ABSTRACT
Hayek was born into an academic family in Vienna in which the predominant intellectual interest was biology. As a young man, he became a socialist. In his Inaugural Address at the LSE in 1933, ‘The Trend of Economic Thinking’, Hayek said:1
It is probably true that economic analysis has never been the product of detached intellectual curiosity about the why of social phenomena, but of an intense urge to reconstruct a world which gives rise to profound dissatisfaction. This…is as true of the phylogenesis of economics as of the ontogenesis of probably every economist.
