2. 8 May 1899-March 1992
From Vienna, Austria
Studied law at the University of Vienna
Obtained Juris Doctor in 1921, and a
doctorate in political science in 1923
Was a research assistant at New York
University
Co-founded the Austrian Institute for
Business Cycle Research in 1927
Most famous for his book The Road to
Serfdom
3. Key argument: Socialism stifles individual
freedom and inevitably leads to
totalitarian forms of government.
Mao Zedong
Pol Pot, former Cambodian
Torture in the Pol Pot regime dictator
4. Uncontrolled systems can’t
be unfair, since the outcome
is not planned in favor of a
particular party or individual
Best way to encourage trade
and specialization
Government intervention can
only lead to inflation
Again…Hayek believed that
government control of the
economy would lead to
totalitarianism.
5. Believed certain situations
merited government
intervention
Supported minimum living
standards
Supported some redistribution
of capital
Hated inequality of social
classes
Wanted to prevent economic
busts by steering clear of
economic booms (often caused
by capitalist systems)
Salvador Allende, the
former President of
Chile
6. Hayek essentially wanted a capitalist
economic system with minimal
government control, that still had the
benefits of a socialist system, like
fulfillment of basic needs, equality, and a
more even wealth distribution.
7. Lamer, Jesse. “Who’s Afraid of Friedrich Hayek?” Dissent Vol. 55 Winter 2008:
85-90.
ProQuest. 9 February 2010 <http://proquest.umi.com/>.
“Overview of F(riedrich) A(ugust von) Hayek." DISCovering Authors. Online
ed.
Detroit: Gale, 2003. Discovering Collection. Web. 9 Feb. 2010.
<http://find.galegroup.com/gps/start.do?
prodId=IPS&userGroupName=ithac>.
Leube, Kurt R. "Hayek, Friedrich A. von (1899-1992)." Encyclopedia of World
Biography. Ed. Suzanne M. Bourgoin. 2nd ed. Detroit: Gale Research, 1998.
Discovering Collection. Web. 9 Feb. 2010.
<http://find.galegroup.com/gps/start.do?
prodId=IPS&userGroupName=ithaca>.
“Friedrich August Hayek.” The Concise Encyclopedia of Economics. Library of
Economics and Liberty. 9 February 2010 <http://econlib.org/library/Enc/
bios/Hayek.html>.
