F. A. Hayek

Friedrich August von Hayek CH (8 May 1899 – 23 March 1992) was an Austrian-British economist and political philosopher known for his defense of classical liberalism and free-market capitalism against socialist and collectivist thought in the mid-20th century. He is considered to be one of the most important economists and political philosophers of the twentieth century.[1] One of the most influential members of the Austrian School of economics, he also made significant contributions in the fields of jurisprudence and cognitive science. He shared the 1974 Nobel Prize in Economics with ideological rival Gunnar Myrdal “for their pioneering work in the theory of money and economic fluctuations and for their penetrating analysis of the interdependence of economic, social and institutional phenomena.”[2] He also received the U.S. Presidential Medal of Freedom in 1991.[3] He is considered to be one of the major forces of change from the dominant interventionist and Keynesian policies of the first part of the 20th century back towards classical liberalism after the 1980s.

Related Freeman Articles

Anything Peaceful

Still Great, Still Ignored

Hayek’s “Pretense of Knowledge” 40 Years Later

OCTOBER 15, 2014 by DEVON DOWNES

In his Nobel lecture, F.A. Hayek explained why the social sciences must be conducted with humility. Intellectuals and political elites are still ignoring him.

Feature

Hayek’s “Rejuvenating Event”

How the Austrian economist’s Nobel Prize changed the world

OCTOBER 09, 2014 by B.K. MARCUS

Despite everything wrong with the Nobel Prize in Economics, it brought F.A. Hayek's work back to life.

Feature

Hayek: The Knowledge Problem

We must stand humble before complexity and order without planning

SEPTEMBER 29, 2014 by JEFFREY A. TUCKER

The revelation hit me like a truck: This is an order that no one can possibly comprehend in either its totality or its parts, and, as such, an order that no one can possibly control.

Feature

The Virtue of Market Inefficiency

NOVEMBER 14, 2012 by SANDY IKEDA

Freeman readers know markets excel at creating new efficiencies and improving everyone's lives in the process. The inefficiencies they create might be even more interesting, says Sandy Ikeda.

The Calling

On Individualism and Economic Order

Great Austrian works of the twentieth century

SEPTEMBER 20, 2012 by STEVEN HORWITZ

Many of the themes that characterize Austrian economics since its revival in the mid-1970s emerged from these essays.

Book Value

A Hayekian Love Story

Georgette Heyer, A Civil Contract, original publication date, 1961

SEPTEMBER 11, 2012 by SARAH SKWIRE

What gets Adam and Jenny out of the fix in which they find themselves, and what brings them to the happiest ending possible for a couple brought together in such unpromising fashion, is F. A. Hayek.

Article

Where Free-Market Economists Go Wrong

The market isn't free.

AUGUST 17, 2012 by SHELDON RICHMAN

The freedom philosophy is a radical idea that looks ahead, rather than to some mythical golden era or Panglossian present. Every time we pass up an opportunity to make this point, we alienate potential allies.

Wabi-Sabi

Individualism Versus Selfishness-ism

Adam Smith and F. A. Hayek had it right.

JULY 10, 2012 by SANDY IKEDA

Individualism is a way of seeing and understanding how we live together. It is about how best to promote social cooperation.

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Related Publications

Multimedia

The Truth about Savings and Consumption

JULY 08, 2013 by STEVE PATTERSON

Keynes suggested that saving your money might hurt the economy, as it lowers aggregate demand. Fear not. You aren't actually hurting anyone else by filling up your piggy bank. In fact, this consumerist viewpoint gets the story of economic growth entirely backward.

Archive

The Pretense of Knowledge

DECEMBER 11, 1974 by F. A. HAYEK

Hayek's most compelling statement about the difference between data and knowledge.