Gunnar Myrdal received the Nobel Memorial Prize in Economic Sciences in 1974 ( shared with his ideological nemesis, Austrian economist Friedrich Hayek ); Bertil Ohlin received the Nobel Prize in Economics in 1977 ( shared with British economist James Meade ).

" When Dame Edna was questioned about the controversy on the eve of her 2003 Australian tour, she retorted that Hayek's denunciation was due to " professional jealousy ", and that Hayek was envious because the role of painter Frida Kahlo ( for which Hayek received an Oscar nomination ) had originally been offered to Edna:

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.

However, a group of central European economists led by Austrians Ludwig von Mises and Friedrich Hayek identified the collectivist underpinnings to the various new socialist and fascist doctrines of government power as being different brands of political totalitarianism.

Hayek christened these the pragmatic and rationalist schools, the former evolving institutions with an eye towards liberty and the later creating a brave new world by sweeping all the old and therefore useless ideas away.

Friedrich Hayek said: " Perhaps the government of Sir Henry Campbell-Bannerman ... should be regarded as the last Liberal government of the old type, while under his successor, H. H. Asquith, new experiments in social policy were undertaken which were only doubtfully compatible with the older Liberal principles ".

In 1980, Hayek, a non-practicing Roman Catholic, was one of twelve Nobel laureates to meet with Pope John Paul II, " to dialogue, discuss views in their fields, communicate regarding the relationship between Catholicism and science, and ' bring to the Pontiff's attention the problems which the Nobel Prize Winners, in their respective fields of study, consider to be the most urgent for contemporary man.

Champion's main interest is in bringing to wider attention the works of the Austrian philosopher Karl Popper and the Austrian economist Friedrich Hayek.

In the 1970s and 1980s, the writings of Hayek were also a major influence on many of the leaders of the " velvet " revolution in Central Europe during the collapse of the old Soviet Empire.

< 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 visited Chile in the 1970s and 1980s during the Government Junta of general Augusto Pinochet and accepted being named Honorary Chairman of the Centro de Estudios Públicos, the think tank formed by the economists who transformed Chile into a free market economy.

The group included Þorsteinn Pálsson, Geir H. Haarde, Jón Steinar Gunnlaugsson, Kjartan Gunnarsson, Magnús Gunnarsson, Brynjólfur Bjarnason and Hannes Hólmsteinn Gissurarson, and they published the magazine Eimreiðin from 1972 to 1975 ; in the following years they followed with interest what was happening in the United Kingdom under Margaret Thatcher and in the United States under Ronald Reagan ; they also read books and articles by and about Milton Friedman, Friedrich Hayek and James M. Buchanan, who all visited Iceland in the early 1980s and whose messages of limited governments, privatisation, and liberalisation of the economy had a wide impact.

It organized visits by the three Nobel Laureates Friedrich Hayek, James M. Buchanan and Milton Friedman in the early 1980s.

Part of the reason that Hayek stressed the knowledge problem was also because he was mainly concerned with debating the proposal for Market Socialism and the Lange Model by Oskar R. Lange ( 1938 ) and Hayek's student Abba Lerner ( 1934, 1937, 1938 ), which was developed in response to the calculation argument.

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.

In his later years, Hayek recalled a discussion of philosophy with Wittgenstein, when both were officers during World War I.

Hayek presented his work to the private seminar he had created with Herbert Furth called the Geistkreis.

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.

Economists who studied with Hayek at the LSE in the 1930s and the 1940s include Arthur Lewis, Ronald Coase, John Kenneth Galbraith, Abba Lerner, Nicholas Kaldor, George Shackle, Thomas Balogh, Vera Smith, L. K. Jha, Arthur Seldon, Paul Rosenstein-Rodan, and Oskar Lange.

The economist Walter Block observed critically that while The Road to Serfdom is " a war cry against central planning ," it does show some reservations with a free market system and laissez-faire capitalism, with Hayek even going so far as to say that " probably nothing has done so much harm to the liberal cause as the wooden insistence of some liberals on certain rules of thumb, above all the principle of laissez-faire.

Through analysis of this and other of Hayek's works, Block purports, " in making the case against socialism, Hayek was led into making all sort of compromises with what otherwise appeared to be his own philosophical perspective – so much so, that if a system was erected on the basis of them, it would not differ too sharply from what this author explicitly opposed.

Hayek was concerned " with that condition of men in which coercion of some by others is reduced as much as is possible in society ".

On 9 October 1974, it was announced that Hayek would be awarded the Nobel Memorial Prize in Economics, along with Swedish socialist economist Gunnar Myrdal.

Although he spoke with apprehension at his award speech about the danger which the authority of the prize would lend to an economist, the prize brought much greater public awareness of Hayek and has been described by his biographer as " the great rejuvenating event in his life ".

In 1976, in a paper on The Denationalization of Money, Hayek advocated that rather than re-instituting a government-mandated gold standard, a free market in money be allowed to develop, with issuers of money competing with each other to produce the best, most stable and healthy currency.

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.

After his 20 min audience with the Queen, he was " absolutely besotted " with her according to his daughter-in-law, Esca Hayek.

In accordance with the reasoning later outlined in his essay The Use of Knowledge in Society ( 1945 ), Hayek argued that a monopolistic governmental agency like a central bank can neither possess the relevant information which should govern supply of money, nor have the ability to use it correctly.

Hayek posited that a central planning authority would have to be endowed with powers that would impact and ultimately control social life, because the knowledge required for centrally planning an economy is inherently decentralized, and would need to be brought under control.

In his philosophy of science, which has much in common with that of his good friend Karl Popper, Hayek was highly critical of what he termed scientism: a false understanding of the methods of science that has been mistakenly forced upon the social sciences, but that is contrary to the practices of genuine science.

Hayek points out that much of science involves the explanation of complex multivariable and nonlinear phenomena, and the social science of economics and undesigned order compares favourably with such complex sciences as Darwinian biology.

In Why F A Hayek is a Conservative, British policy analyst Madsen Pirie believes Hayek mistakes the nature of the conservative outlook.

Through its subsidiary the National Book Foundation, the Volker Fund gave away books authored by libertarian and conservative academics to college libraries throughout the U. S. The National Book Foundation distributed books by wide range of influential authors, including Eugen von Böhm-Bawerk, Gordon H. Clark, Hayek, Mises, Roscoe Pound, Leo Strauss, Eric Voegelin, and many others.

While the Institute does not provide instruction in philosophical conservatism, it does encourage its graduates to read classic conservative authors like Edmund Burke and " classical liberal " authors like Frederic Bastiat, as well as more modern conservative thinkers including William F. Buckley Jr., Russell Kirk, Barry Goldwater, and libertarian thinkers such as Milton Friedman and F. A. Hayek.

Similarly, Hayek and others from the Austrian school of economics argue that if governments intervene through monetary policy to lower interest rates this will exacerbate unemployment by preventing the market from responding effectively.

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.

Hayek lived in Austria, Great Britain, the United States and Germany, and became a British subject in 1938.

In 1991, US President George H. W. Bush awarded Hayek the Presidential Medal of Freedom, one of the two highest civilian awards in the United States, for a " lifetime of looking beyond the horizon.

Hayek recommended liberal economic reforms similar to Chile's for the Keynesian economy in the United Kingdom to Prime Minister Margaret Thatcher.

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.

A number of continental European émigrés to Britain and the United States — including Hannah Arendt, Karl Popper, Friedrich Hayek, Leo Strauss, Isaiah Berlin, Eric Voegelin and Judith Shklar — encouraged continued study in political philosophy in the Anglo-American world, but in the 1950s and 1960s they and their students remained at odds with the analytic establishment.

Hayek argues that Western democracies, including the United Kingdom and the United States, have “ progressively abandoned that freedom in economic affairs without which personal and political freedom has never existed in the past .” Society has mistakenly tried to ensure continuing prosperity by centralized planning, which inevitably leads to totalitarianism.

In responding to Burnham and Hayek ... liberals the statist sense of this term as used by some in the United States were in fact responding to a powerful strain of Jeffersonian anti-statism in American political culture ...

Kumalo joined actress Salma Hayek in the bid to eradicate neonatal and maternal tetanus in the world, as spokesman for the United Nations Children ’ s Fund and nappy brand Pamper ’ s campaign to save more than 250 million infants by 2012.