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“Unless we can make the philosophic foundations of a free society once more a living intellectual issue, and its implementation a task which challenges the ingenuity and imagination of our liveliest minds, the prospects of freedom are indeed dark. But if we can regain that belief in the power of ideas which was the mark of liberalism at its best, the battle is not lost . . .” – F.A. Hayek



New York, NY (March 10, 2015)—The Manhattan Institute has announced that James Grant has won the 2015 Hayek Book Prize for his book The Forgotten Depression: 1921: The Crash that Cured Itself (Simon & Schuster). Grant will receive a $50,000 award and will deliver the annual Hayek lecture in New York in June.

“To share in the luminousness of the Hayek name is a thrill beyond compare. I am humbled, grateful and delighted, in equal measure,” said James Grant.





Political philosopher and Nobel laureate F. A. Hayek, author of groundbreaking works such as The Road to Serfdom and The Constitution of Liberty, was the key figure in the twentieth century revival of classical liberalism. He was also a formative influence on the Manhattan Institute. When our founder, Sir Antony Fisher, asked how best to reverse the erosion of freedom, Hayek advised him not to begin with politics per se but to fight first on the battlefield of ideas. Our Hayek Lecture and Prize affirm and celebrate this mission.

The Hayek Lecture is delivered by the recipient of the Hayek Prize, which honors the book published within the past two years that best reflects Hayek’s vision of economic and individual liberty. The Hayek Prize, with its $50,000 award, is among the world’s most generous book prizes. It was conceived and funded by Manhattan Institute trustee Tom Smith to recognize the influence of F.A. Hayek and to encourage other scholars to follow his example. The winner of the Hayek Prize is chosen from among the nominations by a selection committee of distinguished economists, journalists, and scholars. Past winners include: William Easterly for The White Man's Burden, Amity Shlaes for The Forgotten Man, Benn Steil and Manuel Hinds for Money, Markets & Sovereignty, Matt Ridley for The Rational Optimist, John Taylor for First Principles, and, most recently, Yang Jisheng for Tombstone.

2014 Hayek Book Prize and Lecture

The Manhattan Institute has selected University of Chicago economist Casey Mulligan as winner of the 2014 F.A. Hayek Prize for his important book, The Redistribution Recession: How Labor Market Distortions Contracted the Economy (Oxford Press, November 2012). Mulligan’s work shows how government policies designed to improve Americans’ economic fortunes have, perversely, weakened the economy. The Manhattan Institute honored him with a check for $50,000 at a dinner in New York on June 25.

This is the tenth year that the Manhattan Institute has given the F.A. Hayek Prize, annually awarded for a recent book that best reflects the vision of economic and individual liberty pioneered by F.A. Hayek, the Austrian economist known for The Road to Serfdom, The Fatal Conceit, and other works.

Past Hayek Prize Winners


Hayek Book Prize
Finalists Announced


Amity Shlaes and Karen Dawisha discuss her book "Putin's Kleptocracy: Who Owns Russia?"

Amity Shlaes interviews Bruce Caldwell, editor of "The Market and Other Orders (The Collected Works of F.A. Hayek)," by F.A. Hayek

Howard Husock and Bill Easterly discuss his book, "The Tyranny of Experts: Economists, Dictators, and the Forgotten Rights of the Poor”

Jim Copland and Philip K. Howard discuss his book "The Rule of Nobody: Saving America from Dead Laws and Broken Government"

Nicole Gelinas and James Grant discuss his book "The Forgotten Depression: 1921: The Crash That Cured Itself"



Questions about the Hayek Prize can be directed to Dean Ball at


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that foster greater economic choice and individual responsibility.

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