If economist F.A. Hayek were alive today, he would be critical of the growth of government over the past four years and the loss of civil liberties as a result of the Patriot Act. Dr. Bruce Caldwell, author of “Hayek’s Challenge: An Intellectual Biography of F.A. Hayek” and the Joe Rosenthal Excellence Professor of economics at the University of North Carolina at Greensboro, delivered the first in a series of lectures on the controversial economic theorist at Campbell University’s FREE Forum lecture Wednesday, October 20.

One of the most important economic figures of the 20th century, Hayek did much to influence economic and political thought. The author of “The Road to Serfdom,” Hayek is regarded as a key figure in the revival of liberalism, and his ideas were at the forefront of the movement towards a society based on freedom of association and exchange and away from the central control of government. In addition, Hayek was a leading theorist on knowledge and human learning. His work in theoretical psychology represents a landmark in 20th century thinking about learning and cognition because it challenged the traditional models.

“Some love, some detest Hayek’s ideas,” said Caldwell. “As a result, there is a whole host of interpretations of his work, making him one of the most fascinating figures of his time.”

Hayek’s contributions to economic and social thought include works on monetary theory and the trade cycle, prices and production, and interest and investment, as well as evolution and political philosophy.

“His influence goes beyond economics, “Caldwell said. “He believed that science and economics are subject to natural phenomena that develop spontaneously, and his work involving learning and the human brain are being verified by current brain science.”

Dr. Bruce Caldwell is president of the History of Economics Society and serves on editorial boards of several economic journals. He has also served as general editor of the book, “The Collected Works of F.A. Hayek.” His biography of Hayek, published by the University of Chicago Press, is regarded as one of the most insightful works on the pivotal social and economic theorist. Dr. Karen Vaughn, former president of the Southern Economics Association and the Society for the Development of Austrian Economics, will deliver a second lecture on Hayek, “Hayek as Enlightened Institutionalist,” on Monday, October 25, at 4 p.m. in Room #124 of the Lundy-Fetterman School of Business. Admission is free and open to the public.

The FREE (Foundations of Rational Economic Education) Forum lecture series is funded through contributions from The Adam Smith Club, a student organization that promotes the principles of individual liberty and personal responsibility, free enterprise and minimal government. For more information on the FREE Forum lecture series, contact the Lundy Chair Office at (910) 814-4354.

Bulletin 0287-10/21/04