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Born:May 8, 1899ViennaAustria...(Show more)Died:March 23, 1992 (aged 92)FreibergGermany...(Show more)Awards and Honors:Nobel compensation (1974)...(Show more)Notable Works:“Law, Legislation and Liberty”“Prices and also Production”“The structure of Liberty”“The Pure concept of Capital”“The roadway to Serfdom”...(Show more)Subjects the Study:economic systemwelfare state...(Show more)

F.A. Hayek, also called Friedrich A. Hayek, in complete Friedrich respectable von Hayek, (born may 8, 1899, Vienna, Austria—died in march 23, 1992, Freiburg, Germany), Austrian-born brother economist provided for his criticisms of the Keynesian welfare state and also of totalitarian socialism. In 1974 he common the Nobel compensation for business economics with swedish economist Gunnar Myrdal.

Life and major works

Hayek’s father, August, to be a physician and a professor of botany in ~ the college of Vienna. His mother, Felicitas, was the daughter that Franz von Juraschek, a professor and later a prominent civil servant. Because his mother’s family members was relatively wealthy, Hayek and also his two younger brothers had a comfortable childhood in Vienna, which was then funding of the Austro-Hungarian Empire.

During world War i Hayek offered in a ar artillery battery ~ above the Italian front, and after the war he enrolled at the college of Vienna. Hayek to be attracted to both law and psychology in his at an early stage university years, but he resolved on law for his very first degree in 1921. Among his classmates to be a variety of people who would come to be prominent economists, including Fritz Machlup, Gottfried von Haberler, and Oskar Morgenstern. In 1923, his last year at the university, Hayek studied under the Austrian economist Friedrich von Wieser and also was awarded a 2nd doctorate in politics economy. He also began working at a temporary federal government office, whereby he met Ludwig von Mises, a financial theorist and also author that a book-length critique that socialism. (Von Mises’s publication was initially published as Die Gemeinwirtschaft: Untersuchungen über den Sozialismus in 1922 and translated together Socialism: an Economic and also Sociological Analysis in 1936.)

Von Mises quickly ended up being Hayek’s mentor. ~ a pilgrimage to the United states in 1923–24, Hayek went back to Vienna, married, and with von Mises’s assistance became the manager of the newly started Austrian academy for organization Cycle Research. Hayek also became a continuous attendee at von Mises’s biweekly seminar, happen his Habilitation (an oral examination that is a necessary step toward coming to be a college teacher), and published his very first book, Monetary Theory and also the profession Cycle, in 1929.

In early 1931 Hayek was invited to England through Lionel Robbins to existing four lectures ~ above monetary economics at the London institution of Economics and Political scientific research (LSE). The lectures would eventually lead to his meeting the following year as the Tooke Professor of financial Science and also Statistics in ~ LSE, where Hayek remained until 1950, having come to be a naturalized British subject in 1938. Immediately upon showing up in England, Hayek came to be embroiled in a dispute with college of Cambridge economist man Maynard Keynes over their particular theories about the duty and impact of money within a emerged economy. Hayek created a lengthy vital review that Keynes’s 1930 book, A treatise on Money, to which Keynes forcefully replied, in the course of i beg your pardon he struck Hayek’s very own recent book, Prices and Production (1931). Both financial experts were criticized by other economists, and also this caused each to rethink his framework. Keynes finished first, publishing in 1936 what would become perhaps the most renowned economics book of the century, The general Theory of Employment, Interest and Money. Hayek’s very own book, The Pure theory of Capital, walk not show up until 1941, and both civilization War II and also the book’s opaqueness resulted in it to be much much less noticed than Keynes’s work.

In the mid-1930s Hayek also participated in a debate amongst economists ~ above the merits the socialism. Those discussions would aid shape his later ideas on economics and also knowledge, at some point presented in his 1936 presidential attend to to the London financial Club. During the battle years LSE evacuated come Cambridge. Over there Hayek operated on his Abuse of reason project, a wide-ranging critique of one assortment that doctrines that he lumped together under the brand of “scientism,” which he characterized as “the slavish imitation the the method and language of Science” by social scientists who had appropriated the approaches of the organic sciences in areas where they did no apply. Back the task as initially envisioned was never completed, it came to be the basis for a variety of essays and also led to the 1944 publishing of Hayek’s most well known book, The road to Serfdom, which came to be an immediate best-seller. In the exact same year Hayek was chosen as a other of the british Academy.

At the end of people War II, Hayek started work ~ above a theoretical psychology book based upon an essay he had written throughout his college student days in Vienna. In 1947 he organized a meeting of 39 scholars from 10 nations at Mont Pèlerin, on Lake Geneva in the Swiss Alps. This was the start of the Mont Pèlerin Society, an organization specialized to articulating the values that would cause the establishment and also preservation of complimentary societies. Von Mises, Robbins, and Machlup were among the initial attendees, together were Milton Friedman, open minded Knight, George Stigler, Aaron Director, Michael Polanyi, and the Austrian philosopher Karl Popper. Hayek had been important in happen Popper from new Zealand to LSE in ~ war’s end, and also he had also secured a publisher for Popper’s publication The Open society and its Enemies (1945). Popper and also Hayek would remain lifelong friends.

In 1950 Hayek left LSE because that a position on the newly created Committee top top Social believed at the college of Chicago. In 1952 his publication on psychology, The Sensory Order, was published, as was a repertoire of his essays native the Abuse that Reason project under the location The Counter-Revolution the Science: studies on the Abuse the Reason. Hayek would invest 12 years at Chicago. While over there he wrote write-ups on a variety of themes, amongst them political philosophy, the history of ideas, and social scientific research methodology. Elements of his wide-ranging research study were woven into his 1960 publication on politics philosophy, The structure of Liberty.


F.A. Hayek
F.A. Hayek, 1950.
Hulton Archive/Getty Images

In 1962 Hayek left Chicago for the university of Freiburg ns Breisgau in West Germany. He continued to be there till his retirement in 1968, once he welcomed an honorary professorship in ~ the college of Salzburg in Austria. In 1974 Hayek was awarded the Nobel Prize for Economics, which, ironically, he mutual with Gunnar Myrdal, whose political and economic views were regularly opposed to his.

Hayek returned to Freiburg permanently in 1977 and also finished occupational on what would become the three-part Law, Legislation and Liberty (1973–79), a critique of initiatives to redistribute incomes in the name of “social justice.” later on in the 1970s Hayek’s monograph The Denationalization of Money was released by the academy of financial Affairs in London, among the many timeless liberal think tanks the Hayek, straight or indirectly, had a hand in establishing.

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In the early on 1980s Hayek started writing what would be his final book, a critique of socialism. Because his health was deteriorating, one more scholar, philosopher William W. Bartley III, helped edit the can be fried volume, The fatal Conceit, which was released in 1988. Hayek died four year later, having actually lived long enough to watch the reunification of Germany.