The Trend of Economic Thinking: Essays on Political Economists and Economic History (The Collected Works of F. A. Hayek, Vol. 3)

The Iron Curtain has been cast aside. The Berlin Wall
has fallen. Germany is reunited. And F. A. Hayek's
forceful predictions of the inevitable failure of
socialism and central economic planning are now rendered
irrefutable. Yet Hayek still rightfully cautions us to
heed his arguments, warning that "in economics you can
never establish a truth once and for all but have always
to convince every generation anew."

The Trend of Economic Thinking captures Hayek's
views on political economists and economic history--on
Mandeville, Hume, Cantillon, Adam Smith, and Henry
Thornton. Framed by insightful editorial notes, fifteen
newly collected essays--including five previously
unpublished pieces and two others never before available
in English--provide a fascinating introduction to the
historical context of political economy and the evolution
of monetary practices. In a highlight of the collection,
"On Being an Economist," Hayek reflects on the influence
of economists, the time required for new ideas to take
hold, the best way to educate economic theorists, and the
need to follow one's own interests, often in opposition
to fashionable beliefs. As always, the words of this
outspoken scholar are sure to provoke debate.