Economist

Friedrich Hayek

Friedrich Hayek

Born:

Friedrich Hayek was Austrian British economist and known for his classical liberalism, born on 8 May 1899, In Vienna, Cisleithania, Austria-Hungary.

Family Background:

He was the son of August Von Hayek and his wife Felicitas Juraschek. His father was a medical doctor and also a part-time botany lecturer at the University of Vienna. He had two brothers, Heinrich and Erich.

Personal Life:

Hayek was in loved with his cousin Helene Bitterlich, but When She had married somebody, Hayek had been married, Berta Maria

In August 1926. They had two children. In around 1945-46, He had started affairs with Bitterlich. In 1950, Hayek and Helen divorced in 1950. After few weeks of his divorced, he married his cousin.

Education:

Hayek had received the degree in Laws and political science at the University of Vienna in 1921-23. He had also studied economics, philosophy, and psychology.

Career:

In 1923, He worked as research assistant to Prof. Jeremiah Jenks of New York University. In the middle of 1924, He had received the job at Civil service office. In 1927, He helped to set up Osterreichisches Institut für Konjunkturforschung, In 1929, He joined the University of Vienna as a lecturer. In January 1031, He had given the series of lecture at the London School of Economics and Political science. At the same year, He had taken a position at the London School of Economics. He worked at LSE till 1950, During that time some famous economist would be studied with him including Ronald Coase, John Kenneth Galbraith, Oskar Lange, Nicholas Kaldor, and some others. He had also continued to write books such as ‘Monetary Nationalism and International Stability’ Published in 1937, ‘Profits, Interest & Investment’ Which had published in 1939, ‘The Pure Theory of Capital’, LAunched in 1941, ‘The Road to Serfdom’, in 1944 and ‘Individualism and Economic Order’  which had been published in 1948. In 1950, He had been invited from  Robert Hutchins University of Chicago. He Left LSE and had Joined the Chicago University. He worked at Chicago university till 1962. From 1962 to 1968, He had worked at the Albert Ludwig University of Freiburg, which was located in Germany.

Unknown Facts:

  • His name was Friedrich August von Hayek, He called F.A. Hayek.
  • He was the major political philosopher of the twentieth century.

Master Stroke:

  • In 1931, He published his first book, ‘Monetary Theory and the Trade Cycle’.
  • In 1984, He had been appointed the member of Order of the Companions of Honour by Queen Elizabeth ||.

Awards and Achievements:

  • In 1974, He received the Nobel Memorial Prize in economic science.
  • In 1991, He received the Presidential Medal of freedom.

What can we learn from him??

Like Friedrich Hayek, Learn from your mistakes. Never be afraid to admit your mistakes.

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