Hayek, Friedrich (August) von

Hayek, Friedrich (August) von extract from Britannica Online.

(born May 8, 1899, Vienna, Austria—died March 23, 1992, Freiburg, Ger.) Austrian-born British economist. He moved to London in 1931 and held positions at the University of London and the London School of Economics, becoming a British citizen in 1938. Later posts included a professorship at the University of Chicago (1950–62). Throughout his life Hayek criticized socialism, often contrasting it with a system of free markets. In his works he opposed the theories of John Maynard Keynes and argued that government intervention in the free market is destructive of individual values and could not prevent such economic ailments as inflation, unemployment, and recession. His books include The Road to Serfdom (1944), The Constitution of Liberty (1960), and The Political Order of a Free People (1979). His views have been highly influential among conservatives, including Margaret Thatcher. In 1974 he shared the Nobel Prize with Gunnar Myrdal.

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