Friedrich Hayek CH FBA |
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Born |
Friedrich August von Hayek 8 May 1899 Vienna, Cisleithania, Austria-Hungary |
Died | 23 March 1992 Freiburg im Breisgau, Baden-Württemberg, Germany |
(aged 92)
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Institution |
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School or tradition |
Austrian School, Chicago School |
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Friedrich August von Hayek CH FBA (/ˈhaɪək/; German: [ˈfʁiːdʁɪç ˈaʊ̯ɡʊst ˈhaɪɛk]; 8 May 1899 – 23 March 1992), often referred to by his initials F. A. Hayek, was an Austrian-British economist and philosopher best known for his defense of classical liberalism. Hayek shared the 1974 Nobel Memorial Prize in Economic Sciences with Gunnar Myrdal for his "pioneering work in the theory of money and economic fluctuations and ... penetrating analysis of the interdependence of economic, social and institutional phenomena".
Hayek was a major social theorist and political philosopher of the twentieth century, and his account of how changing prices communicate information that helps individuals co-ordinate their plans is widely regarded as an important achievement in economics, leading to his Nobel Prize.
Hayek served in World War I and said that his experience in the war and his desire to help avoid the mistakes that had led to the war drew him into economics. Hayek lived in Austria, Great Britain, the United States, and Germany and became a British subject in 1938. He spent most of his academic life at the London School of Economics (LSE), the University of Chicago, and the University of Freiburg.