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Friedrich Hayek
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Economist
    (May 8, 1899-March 23, 1992)
    Born in Vienna, Austria
    Professor at the London School of Economics (1931-50), University of Chicago (1950-62) and University of Freiburg (1962-68)
    Founding member of the free-market think tank the Institute of Economic Affairs (1955)
    Wrote 'Prices and Production' (1931), 'Profits, Interest and Investment' (1939), 'The Road to Serfdom' (1944), 'The Constitution of Liberty' (1960) and 'Law, Legislation and Liberty' (three volumes, 1973-79)
    Co-recipient of the Nobel Prize in Economics (1974)
    Despite his popularity with conservatives, he wrote an essay titled 'Why I Am Not a Conservative.'
    He and liberal economist Gunnar Myrdal were mutually annoyed at being named co-winners of the Nobel Prize.
    In his acceptance speech, he said 'If I had been consulted whether to establish a Nobel Prize in economics, I should have decidedly advised against it.'
    He opposed central planning in favor of free markets.
    His rival, liberal John Maynard Keynes, said of 'The Road to Serfdom,' 'Morally and philosophically, I find myself in agreement with virtually the whole of it: and not only in agreement with it, but in deeply moved agreement.'
    Milton Friedman called him 'the most important social thinker of the 20th century.'
    At a meeting after she was named Conservative Party leader, Margaret Thatcher took a copy of Hayek's 'The Constitution of Liberty' from her briefcase and announced, 'This is what we believe.'

Credit: C. Fishel


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