Essay On August Von Hayek

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Friedrich August von Hayek , a central figure in twentieth-century economics and foremost representative of the Austrian tradition, 1974 Nobel laureate in Economics, a prolific author not only in the field of economics but also in the fields of political philosophy, psychology, and epistemology, was born in Vienna, Austria on May 8, 1899. Following military service as an artillery officer in World War I, Hayek entered the University of Vienna, where he attended the lectures of Friedrich von Wieser and Othmar Spann and obtained doctorates in law and political science. After spending a year in New York (1923-24), Hayek returned to Vienna where he joined the famous Private seminar conducted by Ludwig von Mises. In 1927 Hayek became the first director of the Austrian Institute for Business Cycle Research. On an invitation from Lionel Robbins, he lectured at the London School of Economics in 1931 and subsequently accepted the Tooke Chair. Hayek soon came to be a vigorous participant in the debates that raged in England during the 1930s concerning monetary, capital, and business-cycle theories and was a major figure in the celebrated controversies with John Maynard Keynes, Piero Sraffa, and Frank H. Knight. During the late 1930s and early 1940s Hayek's research focused on the role of knowledge and discovery in market processes, and on the methodological underpinnings of the Austrian tradition, particularly subjectivism and methodological individualism. His contributions in these areas were an outgrowth of his participation in the debate over the possibility of economic calculation under socialism. In 1950 Hayek moved to the United States joining the Committee on Social Thought at the University of Chicago. His research there engaged t... ... middle of paper ... ...bels as the "fatal conceit" the idea that "man is able to shape the world around him according to his wishes." F. A. Hayek is considered a pioneer in monetary theory, the preeminent proponent of the libertarian philosophy, and the ideological mentor of the Reagan and Thatcher "revolutions. Fredrick Hayek was awarded the Nobel Prize "for their pioneering work in the theory of money and economic fluctuations and for their penetrating analysis of the interdependence of economic, social and institutional phenomena" In his field, institutional economics, macroeconomics. In his Contribution, Research on the interrelations between economic, social and political processes. I think Hayek was a great man because he helped his community during the great depression with the theory’s of quantity demand and supply Fredrick Hayek died March 23 1992 in Austria/ Hungary, Vienna.

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