Hayek and Friedman on Liberty, Economics, and Democracy


Although both economists, Hayek and Friedman, shared a common set of values in the promotion and defense of individual liberty and the limited role of the state, they had some methodological and political differences. This colloquium explored the similarities and differences between them with a special emphasis on Hayek's political thought. We also included readings in the final session focusing on Friedman's famous visit to Chile during the dictatorship of Pinochet.


From Liberty Fund

The Trend of Economic Thinking

by By F. A. Hayek
Edited by W. W. Bartley, III and Stephen Kresge

In The Trend of Economic Thinking Hayek presents many of the figures that influenced the development of his economic thought. The articles range from well-known economists such as Mandeville, Hume, Smith, and Bastiat, to lesser-known figures such as Dupuit and Gossen, showing the breadth of Hayek’s study of the history…

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Socialism and War

by By F. A. Hayek
Edited by Bruce Caldwell

In the essays in this volume Hayek contributed to economic knowledge in the context of socialism and war, while providing an intellectual defense of a free society. The connection between the two topics is illuminated through essays containing some of Hayek’s contributions to the socialist-calculation debate, writings pertaining to war,…

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Additional Readings

Burgin, Angus. The Great Persuasion: Reinventing Free Markets since the Depression. Cambridge: Harvard University Press, 2012.

Cruz, Lucia Santa. “Interview.” El Mercurio (April 1981): D8-D9.

Friedman, Milton. Capitalism and Freedom: Fortieth Anniversary Edition. Chicago: University of Chicago Press, 2002.

Friedman, Milton. Milton Friedman in South Africa. Edited by Meyer Feldberg, Kate Jowell, and Stephen Mulholland. Cape Town: Graduate School of Business of the University of Cape Town, 1976.

Friedman, Milton and Rose Friedman. “The Tide in the Affairs of Men.” The Freeman (April 1989): 1-10.

Hayek, F. A. The Constitution of Liberty. Chicago: University of Chicago Press, 1978.

Hayek, F. A. Law, Legislation and Liberty, Volume 3: The Political Order of a Free People [Phoenix series]. Chicago: University of Chicago Press, 1979.