General premise -- Theoretical frame -- Innovation, uncertainty, entrepreneurship : modelling the dynamic process of the economy -- Mainstream economics and heterodox economics : a misleading controversy : "necessary" system versus "natural" system -- An explanation of economic change and...

"Friedrich Hayek was the 20th century's most significant free market theorist and over the course of his long career he maintained a sustained critique of the danger that state power poses to individual liberty. In rejecting much of the liberal tradition's concern for social justice and...