An Article from the Future of Freedom Foundation
Celebrating the Work of F.A. Hayek
by Richard M. Ebeling
Forty years ago, on October 9, 1974, the Nobel Prize committee announced that the co-recipient of that year’s award for economics was the Austrian economist, Friedrich A. Hayek. Never was there a more deserving recognition for one of the truly great free market thinkers of modern times.
The Nobel committee recognized his contributions, including “pioneering work in the theory of money and economic fluctuations and for [his] penetrating analysis of the interdependence of economic, social and institutional phenomena.”
Over a scholarly and academic career that spanned seven decades, Hayek was one of the leading challengers against Keynesian economics, a profound critic of socialist central planning, and a defender of the open, competitive free society.
The awarding of the Nobel Prize for Economics in 1974 represented capstone recognition to an intellectual life devoted to understanding the workings and superiority of social systems grounded in the idea and ideals of human freedom and voluntary association.
“Austrian” Influences on Hayek
Friedrich August von Hayek was born on May 8, 1899 in Vienna, Austria. He briefly served in the Austrian Army on the Italian front during World War I. Shortly after returning from the battlefield in 1918 he entered the University of Vienna and earned two doctorates, one in jurisprudence in 1921 and the other in political science in 1923. While at the university, he studied with one of the founders of the Austrian school of economics, Friedrich von Wieser.
But perhaps the most important intellectual influence on his life began in 1921, when he met Ludwig von Mises while working for the Austrian Reparations Commission. It is not meant to detract from Hayek’s own contributions to suggest that many areas in which he later made his profoundly important mark were initially stimulated by the writings of Mises. This is most certainly true of Hayek’s work in monetary and……(To read more Click here)