Born in Austria in 1899, Nobel Prize-winning economist Friedrich von Hayek was an advocate of free-market capitalism. He is known for his criticism of the prevailing economic theories of the 20th ...

“The dominant ‘macro-economic theory,’” Hayek predicted, “is likely to make later large-scale unemployment inevitable.”Indeed, the decade ended with simultaneous high inflation and high unemployment.

Friedrich Hayek received the Nobel Prize in Economic Sciences (jointly) in 1974 for his pioneering work in the theory of money and economic fluctuations and for a penetrating analysis of the ...