Full Employment, Planning and Inflation


| Friedrich Hayek

The contributor of this article, Professor F. A. Hayek, is world renowned as the author of The Road to Serfdom. This book, which was published in 1944, was the first comprehensive top-level intellectual assault on the socialist position and perhaps created more stir than any politicoeconomic publication of the day. For this reason, Professor Hayek probably stands out more than any other figure as the champion of individualism against the pronounced collectivist tendencies of the last decade.

Professor Hayek was born in Austria; he served in the Austrian Civil Service from 1921 to 1926, and as Director of the Austrian Institute for Economic Research from 1927 to 1931. From 1931 until just recently, when he took up a position at the University of Chicago, he was Professor of Economic Science and Statistics at the London School of Economics.

In this article Professor Hayek makes an important new contribution to the present-day problems of overall government planning and inflation which have accompanied the policies of full employment in many countries. The Institute is proud to have the first opportunity of publishing this paper by so distinguished an authority.

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