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Ông trở lại châu Âu vào năm 1962, chủ tịch của kinh tế tại Đại học Freiburg, nơi ông trở thành giáo sư danh dự vào năm 1967. Các chủ sở hữu của nhiều học vị tiến sĩ danh dự, và là thành viên của Học viện Anh, Hayek đã được trao giải thưởng Nobel Memorial Kinh tế vào năm 1974. Ông đã được tạo ra Companion of Honour năm 1984. Ông là tác giả của một số mười lăm cuốn sách, | THE FATAL CONCEIT All of this raises an important point about which I wish to be explicit from the outset. Although I attack the presumption of reason on the part of socialists my argument is in no way directed against reason properly used. By reason properly used I mean reason that recognises its own limitations and itself taught by reason faces the implications of the astonishing fact revealed by economics and biology that order generated without design can far outstrip plans men consciously contrive. How after all could I be attacking reason in a book arguing that socialism is factually and even logically untenable Nor do I dispute that reason may although with caution and in humility and in a piecemeal way be directed to the examination criticism and rejection of traditional institutions and moral principles. This book like some of my earlier studies is directed against the traditional norms of reason that guide socialism norms that I believe embody a naive and uncritical theory of rationality an obsolete and unscientific methodology that I have elsewhere called constructivist rationalism 1973 . Thus I wish neither to deny reason the power to improve norms and institutions nor even to insist that it is incapable of recasting the whole of our moral system in the direction now commonly conceived as social justice . We can do so however only by probing every part of a system of morals. If such a morality pretends to be able to do something that it cannot possibly do e.g. to fulfill a knowledge-generating and organisational function that is impossible under its own rules and norms then this impossibility itself provides a decisive rational criticism of that moral system. It is important to confront these consequences for the notion that in the last resort the whole debate is a matter of value judgements and not of facts has prevented professional students of the market order from stressing forcibly enough that socialism cannot possibly do what it promises. Nor .
