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There has always been a tendency for people on the centre and left of politics to belittle the achievements of Friedrich Hayek, the great Austrian-British economist. He is usually regarded as a right wing ideologue. This is a pity, because his work is rich in insight, and has a lot to teach those who do not share his preconceptions.

His reputation as an ideologue was established almost as soon as he arrived in England to take up a chair in economics at the LSE in 1931. Lionel Robbins recruited him to help counter the influence of Keynes. He did cross…

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