Friedrich Hayek

Friedrich August von Hayek CH FBA (/ˈhək/ HY-ək, German: [ˈfʁiːdʁɪç ˈʔaʊɡʊst fɔn ˈhaɪɛk] (listen); 8 May 1899  23 March 1992), often referred to by his initials F. A. Hayek, was an Austrian-British economist and philosopher who is best known for his defence of classical liberalism.[1] Hayek shared the 1974 Nobel Memorial Prize in Economic Sciences with Gunnar Myrdal for his work on economics.[2] His account of how changing prices communicate information that helps individuals coordinate their plans is widely regarded as an important achievement in economics, leading to his prize.[3][4][5]

Friedrich Hayek

Friedrich August von Hayek

(1899-05-08)8 May 1899
Died23 March 1992(1992-03-23) (aged 92)
CitizenshipAustrian (1899–1938)
British (1938–1992)
School or
Austrian School
Alma mater
Information at IDEAS / RePEc

Hayek served in World War I during his teenage years and said that this experience in the war and his desire to help avoid the mistakes that had led to the war drew him into economics.[6][7] At the University of Vienna, he studied economics, eventually receiving his doctoral degrees in law in 1921 and in political science in 1923.[6][8] He subsequently lived and worked in Austria, Great Britain, the United States, and Germany; he became a British subject in 1938.[9] Hayek's academic life was mostly spent at the London School of Economics, and later at the University of Chicago, and the University of Freiburg. Although he is widely considered a leader of the Austrian School of Economics, he also had close connections with the Chicago School of Economics.[6][10][11][12] Hayek was also a major social theorist and political philosopher of the 20th century and as the co-founder of Mont Pelerin Society he contributed to the revival of classical liberalism in the post-war era.[13] His most popular work, The Road to Serfdom, has sold over 2.25 million copies (as of 2020).[14][15]

Hayek was appointed a Companion of Honour in 1984 for his academic contributions to economics.[16][17] He was the first recipient of the Hanns Martin Schleyer Prize in 1984.[18] He also received the Presidential Medal of Freedom in 1991 from President George H. W. Bush.[19] In 2011, his article The Use of Knowledge in Society was selected as one of the top 20 articles published in the American Economic Review during its first 100 years.[20]