The Authors

Friedrich August Hayek, Dr. Jur., Dr. Sc. Pol. (Vienna), D.Sc. (Econ.) (London), Visiting Professor at the University of Salzburg, Austria, 1970–74. Director of the Austrian Institute for Economic Research, 1927–31, and Lecturer in Economics at the University of Vienna, 1929–31. Tooke Professor of Economic Science and Statistics, University of London, 1931–50. Professor of Social and Moral Science, University of Chicago, 1950–62. Professor of Economics, University of Freiburg i.Brg., West Germany, 1962–68. He was awarded the Alfred Nobel Memorial Prize in Economic Sciences in 1974.

Professor Hayek’s most important publications include Prices and Production (1931), Monetary Theory and the Trade Cycle (1933), The Pure Theory of Capital (1941), The Road to Serfdom (1944), Individualism and Economic Order (1948), The Counter-Revolution of Science (1952), and The Constitution of Liberty (1960). His latest works are a collection of his writings under the title Studies in Philosophy, Politics and Economics (1967) and Law, Legislation and Liberty (Vol. I: Rules and Order, 1973; Vol. II: The Mirage of Social Justice, 1976). He has also edited several books and has published articles in the Economic Journal, Economica and other journals. The IEA has published his The Confusion of Language in Political Thought (Occasional Paper 20, 1968), his Wincott Memorial Lecture, Economic Freedom and Representative Government (Occasional Paper 39, 1973), an essay in Verdict on Rent Control (IEA Readings No. 7, 1972), Full Employment at Any Price? (Occasional Paper 45, 1975), Choice in Currency: A Way to Stop Inflation (Occasional Paper 48, 1976), and Denationalisation of Money (Hobart Paper 70, 1976; 2nd edition 1978).

Sudha R. Shenoy, B.A., B.Sc.(Econ), M.A., was born in 1943 and educated at Mount Carmel School and St. Xavier’s College, Ahmedabad, India, the London School of Economics, the University of Virginia, and the School of Oriental and African Studies, University of London. Formerly Research Assistant, Queen Elizabeth House, Oxford, 1971–73. Lecturer in Economics, University of Newcastle, NSW, Australia, 1973–74. Lecturer in Economics, Cranfield Institute of Technology, 1975–76. Senior Tutor in Economics, University of Newcastle, NSW, since 1977.

Her publications include ‘The Sources of Monopoly’, New Individualist Review (Spring 1966); ‘Pricing for Refuse Removal’, in Essays in the Theory and Practice of Pricing, Readings in Political Economy 3 (London: IEA, 1967); ‘A Note on Mr. Sandesara’s Critique’, Indian Economic Journal (April/June, 1967); Under-development and Economic Growth, Key Book 10 (London: Longmans for the IEA, 1970); ‘The Movement of Human Capital’, in Economic Issues in Immigration, Readings in Political Economy 5 (London: IEA, 1970); India: Progress or Poverty?, Research Monograph 27 (London: IEA, 1971); and (with G.P. O’Driscoll, Jr.) ‘Inflation, Recession, Stagflation’, in E.G. Dolan (ed.), Foundations of Modern Austrian Economics (Kansas City: Sheed and Ward, 1976).