In this updated and expanded edition, the author explores the broad features of Hayek''s economic philosophy, shows the interrelationship between the liberal philosophy and economic advance, examines Hayek''s approach to the problems of a money economy, and explains Hayek''s aversion to all forms of centralized economic planning.

In this updated and expanded edition, the author explores the broad features of Hayek''s economic philosophy, shows the interrelationship between the liberal philosophy and economic advance, examines Hayek''s approach to the problems of a money economy, and explains Hayek''s aversion to all forms of centralized economic planning.