Tag: Friedrich Hayek

Friedrich August von Hayek ( HY-ək, German: [ˈfʁiːdʁɪç ˈʔaʊɡʊst fɔn ˈhaɪɛk] ; 8 May 1899 – 23 March 1992), often referred to by his initials F. A. Hayek, was an Austrian-British academic, who contributed to economics, political philosophy, psychology, and intellectual history. Hayek shared the 1974 Nobel Memorial Prize in Economic Sciences with Gunnar Myrdal for work on money and economic fluctuations, and the interdependence of economic, social and institutional phenomena. His account of how prices communicate information is widely regarded as an important contribution to economics that led to him receiving the prize.

During his teenage years, Hayek fought in World War I. He later said this experience, coupled with his desire to help avoid the mistakes that led to the war, drew him into economics. He earned doctoral degrees in law in 1921 and political science in 1923 from the University of Vienna. He subsequently lived and worked in Austria, Great Britain, the United States, and Germany. He became a British citizen in 1938. His academic life was mostly spent at the London School of Economics, later at the University of Chicago, and the University of Freiburg. He is widely considered a major contributor to the Austrian School of Economics.

Hayek had considerable influence on a variety of political movements of the 20th century, and his ideas continue to influence thinkers from a variety of political backgrounds today. Although sometimes described as a conservative, Hayek himself was uncomfortable with this label and preferred to be thought of as a classical liberal. As the co-founder of the Mont Pelerin Society he contributed to the revival of classical liberalism in the post-war era. His most popular work, The Road to Serfdom, has been republished many times over the eight decades since its original publication.

Hayek was appointed a Member of the Order of the Companions of Honour in 1984 for his academic contributions to economics. He was the first recipient of the Hanns Martin Schleyer Prize in 1984. He also received the Presidential Medal of Freedom in 1991 from President George H. W. Bush. 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.