Hayek
Free-market Austrian thinker
Hayek refers to Friedrich Hayek (1899–1992), Austrian-British economist and philosopher who championed free markets and warned against centralized economic planning.
His work *The Road to Serfdom* argued that government control of the economy leads to tyranny.
Hayek won the Nobel Prize in Economics in 1974 and remains a foundational figure for libertarian and classical liberal thought: a Hayek disciple, Hayekian economics.
Doctrine of minimal governance
- individualismDoctrine of personal independence
- limited governmentOfficially bounded political authority
- rule of lawSupremacy of established laws
- libertyAbsence of unjust constraint
free market · capitalism · laissez-faire · decentralization · privatization · deregulation · property rights · free trade
Periodic economic expansions and contractions
- price signalsCost changes conveying information
- spontaneous orderPattern emerging without design
- macroeconomicsStudy of aggregate economies
- inflationSustained price level increase
deflation · central banking · Keynesianism · economic thought · marginalism · competition · entrepreneurship · malinvestment
Theory of knowledge
- spontaneous orderPattern emerging without design
- cultural evolutionNongenetic inheritance of practices
- philosophy of scienceStudy of scientific reasoning
- complexityState of being complicated
constructivism · rationalism · empiricism · skepticism · methodology · scientism · Karl Popper · cognitive science
Celebrated achievement recipient
- StockholmSweden's seat of government
- 1974A calendar year
- recognitionPerceiving something as known
- awardHonor given for merit
classical liberalism
Doctrine of minimal governance
- individualismDoctrine of personal independence
- limited governmentOfficially bounded political authority
- rule of lawSupremacy of established laws
liberty · free market · capitalism · laissez-faire · decentralization · privatization · deregulation · property rights · free trade · voluntarism
business cycles
Periodic economic expansions and contractions
- price signalsCost changes conveying information
- spontaneous orderPattern emerging without design
- macroeconomicsStudy of aggregate economies
inflation · deflation · central banking · Keynesianism · economic thought · marginalism · competition · entrepreneurship · malinvestment · interest rates
epistemology
Theory of knowledge
- spontaneous orderPattern emerging without design
- cultural evolutionNongenetic inheritance of practices
- philosophy of scienceStudy of scientific reasoning
complexity · constructivism · rationalism · empiricism · skepticism · methodology · scientism · Karl Popper · cognitive science · emergence
laureate
Celebrated achievement recipient
- StockholmSweden's seat of government
- 1974A calendar year
- recognitionPerceiving something as known
HayekJohn Maynard Keynes
Keynes · Karl Marx · Keynesian · Paul Krugman · interventionist