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(London: Routledge AND Kegan Paul; Chicago: University of Chicago Press, 1944;

reprinted, 1976), p. ix]. We will be subject to this criticism and we will use

"Liberal" together less elegant "classical liberalism" or

Hayek has come to the Viennese university at the age of 19 years, right after the terminations

The First World War when it was one of three best places of the world for studying

Economic theory (others two were Stockholm and Cambridge. England). Though it

Has registered in right studying, it first of all interested the economic

The theory and psychology; last because of influence of the Mahistsky theory of perception on

- and its colleague Otmara Shpana, and the first - owing to a reformist ideal

The Fabian socialism so typical for generation of Hayek. Like many

To other students of economy - and then and then - Hayek has chosen this subject not

For the sake of him, but from desire to improve the world, and in post-war Vienna poverty

Daily reminded of necessity of it. The socialism seemed approaching The decision; but in 1922 Mizes who was not the regular teacher University, but was thus the central figure in a community Economists-theorists, has published the work Die Gemeinwirtschaft, later

People, - Hayek recollects, - the world did not remain former ". The treatise the Socialism,

Deepened ideas of the pioneer article published on two years earlier, Proved that economic calculations are possible only at existence

The market of production assets; without such market there is no possibility to establish

Value of these means so, it is impossible to define their suitable method Uses in production. From Mizesa who short time was Hayek's chief in a time government agency, in its private The seminar Hayek became which constant participant, last has acquired Submission about the superiority of a market order.

In the previous work on a monetary theory and a banking of Mizes it is successful

Has applied the Austrian principle limiting utility to the analysis of value of money

And, using English currency school and ideas of the Swedish economist of the Whip

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