Friederich HAYEK

Friederich Hayek – to go where no Austrian economist has thought of going before Friederich Hayek, Nobel prize winner in economics in 1974, is probably the best known of the Austrian School economists. His influence in diverse branches of economics, management studies and related fields has been enormous. In addition he was a pioneer in the field of cognitive science, and, in the tradition of his Austrian colleague and friend, Karl Popper, he made important contributions to the philosophy of science. Hayek was a younger colleague of Mises in Austria, but was trained in economics (after studying law and psychology) by Wieser. His long and fruitful intellectual journey was influence by both of these teachers (Caldwell 2004). Hayek’s prominence dates from his years at the London School of Economics and the famous debate with John Maynard Keynes over monetary theory and policy in the 1930’s (Hayek 1995). (The essence of that debate has been repeated in subsequent years at various times, until today). It was also at this time that he was engaged in another high-level debate about the meaning and feasibility of socialist planning (Hayek 1997).10 Hayek’s preoccupation with subjectivism, expectations and social coordination (influenced by his involvement in both the Hayek-Keynes