Friedrich August von Hayek


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Noun1.Friedrich August von Hayek - English economist (born in Austria) noted for work on the optimum allocation of resources (1899-1992)
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Nobel laureate Friedrich August von Hayek admonished, "The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.
While economists are rarely household names, previous winners include well-known figures such as Paul Krugman, Milton Friedman, Friedrich August von Hayek and Joseph Stiglitz.
The Austrian School of Economics was founded by Carl Menger, continued in the "second generation" by Eugen von Bohm-Bawerk and Friedrich von Wieser, in the "third generation" by Ludwig von Mises, and later by such eminent economists as Oskar Morgenstem and Nobel laureate Friedrich August von Hayek.
Friedrich August von Hayek was Austrian economist and philosopher, a loyal advocate of liberalism and of market economy who made important contributions in the theory of money and economic fluctuations, merits for which he was awarded the Nobel Memorial Prize in Economic Science in 1974.

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