Friedrich Hayek

Notes

Friedrich Hayek (1899–1992), Austrian-British economist and political philosopher, Nobel laureate 1974. "The Use of Knowledge in Society" (1945) recast the calculation problem as a problem of knowledge: the information needed to run an economy is dispersed across millions of minds and cannot be centralised, and prices are the mechanism that makes it usable. The Road to Serfdom (1944) argued that central planning leads to tyranny. He also accepted, in the same book, a role for the state in providing a safety net, which his admirers tend to forget.

Wikipedia: https://en.wikipedia.org/wiki/Friedrich_Hayek

Also see

• Economic calculation problem
• Communism
• Universal Basic Income
• Ludwig von Mises
• Karl Popper, his friend and ally at the LSE