To reflect on the significance of Hayek’s Nobel Prize and the various strands of influence his work has had in subsequent decades of scholarship. In 2014, the Mercatus F. A. Hayek Program for Advanced Study in Philosophy, Politics, and Economics hosted a keynote speech and panel discussion by some of Hayek’s most prominent colleagues and interlocutors. They discussed the breadth of Hayek’s vision, his contribution, and its influence on the research of other elite economic thinkers.

In this installment of the series, Nobel Laureate Vernon Smith reflects on Hayek's insight on competition as a discovery process and how scientific knowledge can actually advance on the back of failed experiments.

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Vernon Smith on Hayek, Competition, and the Discovery Process

The Hayek Program Podcast includes audio from lectures, interviews, and discussions of scholars and visitors from the F. A. Hayek Program for Advanced Study in Philosophy, Politics, and Economics at the Mercatus Center at George Mason University. The F. A. Hayek Program is devoted to the promotion of teaching and research on the institutional arrangements that are suitable for the support of free and prosperous societies. Implicit in this statement is the presumption that those arrangements are to some extent open to conscious selection, as well as the appreciation that the type of arrangements that are selected within a society can influence significantly the economic, political, and moral character of that society.
The Hayek Program Podcast is partially funded by a grant from the John Templeton Foundation on "Work, Self-governance, and the Challenge of Unsustainable Dependency." The Grant is for a three-year project to explore the themes of work and self-governance as well as the root causes and consequences of the modern shift toward a greater reliance on government efforts to solve collective challenges.

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Vernon Smith on Hayek, Competition, and the Discovery Process

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