Friedrich August von Hayek (1899-1992) was an Austrian-British economist and philosopher known for his contributions to the fields of economics, political theory, and social philosophy. He was awarded the Nobel Memorial Prize in Economic Sciences in 1974. Hayek was born in Vienna, Austria-Hungary, and studied at the University of Vienna, where he received his doctorate in law and political science in 1921. He was heavily influenced by the [[Austrian School of Economics]], particularly the works of [[Ludwig von Mises]]. ## Hayek vs. Keynes In the 1930s, Hayek began to gain international recognition for his work on business cycles and the role of prices in coordinating economic activity. He also became involved in debates with leading economists of the time, such as John Maynard Keynes, over the proper role of government in managing the economy. During World War II, Hayek moved to the United States and worked for the federal government, but he later became disillusioned with the growth of government power and the rise of Keynesian economics. He returned to academia and became a professor at the University of Chicago, where he continued to develop his ideas on free-market economics and individual liberty. In the 1950s, Hayek moved to the United Kingdom and became a British citizen. He continued to write and lecture on economics and philosophy, and was a strong advocate for classical liberalism and free-market capitalism. His most famous work, "The Road to Serfdom," argued that government planning and control of the economy inevitably lead to [[tyranny]] and the erosion of individual freedom. Hayek's ideas have had a significant impact on modern political and economic thought, particularly in the fields of neoliberalism and libertarianism. He remains a controversial figure, with some critics arguing that his ideas have contributed to growing economic [inequality](https://doctorparadox.net/dictionaries/economics/inequality-definition/) and the erosion of the welfare state. ## Hayek influence Hayek's work had a significant impact on the following right-wing economists: * Milton Friedman * [[James M. Buchanan]] * Vernon Smith