There was a revival of interest in classical liberalism in the 20th century led by Friedrich Hayek and Milton Friedman.

This difficulty was notably written about by economists Ludwig von Mises and Friedrich Hayek, both of whom called it the " economic calculation problem ".

It was first proposed by Ludwig von Mises in 1920 and later expounded by Friedrich Hayek.

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.

Friedrich August Hayek CH (; 8 May 189923 March 1992 ), born in Austria-Hungary as Friedrich August von Hayek, was a British economist and philosopher best known for his defense of classical liberalism.

On his mother's side, Hayek was second-cousin to the philosopher Ludwig Wittgenstein.

As a result of their family relationship, Hayek became one of the first to read Wittgenstein's Tractatus Logico-Philosophicus when the book was published in its original German edition in 1921.

In school Hayek was much taken by one instructor's lectures on Aristotle's ethics.

Hayek suffered damage to his hearing in his left ear during the war, and was decorated for bravery.

Hayek said about his experience: " The decisive influence was really World War I.

Upon the completion of his examinations, Hayek was hired by Ludwig von Mises on the recommendation of Wieser as a specialist for the Austrian government working on the legal and economic details of the Treaty of Saint Germain.

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.

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.

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.

Hayek was concerned about the general view in Britain's academia that fascism was a capitalist reaction to socialism and The Road to Serfdom arose from those concerns.

It was first published in Britain by Routledge in March 1944 and was quite popular, leading Hayek to call it " that unobtainable book ," also due in part to wartime paper rationing.

* Dina Hayek ( born Collet Bou Gergis, 1982 ), popular Lebanese singer

* Frank Forest ( born Frank Hayek, 1896 – 1976 ), American singer and actor

* Julie Hayek ( born 1960 ), American beauty queen and actress

** Nick Hayek, Jr. ( born 1954 ), his son and successor

* Peter Hayek ( born 1957 ), retired American ice hockey player

* Rita Hayek ( born 1987 ), Lebanese actress

* Salma Hayek ( born 1966 ), Mexican actress

* Samuel Hayek ( born 1953 ), Israeli real-estate businesman

For a short time, when the University of Vienna closed, Hayek studied in Constantin von Monakow's Institute of Brain Anatomy, where Hayek spent much of his time staining brain cells.

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.

" Hayek died in 1992 in Freiburg, Germany, and was buried in the Neustift am Wald cemetery in the northern outskirts of Vienna.

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

* Hayek was awarded honorary degrees from Rikkyo University, University of Vienna, and University of Salzburg.

Nobel Prize Laureates who taught at the University of Vienna include Robert Bárány, Julius Wagner-Jauregg, Hans Fischer, Karl Landsteiner, Erwin Schrödinger, Victor Franz Hess, Otto Loewi, Konrad Lorenz and Friedrich Hayek.

The founders of this école who studied and later instructed at the University of Vienna included Carl Menger, Eugen von Böhm-Bawerk, Friedrich von Wieser, Joseph Schumpeter, Ludwig von Mises and Friedrich Hayek.

: Member, Advisory Council, Hayek Institute, Vienna, Austria ;

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

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.

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.

Only two other Mexican actresses have been nominated since then: Salma Hayek as Best Actress in 2002 for Frida and Adriana Barraza as Best Supporting Actress in 2006 for Babel.

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.

During this time he once interviewed Mahatma Gandhi in Bombay on his own volition ( 10 April 1945 ). Narayanan then went to England ( 1945 ) and studied political science under Harold Laski at the London School of Economics ( LSE ); he also attended lectures by Karl Popper, Lionel Robbins, and Friedrich Hayek.

Hayek analyzes the roots of Nazism in socialism, then draws parallels to the thought of British leaders:

Hayek believed that after World War II, " wisdom in the management of our economic affairs will be even more important than before and that the fate of our civilization will ultimately depend on how we solve the economic problems we shall then face ".

I think the Adam Smith role was played in this cycle the late twentieth century collapse of socialism in which the idea of free-markets succeeded first, and then special events catalyzed a complete change of socio-political policy in countries around the world by Friedrich Hayek ’ s The Road to Serfdom.

In his review ( collected in The Present as History, 1953 ) Marxist Paul Sweezy joked that Hayek would have you believe that if there was an over-production of baby carriages, the central planners would then order the population to have more babies instead of simply warehousing the temporary excess of carriages and decreasing production for next year.

Lebanese entrepreneur, Nicolas G. Hayek, who, with a group of Swiss investors, took over a majority shareholding of Swatch during 1985 in the then, between ASUAG and SSIH, newly consolidated group under the name Societe Suisse de Microelectronique et d ' Horlogerie, or SMH, became Chairman of the Board of Directors and CEO in 1986 ( who later significantly changed its name to Swatch Group ), further masterminded its development to reach its now major worldwide Swiss watch brand status within the lower end of watch prices.

Nicolas Hayek, then the CEO of Swatch, the parent of ETA observed,

Economists such as Milton Friedman, Friedrich Hayek and Brink Lindsey argue that if the market is eliminated along with property, prices, and wages, then the mode of information transmission is eliminated and what will result is a highly inefficient system for transmitting the value, supply, demand, of goods, services, resources, along with an elimination of the most efficient mode of market transactions.