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date: 02 August 2021

Abstract and Keywords

Friedrich Hayek (1899–1992) was born in Vienna, when it was still the vibrant capital of the Austrian-Hungarian empire. After the war, he studied economics and law at the University of Vienna. He published his first book, on monetary theory, in 1929, on the strength of which he was appointed to the post of Professor at the London School of Economics. Here he stayed until 1950. He also taught at the universities of Chicago and Freiburg. Throughout the 1930s and 1940s he challenged the other prominent British economist, John Maynard Keynes, book for book and article for article. Hayek endorsed the pre-1848 vision of classical economic liberalism, emphasizing the importance of private property, individual liberty, personal responsibility, and the free market. In the Road to Serfdom (1944) he argues that government intrusion into a free economy is the first step toward totalitarianism.

From Friedrich A. Hayek, The Road to Serfdom. Chicago: University of Chicago Press, 2008, pp. 93–4, 96–8, 100.

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