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Friedrich August von Hayek
Friedrich Hayek portrait.jpg
Era 20th-century philosophy
Region Western philosophy
School Old Whig, Classical liberalism and Austrian School
Main interests
Economics, social philosophy, political philosophy, philosophy of mind
Notable ideas
Economic calculation problem, Catallaxy, Extended order, Dispersed knowledge, Spontaneous order

Friedrich August von Hayek, CH (8 May 1899– 23 March 1992) was an Austrian-British economist and political philosopher. He became known because he strongly defended liberalism and free-market capitalism. He was against too much central control of the economy and society. He thought that forms of government like socialism were not good for the economy, and damaged freedom of the individual. Hayek's signature work, The Road to Serfdom, refers to the consequences of socialism.

He was one of the most important economists and political philosophers of the 20th century. He was one of the most important members of the Austrian School of economics. He also had many ideas in the fields of jurisprudence and cognitive science. He shared the 1974 Nobel Prize in Economics with his rival Gunnar Myrdal. The award was for their work in the theory of money and economic fluctuations; also for their analysis of the inter-dependence of economic, social and institutional phenomena. He also received the U.S. Presidential Medal of Freedom in 1991. He is thought to be one of the major causes of change from the Keynesian policies of the first part of the 20th century. Instead of governments handling the details of the economy, they went back towards classical liberalism in the 1980s and later. This happened most clearly in the 1980s in the U.S.A. (under Ronald Reagan) and the U.K. (under Margaret Thatcher).

Main books

  • Profits, interest and investment: and other essays on the theory of industrial fluctuations, 1939.
  • The road to serfdom, 1944. ISBN: 978-0-226-32055-7
  • Individualism and economic order, 1948. ISBN: 978-0-226-32093-9
  • The counter-revolution of science: studies on the abuse of reason, 1952. ISBN: 978-0-913966-67-9
  • Law, legislation and liberty (3 volumes)
Volume I. Rules and order, 1973. ISBN: 978-0-226-32086-1
Volume II. The mirage of social justice, 1976. ISBN: 978-0-226-32083-0
Volume III. The political order of a free people, 1979. ISBN: 978-0-226-32090-8
  • The fatal conceit: the errors of socialism, 1988. ISBN: 978-0-226-32066-3

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