Friedrich August von Hayek was an Austrian-British economist born in 1899 in Vienna. He studied under Ludwig von Mises and moved around Europe, eventually settling in Germany. Hayek is known for his work on business cycles and criticism of centralized economic planning. He argued that recessions are caused by central banks keeping interest rates too low. Hayek also believed that market economies allow for more efficient use of dispersed knowledge than centralized planning. His work influenced conservative leaders like Margaret Thatcher and Ronald Reagan.