He was a student at John III Sobieski High School and later studied in Moscow and Kiev.

Together with Adam Krzyżanowski and Ferdinand Zweig he became a follower of the Cracow School of Economics, which advocated free market reforms.

He criticised the arguments concerning the general level of prices made by Joseph Schumpeter despite his personal friendship with him, as well as the monetary doctrines of Irving Fisher.

Heydel was arrested on 6 November 1939 as a part of the operations of Sonderaktion Krakau and with other academics he was placed Sachsenhausen concentration camp.

Due to international pressure Heydel was released from the camp together with other academics which reached 40 years of age.