Friedrich August von Hayek was born in Vienna in 1899.
In 1918 He got into Vienna University.
Friedrich interested philosophy, psychology and economics in this time.
Hayek was recruited by Mises as a specialist for the Austrian government, after examinations.
This happened after he got the title of doctor of law in 1921.
In 1923 he got the title of doctor of economics.
During this time period, a large number of his works on monetary theory and economic policy were published .
In 1930 he was invited to give lectures at the London school of Economics.
One of Hayek works plays a important role in economic theory.
This is “The Pure Theory of Capital”.
In this book, he explained the reason for the inefficient use of resources.
This is due to low Bank interest rates.
All ideas from this work were developed in the business cycle theory.
Hayek often criticize socialism.
This confirm one of his main works - "The Road to Serfdom".
This book argues that the mechanism of price regulation by the goverment leads to totalitarianism.
In 1974, Friedrich August von Hayek was awarded the Nobel prize in Economics for his work on the theory of economic fluctuations.
His works had a huge impact on the development of economic theory in the 20th century.
Friedrich August von Hayek is buried in Vienna in 1992.