Friedrich Hayek

Friedrich Hayek bigraphy, stories - Austrian (later British) economist and political philosopher; Nobel Memorial Prize winner; professor; Austrian school member; supported free markets and liberal democracy; anti-Marxist

Friedrich Hayek : biography

8 May 1899 – 23 March 1992

Friedrich August Hayek CH ( 8 May 189923 March 1992), born in Austria-Hungary as Friedrich August von Hayek and frequently known as F. A. Hayek, was an Austrian, later British,Hayek’s daughter-in Law, Esca Hayek, stated that he had "chosen to be British": economistSteven Pressman, Fifty major economists (2nd edition), Routledge, 2006, p. viii and philosopher best known for his defense of classical liberalism. In 1974, Hayek shared the Nobel Memorial Prize in Economic Sciences (with Gunnar Myrdal) for his "pioneering work in the theory of money and economic fluctuations and … penetrating analysis of the interdependence of economic, social and institutional phenomena".

Hayek was a major political thinker of the twentieth century, and his account of how changing prices communicate information which enables individuals to coordinate their plans is widely regarded as an important achievement in economics. He also contributed to the fields of systems thinking, jurisprudence, neuroscience, and the history of ideas.See: Hayek (1978). New Studies in Philosophy, Politics, Economics and the History of Ideas. Chicago: University of Chicago Press. 314 pages. ISBN 9780226320694

Hayek served in World War I and said that his experience in the war and his desire to help avoid the mistakes that had led to the war led him to his career. Hayek lived in Austria, Great Britain, the United States and Germany, and became a British subject in 1938. He spent most of his academic life at the London School of Economics (LSE), the University of Chicago, and the University of Freiburg.

In 1984, he was appointed as a member of the Order of the Companions of Honour by Queen Elizabeth II on the advice of Prime Minister Margaret Thatcher for his "services to the study of economics". He was the first recipient of the Hanns Martin Schleyer Prize in 1984. He also received the US 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.Arrow, Kenneth J., B. Douglas Bernheim, Martin S. Feldstein, Daniel L. McFadden, James M. Poterba, and Robert M. Solow. 2011. "100 Years of the American Economic Review: The Top 20 Articles." American Economic Review, 101(1): 1–8.


Selected bibliography

  • Monetary Theory and the Trade Cycle, 1929.
  • Prices and Production, 1931.
  • Profits, Interest and Investment: And other essays on the theory of industrial fluctuations, 1939.
  • The Road to Serfdom, 1944.
  • Individualism and Economic Order, 1948.
  • "The Transmission of the Ideals of Economic Freedom," 1951.
  • The Counter-revolution of Science: Studies on the Abuse of Reason, 1952.
  • The Constitution of Liberty, 1960, …: The Definitive Edition, 2011. and .
  • Law, Legislation and Liberty (3 volumes)
Volume I. Rules and Order, 1973.
Volume II. The Mirage of Social Justice, 1976.
Volume III. The Political Order of a Free People, 1979.
  • The Fatal Conceit: The Errors of Socialism, 1988. Note: The authorship of The Fatal Conceit is under scholarly dispute.Alan Ebenstein: . Liberty 19:3 (March 2005) The book in its published form may actually have been written entirely by its editor William W. Bartley, not by Hayek.Ian Jarvie (Editor), Karl Milford (Editor), David Miller (Editor) (2006), Karl Popper: a Centenary Assessment Vol. 1: Life and Times, and Values in a World of Facts, p. 120. pp. 295, ISBN 978-0754653752