Friedrich August von Hayek
Economist and philosopher
Friedrich August von Hayek was an Austrian-born economist and philosopher who shared the 1974 Nobel Memorial Prize in Economics. He wrote The Road to Serfdom.
1 summary 19 min of listening
Born 1899 in Vienna, Austria Died 1992
Influenced by Adam Smith, David Hume, Max Weber
About Friedrich August von Hayek
Friedrich August von Hayek (1899 to 1992) was born in Vienna and became a British subject in 1938. He fought in World War I as a teenager, and later said that this experience drew him into economics. He earned doctorates in law and political studies at the University of Vienna, then lived and worked in Austria, Great Britain, the United States and Germany. Hayek spent time as a student and teacher at the London School of Economics, then at the University of Chicago, before returning to Europe to teach at the Universities of Salzburg and Freiburg. A member of the Austrian school of economics, he is known for his work on political economy, political philosophy and the history of ideas. He rejected the conservative label, favouring classical liberal or libertarian instead. In 1974 he shared the Nobel Memorial Prize in Economics with Gunnar Myrdal. His explanation of how prices pass information between people is seen as a major contribution to economics. The US Presidential Medal of Freedom was awarded to him in 1991. The Road to Serfdom, first published in 1944, is his most popular work and has seen many reprints.