Hayek, Friedrich A.
Hayek, Friedrich A. (1900–92)Born in Vienna, where he later gained doctorates in law and political science, Hayek taught for many years at the London School of Economics and Political Science and the University of Chicago, before returning to Austria in 1962. In an ironic coupling, he was awarded the Nobel Prize in economics jointly with Gunnar Myrdal. The irony arises because Hayek was even better known for his immoderate free-market liberalism than Myrdal was for his measured social democratic views. Given his later fame as the leading theorist of the anti-Keynesian monetarism that became influential in the 1980s, it is appropriate that his first book was entitled Monetary Theory and the Trade Cycle (1933), and that he used the ideas set out therein to criticize Keynes's Treatise on Money (1930). His substantive work is based on a theory of action (modified from that of Carl...
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