Friedrich Hayek

Biography

Austrian-British economist and philosopher, Nobel laureate (1974). Major figure in the Austrian School.

Austrian School

"The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design."

—Friedrich Hayek, The Fatal Conceit (1988), p. 76, University of Chicago Press

"Competition is a discovery procedure, not merely a method for allocating given resources."

—Friedrich Hayek, New Studies in Philosophy, Politics, Economics, and the History of Ideas (1978), p. 179, University of Chicago Press