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.

Hayek was born in Vienna ( then the capital of Austria-Hungary ), and was the son of August von Hayek, a doctor in the municipal health service.

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.

* Individualism and Economic Order by Friedrich Hayek

The price conveys embedded information about the abundance of resources as well as their desirability which in turn allows, on the basis of individual consensual decisions, corrections that prevent shortages and surpluses ; Mises and Hayek argued that this is the only possible solution, and without the information provided by market prices socialism lacks a method to rationally allocate resources.

The problem of planning production is the knowledge problem explained by Hayek ( 1937, 1945 ) The planning could either be done in a decentralised fashion, requiring some mechanism to make the individual plans coherent, or centrally, requiring a lot of information.

Hayek responded by arguing that the simulation of markets in socialism would fail due to a lack of genuine competition and entrepreneurship.

* The Use of Knowledge in Society by Friedrich Hayek

* Information and Economics: A Critique of Hayek by Allin F. Cottrell and W. Paul Cockshott

Friedrich Hayek in his The Use of Knowledge in Society argued that " knowledge of the particular circumstances of time and place " is not easily aggregated and is often ignored by professional economists.

However, after 1919 titles of nobility were banned by law in Austria, and the " von Hayek " family became simply the Hayek family.

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

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.

Primary drafts of the book were completed by 1970, but Hayek chose to rework his drafts and finally brought the book to publication in three volumes in 1973, 1976 and 1979.

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 ".

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 said a year later that he was " amazed by her.

In his Prices and Production ( 1931 ), Hayek argued that the business cycle resulted from the central bank's inflationary credit expansion and its transmission over time, leading to a capital misallocation caused by the artificially low interest rates.

In 1977, Hayek was critical of the Lib-Lab pact, in which the British Liberal Party agreed to keep the British Labour government in office.

Writing to The Times, Hayek said, " May one who has devoted a large part of his life to the study of the history and the principles of liberalism point out that a party that keeps a socialist government in power has lost all title to the name ' Liberal '.

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.

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 ".

The Institute has attracted some well-known individuals to its ranks, including founding member Friedrich Hayek and politicians such as former Reform Party of Canada leader Preston Manning, former Progressive Conservative Ontario premier Mike Harris, former Progressive Conservative Alberta premier Ralph Klein, and former Liberal Newfoundland & Labrador premier Brian Tobin.

There are also Austrian variants of public choice theory ( suggested by von Mises, Hayek, Kirzner, Lopez, and Boettke ) in which it is assumed that bureaucrats and politicians may be benevolent but have access to limited information.

There are also Austrian variants of public choice theory ( suggested by Mises, Hayek, Kirzner, Lopez, and Boettke ) in which it is assumed that bureaucrats and politicians are benevolent but have access to limited information.

The " stagflation " of the 1970s led many economic commentators and politicians to embrace neoliberal policy prescriptions inspired by the laissez-faire capitalism and classical liberalism of the 19th century, particularly under the influence of Friedrich Hayek and Milton Friedman.

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.

US President Ronald Reagan at his time listed Hayek as among the two or three people who most influenced his philosophy, and welcomed Hayek to the White House as a special guest.

< 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.

With regard to a safety net, Hayek advocated " some provision for those threatened by the extremes of indigence or starvation, be it only in the interest of those who require protection against acts of desperation on the part of the needy.

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.

By 1947, Hayek was an organizer of the Mont Pelerin Society, a group of classical liberals who sought to oppose what they saw as socialism in various areas.

In addition, Hayek attracted an exceptionally able group of students who were dedicated to a libertarian ideology.

Conservatives, he says, are not averse to change – but like Hayek, they are highly averse to change being imposed on the social order by people in authority who think they know how to run things better.

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

The Hayek Fund invests in corporations who financially support free market public policy organizations

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.

Friedrich Hayek, who taught at LSE during the 1930 and 1940s

Erhard wrote, “ I would like to frankly acknowledge that my own contribution to this effort social market economy -- R. P. would not have been possible without Walter Eucken, Franz Bohm, Wilhem Ropke, Alexander Rustow, F. A. von Hayek, Alfred Muller-Armack, and many others who joined me in thinking and debating ”.

Dogma is a 1999 American adventure fantasy comedy film written and directed by Kevin Smith, who also stars in the film along with an ensemble cast that includes Ben Affleck, Matt Damon, Linda Fiorentino, Alan Rickman, Bud Cort, Salma Hayek, Chris Rock, Jason Lee, George Carlin, Janeane Garofalo, Alanis Morissette, and Jason Mewes.

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

Jay and Silent Bob fill out their roles as prophets: they predict the arrival of Rufus ( Chris Rock ), the thirteenth apostle, who was left out of the Bible because he was black ; they lead the others to former muse Serendipity ( Salma Hayek ); they procure the divine instrument that will stop Azrael ; Jay reveals the location of God (" John Doe Jersey "); and ultimately, though inadvertently, they provide Bethany with the solution to preventing Armageddon.

Alex is a straight-laced WASP-ish type who, while enjoying a night on the town, meets Isabel Fuentes ( Salma Hayek ), a free-spirited Mexican-American photographer.

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.