Friedrich August von Hayek [Virtual Economy]

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Economists - Friedrich August von Hayek (1899-1992)

Hayek, like Friedman and most other Monetarists was a great believer in free markets. Also like Friedman Hayek was awarded the Nobel Prize in Economics. This was given jointly with another economist called Myrdal in 1974 - just after Friedman received his Nobel prize. However, there the similarity ends - initially. Hayek, as you can guess from his name is Austrian and so is often considered as being a part of the 'Austrian school'. He was a passionate opponent to Socialism and along with another economist called Ludwig von Mises formed the Mont Pelerin Society. This society was pledged to give individuals the freedom to make their own economic choices and campaigned to make people aware of the dangers of Socialism.

Hayek was born in Vienna and from 1927 until 1931 was Director of the Austrian Institute for Economic Research. However, he was then drawn to the English-speaking academic world initially at the London School of Economics, but then at the University of Chicago from 1950 until 1962. Here the Monetarist connection becomes clear, as the Chicago School of Monetarists at Chicago University was where Friedman was based.

Hayek returned to Austria as a Visiting Professor of Economics at the University of Salzburg in 1969. For more details on his work and theories follow the links below.

Biography | Work | Theories