In 1974, Hayek shared the 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.

During his years at the University of Vienna, Carl Menger's work on the explanatory strategy of social science and Friedrich von Wieser's commanding presence in the classroom left a lasting influence on Hayek.

Upon his arrival in London, Hayek was quickly recognized as one of the leading economic theorists in the world, and his development of the economics of processes in time and the coordination function of prices inspired the ground-breaking work of John Hicks, Abba Lerner, and many others in the development of modern microeconomics.

Following his retirement, Hayek spent a year as a visiting professor of philosophy at the University of California, Los Angeles, where he continued work on Law, Legislation and Liberty, teaching a graduate seminar by the same name and another on the philosophy of social science.

I read the Western economic textbooks and also the more general work of people like Hayek.

Hayek used this body of work as a starting point for his own interpretation of the business cycle, elaborating what later became known as the " Austrian Theory of the Business Cycle ".

Eager to promote alternatives to what he regarded as the narrow approach of the school of economic thought that then dominated the English-speaking academic world ( centered at the University of Cambridge and deriving largely from the work of Alfred Marshall ), Robbins invited Hayek to join the faculty at LSE, which he did in 1931.

Building on the earlier work of Ludwig von Mises and others, Hayek also argued that while in centrally planned economies an individual or a select group of individuals must determine the distribution of resources, these planners will never have enough information to carry out this allocation reliably.

A pioneer in the field, and inspired by Karl Popper's and Warren Weaver's works, Nobel prize economist and philosopher Friedrich Hayek dedicated much of his work, from early to the late 20th century, to the study of complex phenomena, not constraining his work to human economies but venturing into other fields such as psychology, biology and cybernetics.

* Salma Hayek as Serendipity, a muse who got a body on Earth so she could get credit for her work.

Hayek himself praised the work, as did fellow Nobel Prize laureate Milton Friedman, who said that Hazlitt's description of the price system, for example, was " a true classic: timeless, correct, painlessly instructive.

Hayek whose ideas about spontaneous order and inability of government central planners to create thriving economies are seen in the Center ’ s criticism of targeted tax credits and corporate subsidies used by government economic development bureaucracies ; and James M. Buchanan, whose work in public choice economics has informed many of the organization ’ s critiques of state government programs.

Other Austrian School academics such as Murray Rothbard and Friedrich Hayek have also had a strong influence on the Institute's work.

From the other side of the fence, the work of Friedrich Hayek also anticipated many of Đilas ' New Class criticisms, without placing them in a Marxist context ( see esp.

Thatcher's style of New Right ideology, known as Thatcherism, was heavily influenced by the work of Friedrich Hayek ( in particular the book The Road to Serfdom ).

While neoclassical theory uses the conditions of perfect markets to describe the conditions under which it will work, neoliberal theory rejects those in favour of ideas based largely on the work of Friedrich von Hayek and Milton Friedman and broadly argues that perfect markets occur naturally provided that economic and political freedoms are present and maintained.

Neoliberals justify their views through the work of Hayek, who viewed the free price system of free markets as a system which exchanged information very efficiently about the state of the economy as prices fluctuated to supply and demand, an idea which was developed into the efficient-market hypothesis.

Some twelve economists engaged in the IEA's work have gone on to win the Nobel Prize in Economics: Gary Becker, James M. Buchanan, Ronald Coase, Milton Friedman, Friedrich Hayek, John Hicks, James Meade, Douglass C. North, Elinor Ostrom, Vernon L. Smith, George Stigler and Oliver E. Williamson.

Hayek referred to Eastman's life and to his repudiation of socialism in his widely read The Road to Serfdom, and, in turn, Eastman arranged for the serialization of the future Nobel laureate's work in Reader's Digest.

In 1974, he received the Nobel Memorial Prize in Economic Sciences with Friedrich Hayek for " their pioneering work in the theory of money and economic fluctuations and for their penetrating analysis of the interdependence of economic, social and institutional phenomena.

It was only in the 20th century that the relative sophistication found in Smith ’ s work would be reformulated by economists such as Friedrich Hayek, Joseph Schumpeter, and Milton Friedman ( of the Chicago School of economics of the 1960s and 1970s ), resulting in a recipe for a free-market economy:

Rather, they were more in the tradition of the work of Friedrich von Hayek, who opposed government regulation, tariffs, and other infringements on a pure free market, and Milton Friedman, who emphasized the futility of using inflationary monetary policies to influence rates of economic growth.

It was sometime after reading Socialism that Hayek began attending Ludwig von Mises ' private seminars, joining several of his university friends, including Fritz Machlup, Alfred Schutz, Felix Kaufmann, and Gottfried Haberler, who were also participating in Hayek's own, more general, private seminar.

In 1932, Hayek suggested that private investment in the public markets was a better road to wealth and economic coordination in Britain than government spending programs, as argued in a letter he co-signed with Lionel Robbins and others in an exchange of letters with John Maynard Keynes in The Times.

In 1978, Hayek came into conflict with the Liberal Party leader, David Steel, who claimed that liberty was possible only with " social justice and an equitable distribution of wealth and power, which in turn require a degree of active government intervention " and that the Conservative Party were more concerned with the connection between liberty and private enterprise than between liberty and democracy.

Hayek attributed the birth of civilization to private property in his book The Fatal Conceit ( 1988 ).

Taken private, in 1985, by then CEO Nicolas Hayek, with the understanding of the Swiss Banks and the financial assistance of a group of Swiss private investors, it was renamed SMH in 1986, and ultimately Swatch Group Ltd in 1998.

Austrian School economists Ludwig Von Mises and Friedrich August Hayek argued that private property rights are a requisite for rational economic calculation and that the prices of goods and services cannot be determined accurately enough to make efficient economic calculation without clearly defined private-property rights.

Two years later this holding company was taken over by a group of private investors led by Nicolas Hayek.

" While calling Hayek " 100 % right " in his critique of the pure command economy, he writes " However, in no way does it follow, as many Hayek disciples seem to believe, that government is per se bad and unproductive while the private sector is, per se good and productive.

The free banking movement got its modern start with The Denationalization of Money, by Friedrich Hayek, who advocated that national governments stop claiming a monopoly on the issuing of currency, and allow private issuers like banks to voluntarily compete to do so.

In " Polycentric Law in the New Millennium ," which won first place in the Mont Pelerin Society's 1998 Friedrich A. Hayek Fellowship competition, Bell predicts three areas where polycentric law might develop: alternative dispute resolution, private communities, and the Internet.

Hayek saw the British philosophers Bernard Mandeville, David Hume, Adam Smith, Adam Ferguson, Josiah Tucker, Edmund Burke and William Paley as representative of a tradition that articulated beliefs in empiricism, the common law, and in traditions and institutions which had spontaneously evolved but were imperfectly understood.

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 led him to his career.

Although Hayek only met Wittgenstein on a few occasions, Hayek said that Wittgenstein's philosophy and methods of analysis had a profound influence on his own life and thought.

After Wittgenstein's death, Hayek had intended to write a biography of Wittgenstein and worked on collecting family materials, and he later assisted biographers of Wittgenstein.

Hayek then decided to pursue an academic career, determined to help avoid the mistakes that had led to the war.

Hayek was disappointed that the book did not receive the same enthusiastic general reception as The Road to Serfdom had sixteen years before.

Hayek was defended by Professor Antony Flew who stated that the German Social Democrats, unlike the British Labour Party, had, since the late 1950s, abandoned public ownership of the means of production, distribution and exchange and had instead embraced the social market economy.

Hayek stated that if the Conservative leader had said " that free choice is to be exercised more in the market place than in the ballot box, she has merely uttered the truism that the first is indispensable for individual freedom while the second is not: free choice can at least exist under a dictatorship that can limit itself but not under the government of an unlimited democracy which cannot ".

< p > There is no figure who had more of an influence, no person had more of an influence on the intellectuals behind the Iron Curtain than Friedrich Hayek.

< p > The most interesting among the courageous dissenters of the 1980s were the classical liberals, disciples of F. A. Hayek, from whom they had learned about the crucial importance of economic freedom and about the often-ignored conceptual difference between liberalism and democracy .</ p >

" Hayek had hoped to receive a baronetcy, and after he was awarded the CH he sent a letter to his friends requesting that he be called the English version of Friedrich ( Frederick ) from now on.

When, later that evening, Hayek was dropped off at the Reform Club, he commented: " I've just had the happiest day of my life.

Hayek continued his research on monetary and capital theory, revising his theories of the relations between credit cycles and capital structure in Profits, Interest and Investment ( 1939 ) and The Pure Theory of Capital ( 1941 ), but his reputation as an economic theorist had by then fallen so much that those works were largely ignored, except for scathing critiques by Nicholas Kaldor.

Hayek never produced the book-length treatment of " the dynamics of capital " that he had promised in the Pure Theory of Capital.

Hayek, of course, had lived his early life under the mostly liberal, but mostly non-democratic, rule of the Austro-Hungarian Emperor, and Hayek had seen democracy descend into illiberal tyranny in a host of Central and Eastern European countries.

Hayek had a long-standing and close friendship with philosopher of science Karl Popper, also from Vienna.

Hayek identified himself as a classical liberal but noted that in the United States it had become almost impossible to use " liberal " in its original definition, and the term " libertarian " has been used instead.

* The Cato Institute named its lower level auditorium after Hayek, who had been a Distinguished Senior Fellow at Cato during his later years.