Friedrich August Von Hayek was born in Vienna on May 8, 1899, and died on March 23, 1992. Friedrich Hayek is an Austrian economist and political scientist. In the field of economics, he advocated free market economy. Hayek made a name for himself in the field of economics and came to the fore with his defense of the free market economy against the socialism movement that emerged in the mid-20th century. Let’s take a closer look at Friedrich August Von Hayek, the author of the Constitution of Liberty. You can browse here for information about Milton Friedman.
Who is Friedrich August Von Hayek, the Author of the Constitution of Liberty
Friedrich Hayek has worked in the fields of economics, law, philosophy, psychology and politics. He has especially made great contributions to law and epistemology (philosophy of knowledge: the branch of science dealing with the source, nature and scope of knowledge). Friedrich August Von Hayek was awarded the Nobel Prize in Economics in 1974 and shared the prize with Gunnar Myrdal.
Friedrich Hayek, who served as an artillery officer, turned to social sciences after the First World War. Hayek received his doctorate in law from the University of Vienna in 1921 and political science in 1923. Hayek, who was about to adopt the ideas of socialism, changed his thoughts on Ludwing Von Mises’s being influenced by the book Socialism in 1924. After this change, Hayek became an advocate of liberal philosophy. He defended liberal philosophy in many areas such as economics and political philosophy.
Friedrich August Hayek is among the philosophical advocates of the free market order. He is one of the important representatives of the Austrian School in the 20th century. Hayek is of the opinion that centralized economic planning restricts people’s freedom and needs. Hayek, a proponent of pluralist and economic subjectivism, received the Nobel Prize in Economics in 1974. According to Friedrich Hayek, the ability to make economic decisions is not separate and independent from individuals, their values and goals. It is known as economic subjectivity (Austrian school) that the right to make economic decisions is not independent of its individuals’ goals and decisions.
Hayek emphasized that the right to make decisions should belong to individuals who have information. Stating that in the competitive market, prices are determined according to the relative values that people attach to goods and services, Hayek says that individuals also decide how to best meet their needs by looking at prices, and even determine what their wants are.
For about Constitution of Liberty: https://en.wikipedia.org/wiki/The_Constitution_of_Liberty
