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(1899-1992) Economist and philosopher best known for his defence of classical liberalism - Hayek shared the Nobel Memorial Prize in Economic Sciences
Year of Birth: 1899
Friedrich August Hayek was one of the most influential economists and political theorists of the twentieth century. He was born on May 8, 1899 in Vienna, Austria, into a family of mixed German, Austrian, and Czech ancestry. His father, August, was an eminent doctor of law and his mother, Felicitas, was a gifted pianist. Hayek had a full and varied education and was a gifted student. He studied economics and law at the University of Vienna and obtained a doctorate in law in 1921. He then went on to receive a doctorate in political science in 1923.
Hayek began his career teaching economics at the University of Vienna, but soon moved to the London School of Economics in 1931. It was there that he developed his highly influential theories on the market economy and the role of government. In the late 1930s, he wrote his most famous work, The Road to Serfdom, which argued that government intervention in the economy and the welfare state could lead to an erosion of individual freedom. This work was highly controversial at the time, but it has since become a classic of economic and political thought.
In addition to his academic work, Hayek was also a prolific writer and public speaker. He was a vocal critic of socialism and spoke out against the dangers of government control of the economy. He also wrote widely on the importance of individual liberty and the need for a limited government. Hayek was also a strong advocate of free markets and free trade, and his work had a major influence on the development of neoliberal economic policies.
In 1974, Hayek was awarded the Nobel Memorial Prize in Economic Sciences for his contributions to the understanding of the economic process and the interdependence of economic, social, and institutional phenomena. He is also remembered for his many books, articles, and lectures on economic and political topics. He was an important figure in the Austrian School of Economics and is widely regarded as one of the most important economists of the twentieth century.
Hayek's research and writings have had a lasting influence on economic theory and policy. He is widely credited with being one of the founders of the modern school of Neo-liberalism, and his work has been cited by many of the world's leading economists and politicians. His ideas have been instrumental in the development of free-market economic policies, and his work has had a major impact on the economic policies of many countries around the world.
Friedrich August Hayek was a major figure in economics, political theory, and philosophy in the twentieth century. His work and ideas continue to influence economic policy and debate around the world today. He will be remembered as one of the most influential figures in economic thought of the twentieth century.
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