Sunday, August 26, 2007
Friedrich August von Hayek (1899-1992)
If man is not to do more harm than good in his efforts to improve the social order, he will have to learn that in this, as in all other fields where essential complexity of an organized kind prevails, he cannot acquire the full knowledge which would make mastery of the events possible.
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Friedrich Hayek (1899-1992) was an Austrian economist noted for his defense of free-market capitalism against a rising tide of socialist thought in the mid-20th century.
In The Road to Serfdom (1944) and subsequent works, Hayek said that socialism necessarily led to fascism as central planning overrode individual preferences in economic and social life.
Though an academic outcast for much of his career, Hayek's work gained new attention in the 1980s and 1990s with the triumph of right-leaning governments in the United States and Great Britain (Margaret Thatcher, British prime minister from 1979 to 1990, was an outspoken devotee of Hayek's writings) and the fall of communism. Hayek shared the Nobel Prize in Economics in 1974. Hayek is often referred to as F. A. Hayek, and sometimes as Friedrich Augustus von Hayek. [This article is licensed under the GNU Free Documentation License and uses material adapted in whole or in part from the Wikipedia article on Friedrich August von Hayek.
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