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Hayek's most influential work among economists are his 1935 academic papers "The Nature and History of the Problem" and "The Present State of the Debate," on the total inability of socialism to coordinate and allocate resources due to their lack of price signals, an effect that lead to the eventual collapse of the [[Soviet Union]]. Many of these ideas were developed in conjunction with his friend and mentor [[Ludwig von Mises]].<ref>[http://www.econtalk.org/archives/2011/01/caldwell_on_hay.html Econ Talk, Russ Roberts and Bruce Caldwell 10 January, 2011]</ref>

Hayek's most influential work among economists are his 1935 academic papers "The Nature and History of the Problem" and "The Present State of the Debate," on the total inability of socialism to coordinate and allocate resources due to their lack of price signals, an effect that lead to the eventual collapse of the [[Soviet Union]]. Many of these ideas were developed in conjunction with his friend and mentor [[Ludwig von Mises]].<ref>[http://www.econtalk.org/archives/2011/01/caldwell_on_hay.html Econ Talk, Russ Roberts and Bruce Caldwell 10 January, 2011]</ref>

===The Road to Serfdom===

===''The Road to Serfdom''===

By far, Hayek's most famous book is ''[[The Road To Serfdom]]'' (1944). In it, he discusses the collapse of essential freedoms in the face of economic manipulation at the hands of well-meaning government actors.  Written in Cambridge, UK from 1940 onwards, the book was intended mainly to warn a British audience of the dangers of socialism - a warning they sadly ignored by electing Labour's Clement Attlee to the premiership in the first post-war election in 1945 with, in time, catastrophic consequences for the British economy.  The book faired much better in the US, becoming a runaway success after a condensed edition appeared in the Reader's Digest.  John R. Searle chose ''Road to Serfdom'' as his book of the century, citing its very great influence on popular American post-war thought.

By far, Hayek's most famous book is ''[[The Road To Serfdom]]'' (1944). In it, he discusses the collapse of essential freedoms in the face of economic manipulation at the hands of well-meaning government actors.  Written in Cambridge, UK from 1940 onwards, the book was intended mainly to warn a British audience of the dangers of socialism - a warning they sadly ignored by electing Labour's Clement Attlee to the premiership in the first post-war election in 1945 with, in time, catastrophic consequences for the British economy.  The book faired much better in the US, becoming a runaway success after a condensed edition appeared in the Reader's Digest.  John R. Searle chose ''Road to Serfdom'' as his book of the century, citing its very great influence on popular American post-war thought.