![]() His most popular work, The Road to Serfdom, has sold over 2.25 million copies (as of 2020). Hayek was also a major social theorist and political philosopher of the 20th century and as the co-founder of Mont Pelerin Society he contributed to the revival of classical liberalism in the post-war era. He is widely considered a leader of the Austrian School of Economics, although he also had close connections with the Chicago School of Economics. Hayek's academic life was mostly spent at the London School of Economics, and later at the University of Chicago, and the University of Freiburg. He subsequently lived and worked in Austria, Great Britain, the United States, and Germany he became a British subject in 1938. ![]() At the University of Vienna, he studied economics, eventually receiving his doctoral degrees in law in 1921 and in political science in 1923. Hayek served in World War I during his teenage years and said that this experience in the war and his desire to help avoid the mistakes that had led to the war drew him into economics. His account of how changing prices communicate information that helps individuals coordinate their plans is widely regarded as an important achievement in economics, leading to his prize. Hayek shared the 1974 Nobel Memorial Prize in Economic Sciences with Gunnar Myrdal for their work on money and economic fluctuations, and the interdependence of economic, social and institutional phenomena. Hayek, was an Austrian–British economist, legal theorist and philosopher who is best known for his defense of classical liberalism. Friedrich August von Hayek CH FBA ( / ˈ h aɪ ə k/ HY-ək, German: ( listen) – 23 March 1992), often referred to by his initials F. ![]()
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