Friedrich von Hayek, (born May 8, 1899, Vienna, Austria—died March 23, 1992, Freiburg, Ger.), Austrian-born British economist. He moved to London in 1931 and held positions at the University of London and the London School of Economics, becoming a British citizen in 1938. Later posts included a professorship at the University of Chicago (1950–62). Throughout his life Hayek criticized socialism, often contrasting it with a system of free markets. In his works he opposed the theories of John Maynard Keynes and argued that government intervention in the free market is destructive of individual values and could not prevent such economic ailments as inflation, unemployment, and recession. His books include The Road to Serfdom (1944), The Constitution of Liberty (1960), and The Political Order of a Free People (1979). His views have been highly influential among conservatives, including Margaret Thatcher. In 1974 he shared the Nobel Prize with Gunnar Myrdal.
F.A. Hayek Article
Friedrich von Hayek summary
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Nobel Prize Summary
Nobel Prize, any of the prizes (five in number until 1969, when a sixth was added) that are awarded annually from a fund bequeathed for that purpose by the Swedish inventor and industrialist Alfred Nobel. The Nobel Prizes are widely regarded as the most prestigious awards given for intellectual
economic system Summary
Economic system, any of the ways in which humankind has arranged for its material provisioning. One would think that there would be a great variety of such systems, corresponding to the many cultural arrangements that have characterized human society. Surprisingly, that is not the case. Although a
economics Summary
Economics, social science that seeks to analyze and describe the production, distribution, and consumption of wealth. In the 19th century economics was the hobby of gentlemen of leisure and the vocation of a few academics; economists wrote about economic policy but were rarely consulted by