Friedrich Hayek

Friedrich Hayek
CH FBA
Born
Friedrich August von Hayek

(1899-05-08)8 May 1899
Vienna, Cisleithania, Austria-Hungary
Died23 March 1992(1992-03-23) (aged 92)
Freiburg im Breisgau, Baden-Württemberg, Germany
Resting placeNeustifter Friedhof [de], Vienna, Austria
CitizenshipAustrian (1899–1938)
British (1938–1992)[1]
Education
Spouses
Helen Berta Maria von Fritsch
​
​
(m. 1926, divorced)​
Helene Bitterlich
​
(m. 1950)​
ChildrenChristine Maria Felicitas von Hayek (daughter)[2]
Laurence Hayek (son)[3] plus 2 step-sons
Parent(s)August von Hayek (father)
Felicitas von Juraschek (mother)
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tradition		Austrian School
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Friedrich August von Hayek CH FBA (/ˈhaɪək/ HY-ək, German: [ˈfʁiːdʁɪç ˈʔaʊɡʊst fɔn ˈhaɪɛk] ⓘ; 8 May 1899 – 23 March 1992), often referred to by his initials F. A. Hayek, was an Austrian-British academic who contributed to economics, political philosophy, psychology, and intellectual history.[4][5][6][7] Hayek shared the 1974 Nobel Memorial Prize in Economic Sciences with Gunnar Myrdal for work on money and economic fluctuations, and the interdependence of economic, social and institutional phenomena.[8] His account of how prices communicate information is widely regarded as an important contribution to economics that led to him receiving the prize.[9][10][11]

During his teenage years, Hayek fought in World War I. He later said this experience, coupled with his desire to help avoid the mistakes that led to the war, drew him into economics.[12][13] He earned doctoral degrees in law in 1921 and political science in 1923 from the University of Vienna.[12][14] He subsequently lived and worked in Austria, Great Britain, the United States, and Germany. He became a British citizen in 1938.[15] His academic life was mostly spent at the London School of Economics, later at the University of Chicago, and the University of Freiburg. He is widely considered a major contributor to the Austrian School of Economics.[16][17]

Hayek had considerable influence on a variety of political and economic movements of the 20th century, and his ideas continue to influence thinkers from a variety of political and economic backgrounds today.[18][19][20] Although sometimes described as a conservative,[21] Hayek himself was uncomfortable with this label and preferred to be thought of as a classical liberal.[22][23] As the co-founder of the Mont Pelerin Society he contributed to the revival of classical liberalism in the post-war era.[24] His most popular work, The Road to Serfdom, has been republished many times over the eight decades since its original publication.[25][26]

Hayek was appointed a Member of the Order of the Companions of Honour in 1984 for his academic contributions to economics.[27][28] He was the first recipient of the Hanns Martin Schleyer Prize in 1984.[29] He also received the Presidential Medal of Freedom in 1991 from President George H. W. Bush.[30] In 2011, his article "The Use of Knowledge in Society" was selected as one of the top 20 articles published in the American Economic Review during its first 100 years.[31]

  1. ^ "No. 34541". The London Gazette. 12 August 1938. p. 5182.
  2. ^ Cite error: The named reference Christine von Hayek was invoked but never defined (see the help page).
  3. ^ "Laurence Hayek: Microbiologist who in later life commemorated his father's work". The Times: 31. 6 August 2004.
  4. ^ Ebenstein, Alan O. (2003). Hayek's Journey: the mind of Friedrich Hayek (First Palgrave Macmillan ed.). New York: Palgrave Macmillan. ISBN 978-1-4039-6038-2.
  5. ^ Caldwell, Bruce (2004). Hayek's Challenge: an intellectual biography of F.A. Hayek. Chicago: University of Chicago Press. ISBN 0-226-09193-7.
  6. ^ Schmidtz, David; Boettke, Peter (Summer 2021). "Friedrich Hayek". Stanford Encyclopedia of Philosophy.
  7. ^ Gamble, Andrew (1996). Hayek: The Iron Cage of Liberty. Routledge. p. 1. ISBN 978-0-367-00974-8.
  8. ^ Bank of Sweden (1974). "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1974". Archived from the original on 26 May 2013. Retrieved 2 October 2006.
  9. ^ Skarbek, David (March 2009). "F.A. Hayek's Influence on Nobel Prize Winners" (PDF). Review of Austrian Economics. 22 (1): 109–12. CiteSeerX 10.1.1.207.1605. doi:10.1007/s11138-008-0069-x. S2CID 144970753. Archived from the original (PDF) on 27 July 2011.
  10. ^ "Friedrich August von Hayek – Facts". nobelprize.org. Archived from the original on 1 July 2017. Retrieved 30 June 2017.
  11. ^ Rothbard, Murray N. (28 January 2010). "Hayek and the Nobel Prize". Mises Institute. Archived from the original on 20 October 2017. Retrieved 30 June 2017.
  12. ^ a b "Friedrich A. Hayek". Mises Institute. 20 June 2014. Archived from the original on 23 October 2020. Retrieved 3 September 2019.
  13. ^ "Keynes v Hayek: Giants of economics". BBC. 3 August 2011. Archived from the original on 23 October 2020. Retrieved 4 September 2019.
  14. ^ "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1974". NobelPrize.org. Archived from the original on 12 August 2019. Retrieved 4 September 2019.
  15. ^ Cite error: The named reference :3 was invoked but never defined (see the help page).
  16. ^ "Aaron Director, Founder of the field of Law and Economics". www-news.uchicago.edu. Archived from the original on 11 March 2022. Retrieved 3 September 2019.
  17. ^ "Commanding Heights: The Chicago School". www.pbs.org. Archived from the original on 21 August 2019. Retrieved 3 September 2019.
  18. ^ Burczak, Theodore A. (2006). Socialism after Hayek. University of Michigan Press. ISBN 978-0-472-06951-4.
  19. ^ "Conservatives Need to Reread Their Hayek". American Enterprise Institute – AEI. Archived from the original on 23 February 2023. Retrieved 23 February 2023.
  20. ^ van der Vossen, Bas (2022), "Libertarianism", The Stanford Encyclopedia of Philosophy (Winter 2022 ed.), retrieved 23 February 2023
  21. ^ Cliteur, Paul B. (1990). "Why Hayek is a Conservative". ARSP: Archiv für Rechts- und Sozialphilosophie / Archives for Philosophy of Law and Social Philosophy. 76 (4): 467–78. ISSN 0001-2343. JSTOR 23681094.
  22. ^ Caldwell, Bruce (1 September 2020). "The Road to Serfdom after 75 Years". Journal of Economic Literature. 58 (3): 720–48. doi:10.1257/jel.20191542. ISSN 0022-0515. S2CID 201350365.
  23. ^ Hayek, Friedrich A. (2011). "Why I am not a Conservative". The Constitution of Liberty (Definitive ed.). The University of Chicago Press. ISBN 978-0-226-31539-3.
  24. ^ Schrepel, Thibault (January 2015). "Friedrich Hayek's Contribution to Antitrust Law and Its Modern Application". ICC Global Antitrust Review: 199–216. SSRN 2548420.
  25. ^ Ormerod, Paul (2006). "The fading of Friedman". prospectmagazine.co.uk. Archived from the original on 31 August 2019. Retrieved 31 August 2019.
  26. ^ Catlin, George (1944). "The Road to Serfdom". Nature. 154 (3911): 473–74. Bibcode:1944Natur.154..473C. doi:10.1038/154473a0. S2CID 4071358. Archived from the original on 12 November 2020. Retrieved 31 August 2019.
  27. ^ "No. 49768". The London Gazette (Supplement). 16 June 1984. p. 4.
  28. ^ Ebenstein 2001, p. 305.
  29. ^ "Hanns Martin Schleyer-Stiftung / Stiftungs-Preise". Archived from the original on 25 February 2014. Retrieved 30 April 2013.
  30. ^ George H.W. Bush (18 November 1991). "Remarks on Presenting the Presidential Medal of Freedom Awards". Archived from the original on 7 March 2009. Retrieved 1 April 2008.
  31. ^ Arrow, Kenneth J.; Bernheim, B. Douglas; Feldstein, Martin S.; McFadden, Daniel L.; Poterba, James M.; Solow, Robert M. (2011). "100 Years of the American Economic Review: The Top 20 Articles". American Economic Review. 101 (1): 1–8. doi:10.1257/aer.101.1.1. hdl:1721.1/114169.