Friedrich August von Hayek
Friedrich August von Hayek
Friedrich Hayek CH, born in Austria-Hungary as Friedrich August von Hayek and frequently referred to as F. A. Hayek, was an Austrian and British economist and philosopher best known for his defense of classical liberalism. Hayek shared the 1974 Nobel Memorial Prize in Economic Sciences with Gunnar Myrdal for his "pioneering work in the theory of money and economic fluctuations and ... penetrating analysis of the interdependence of economic, social and institutional phenomena."...
NationalityAustrian
ProfessionEconomist
Date of Birth8 May 1899
CountryAustria
Friedrich August von Hayek quotes about
The social sciences, like much of biology but unlike most fields of the physical sciences, have to deal with structures of essential complexity, i.e. with structures whose characteristic properties can be exhibited only by models made up of relatively large numbers of variables.
The credit which the apparent conformity with recognized scientific standards can gain for seemingly simple but false theories may, as the present instance shows, have grave consequences.
There is only one '' principle that can preserve a free society: namely, the strict prevention of all coercion except in the enforcement of general abstract rules equally applicable to all.
We know, in other words, the general conditions in which what we call, somewhat misleadingly, an equilibrium will establish itself: but we never know what the particular prices or wages are which would exist if the market were to bring about such an equilibrium.