The Fatal Conceit

Book Review

Friedrich von Hayek's «The Fatal Conceit» is regarded as one of the seminal works in economic theory and philosophy. In it, the author critiques socialist ideas and argues that attempts at centralized economic planning inevitably lead to failure. Hayek emphasizes the importance of spontaneous order and the evolution of cultural traditions, which he believes ensure the effective functioning of society. Critics note that Hayek convincingly demonstrates how market mechanisms and individual freedom contribute to progress and prosperity. However, some reviewers point out the complexity of the exposition and philosophical abstraction, which may make the book challenging for the unprepared reader. Overall, «The Fatal Conceit» is considered an important contribution to the discussion on the role of the state and the market in modern society.