Friedrich Augustus von Hayek (May 8, –March 23, ) was one of the twentieth century’s most important social thinkers. He wrote seminal works in economics, political philosophy, ethics, legal theory, and even psychology that continue to inform the academic conversation within the fields to this day. He is primarily remembered for his works of economic theory, for which he won the Nobel Prize, and as one of the great advocates for classical liberalism.
Hayek was born in Vienna into an aristocratic family. In , however, titles of nobility were abolished in Austria, and Hayek’s legal name changed from “Friedrich von Hayek” to “Friedrich Hayek.” He served in the Austro-Hungarian army during the First World War, during which he was wounded and decorated for bravery. After the war, Hayek decided to pursue an academic career, driven to explore the ways societies could avoid such destructive conflicts in the future.
He earned doctorates in law and political science from the University of Vienna in and , and he also studied economics, philosophy, and psychology. It was at the University of Vienna that he first encountered the works of Carl Menger, the founder of the Austrian school of ec
Who Was Friedrich Hayek? What Was His Economic Theory?
Friedrich Hayek was a famous economist, well-known for his numerous contributions to the field of economics and political philosophy. Hayek's approach mostly stems from the Austrian school of economics and emphasizes the limited nature of knowledge. He is particularly famous for his defense of free-market capitalism and is remembered as one of the greatest critics of the socialist consensus.
Key Takeaways
- Social theorist and political philosopher Friedrich Hayek and his colleague Gunnar Myrdal each won the Nobel Prize in Economics in
- His theory on how changing prices relay information that helps people determine their economic plans was a stunning milestone achievement in economics.
- Hayek's approach to economics mainly came from the Austrian school of economics.
- He was an ardent defender of free-market capitalism.
- Hayek is considered by most experts as one of the greatest critics of the socialist consensus.
Early Life and Education
Friedrich Hayek was born in Vienna, Austria, on May 8, He attended the University of Austria where he obtained doctorates in both law and political science in and , r
If any twentieth-century economist was a Renaissance man, it was Friedrich Hayek. He made fundamental contributions in political theory, psychology, and economics. In a field in which the relevance of ideas often is eclipsed by expansions on an initial theory, many of his contributions are so remarkable that people still read them more than fifty years after they were written. Many graduate economics students today, for example, study his articles from the s and s on economics and knowledge, deriving insights that some of their elders in the economics profession still do not totally understand. It would not be surprising if a substantial minority of economists still read and learn from his articles in the year In his book Commanding Heights, Daniel Yergin called Hayek the “preeminent” economist of the last half of the twentieth century.
Hayek was the best-known advocate of what is now called Austrian economics. He was, in fact, the only major recent member of the Austrian school who was actually born and raised in Austria. After World War I, Hayek earned his doctorates in law and political science at the University of Vienna. Afterward he, together with other young ec
Friedrich von Hayek
Friedrich von Hayek (, Nobel prize in ) is possibly better known for his extreme economic liberalism than for his theoretical contributions to economics. However, in the s he appeared to many as the champion of the continental school, a point of reference of great theoretical strength to set against the Cambridge school for those who did not share the political implications of Keynesian theory.
A pupil of Wieser and Mises at the University of Vienna after the First World War, in Hayek was made the first director of the newborn Austrian institute for study of the trade cycle.[1] In he moved to the London School of Economics. After the Second World War, he moved on to Chicago in and returned to Europe (at first Freiburg, in Germany, and then Salzburg, in Austria) in [2]
Let us consider four aspects of his thought: an individualistic methodology; a conceptual approach that took up and developed that of the Austrian school, in particular the elements of uncertainty and learning; a theoretical approach based on Bohm-Bawerk’s theory of capital and Wicksell’s theory of money; and contributions to the political and social theory of economic liberalism, opposin
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