Abstract

F. A. Hayek's contributions to a variety of disciplines were decisively influenced by his career as an economist, running from early work in capital theory and business cycles to the economics of socialism and neo‐Austrian theories of competition. After reviewing his battle with Keynesian economics, this essay examines the socialist calculation debate, which altered Hayek's views of the central task of economics and led to a definite but disguised break with the views of Ludwig von Mises; and discusses the issue of what, if anything, economics can predict, an area Hayek never thoroughly explored. An air of uncertainty therefore continues to hang over many of his fundamental ideas.