DEFINITION of 'Friedrich Hayek'

A famous economist born in Vienna, Austria, in 1899. Friedrich Hayek is well-known for his numerous contributions in the field of economics and political philosophy. Hayek's approach mostly stems from the Austrian school of economics and emphasizes the limited nature of knowledge. He is particularly famous for his defense of free-market capitalism and is remembered as one of the greatest critics of the socialist consensus.

Friedrich Hayek is the co-winner of the The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel in 1974. He died on March 23, 1992.

BREAKING DOWN 'Friedrich Hayek'

According to the official Nobel Prize website, Friedrich Hayek and Gunnar Myrdal won the Nobel Prize in Economics in 1974 "for their pioneering work in the theory of money and economic fluctuations and for their penetrating analysis of interdependence of economic, social and institutional phenomena". After his death, some of the universities Hayek had taught at made tributes to him (such as naming an auditorium after him).

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