Friedrich August von Hayek is an Austrian and British economist and philosopher. He defended the interests of classical liberalism. In 1974, he received the Nobel Prize for a pair with Gunnar Mirdell for "pioneering work in the field of money theory and ... an in-depth analysis of the interdependence of economic, social and institutional phenomena." Hayek is called the representative of the Austrian and Chicago schools. His main achievements are the calculation argument, catallactics, the theory of scattered knowledge, the price signal, spontaneous order, the Hayek-Hebb model.
general information
Friedrich Hayek was a significant social theorist and political philosopher of the 20th century. His observation of how price changes signal individuals important information that helps them coordinate their plans has become an important achievement in the economy. Hayek participated in the First World War and repeatedly said that this experience gave rise to a desire to become a scientist and help people avoid the mistakes that led to the armed conflict. During his life, he changed his place of residence many times. Friedrich Hayek worked in Austria, Great Britain, USA and Germany. He was a professor at the London School of Economics, the University of Chicago and Friborg. In 1939, Hayek received British citizenship. In 1984, he became a member of the Order of the Knights of Honor and the first Hans Martin Schleyer Prize Laureate. His article, “Using Knowledge in Society,” was among the top twenty published by The American Economic Review over the first 100 years of its existence.
Biography
Friedrich Hayek was born in Vienna. His father was a doctor and freelance professor of botany at a local university. Hayek's mother was born into a wealthy family of landowners. In addition to Friedrich, the couple had two more sons (1.5 and 5 years younger than him). Both Hayek’s grandfathers were scientists. On the maternal side, his second cousin was the famous philosopher Ludwig Wittgenstein. All this significantly influenced the choice of the sphere of interests of the future scientist. In 1917, Friedrich Hayek joined the artillery regiment in the Austro-Hungarian army on the Italian front. He was awarded for courage during the war.
In 1921 and 1923 he defended his Ph.D. in law and political science. In 1931, he began working at the London School of Economics. He quickly became famous. And they talked about Hayek as the main theorist in the field of economics in the world. After Germany came under Nazi rule, he decided to accept British citizenship. In the years 1950-1962 he lived in the United States. After that, he moved to Germany. However, Hayek remained a British subject for the rest of his life. In 1974, he became a Nobel Prize laureate. This event brought him even greater popularity. During the ceremony, he met with Russian dissident Alexander Solzhenitsyn. Then he sent him a translation of his most famous work, The Road to Slavery.
Personal life
In August 1926, Friedrich Hayek married Helen Berthe Maria von Fritsch. They met at work. The couple had two children, but in 1950 they broke up. Two weeks after the divorce, Hayek married Helena Bitterlic in Arkansas, where this could be done.
Friedrich Hayek: books
The University of Chicago plans to release the collected works of a scientist who has been working here for quite some time. A series of 19 volumes will contain new editions of books, author interviews, articles, letters, and unpublished drafts. Hayek's most famous works include:
- “Monetary theory and the trade cycle”, 1929.
- "Prices and production", 1931.
- "Income, interest and investment and other essays on the theory of industrial fluctuations", 1939.
- The Road to Slavery, 1944.
- “Individualism and the Economic Order”, 1948.
- "Transfer of the ideals of freedom", 1951.
- "Counter-revolution in science: studies on the abuse of reason", 1952.
- The Constitution of Freedom, 1960.
- "Pernicious arrogance: the errors of socialism", 1988.
Friedrich Hayek, The Road to Slavery
This is the most famous work of the Austrian economist and philosopher. He wrote it in 1940-1943. In it, he warns of the dangers of tyranny, which necessarily ends with government control over decision-making through central planning. Friedrich von Hayek argues that the rejection of individualism and the ideas of classical liberalism will inevitably lead to the loss of freedom, the creation of a passive society, dictatorship and "slavery" of people. It should be noted that the scientist’s claims were contrary to the prevailing views in the scientific work that fascism (national socialism) was the response of capitalism to the development of socialism. Hayek pointed to the common roots of both systems. Since its publication, more than two million copies of The Road to Slavery have been sold. The work of Friedrich Hayek had a significant impact on economic and political discourse in the 20th century. She is quoted today.
Contribution and Recognition
Hayek's work had a significant impact on the development of economic thought. His ideas are second in quotation (after Kenneth Arrow) in lectures by Nobel laureates. Vernon Smith and Herbert Simon call him the most famous modern economist. It was Hayek who first introduced the temporary dimension to market equilibrium. He had a significant impact on the development of growth theory, information economy and the concept of spontaneous order.
Legacy and awards
Even after death, Hayek is still one of the prominent economists of our time. His eyes are not out of date. In his honor are named:
- Student Society at the London School of Economics. It was created in 1996.
- Society at Oxford. Created in 1983.
- The audience at the Cato Institute. In recent years, Hayek has been awarded the title of Honored Senior Fellow at this American research organization.
- Audience at the University of Francisco Marroquin in Guatemala.
- Foundation for Scientists at the Institute for Humanitarian Research. He gives prizes to graduate students and young researchers.
- Annual lecture at the Ludwig von Mises Institute. On it, scientists talk about Hayek's contribution to science.
- George Mason University Award for Writing an Economic Essay.