“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

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, and, most recently, John Taylor for First Principles.

2012 Hayek Lecture

John B. Taylor,
winner of the 2012 hayek prize, author of First Principles: Five Keys to Restoring America’s Prosperity (Norton, 2012)
Introduction by Paul Gigot, The Wall Street Journal

Rules for America's Road to Recovery, John Taylor, 06-01-12
'First Principles' points the way to prosperity, James Piereson, 05-31-12

EVENT VIDEO

In First Principles: Five Keys to Restoring America’s Prosperity, esteemed economist John Taylor presents his strategy to restore American economic greatness. “The premise of [First Principles],” writes Taylor, “is that the best way to understand the problems confronting the American economy is to go back to the first principles of economic freedom upon which the country was founded.”

Taylor argues that when economic policy adheres to the Hayekian principles of limited government intervention, predictability, and the rule of law, the economy thrives, while ignoring these principles leads to bad economic outcomes such as recessions, inflation, or high unemployment. Taylor empirically validates his argument with a whirlwind tour of the last century of American economic policy and history. In addition to fiscal and monetary policy, Taylor also addresses such topics as the looming debt crisis, crony capitalism, and entitlement reform. Much like Hayek’s The Road to Serfdom, Taylor’s First Principles is a clear and compelling call-to-action and an important reminder of the central link between economic freedom and prosperity.

The Manhattan Institute’s Hayek Prize honors the book published within the past two years that best reflects Friedrich Hayek’s vision of economic and individual liberty. Hayek, the 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 and a formative influence on the Manhattan Institute. The winner of the Hayek Prize is chosen by a selection committee of distinguished economists and journalists and asked to deliver our annual Hayek Lecture.

2011 Hayek Book Prize

Recent Hayek Prize Winners

Past Hayek Lectures