Late Knight Books and Services, LLC","version":"1.0","type":"link"}