Political Economy, Political Philosophy, and LiberalismAustrian-British
It is not surprising that the happiness gained from the control man has achieved over his own fate has blinded him to the fact that every attempt at the centralized direction of society may lead to the destruction of the very freedom that made such power possible.
Friedrich Hayek was a prominent twentieth-century economist and political philosopher and the recipient of the 1974 Nobel Prize in Economics. He is considered one of the principal representatives of the Austrian School and one of the staunchest defenders of classical liberalism, the free market, and individual liberties against central planning and socialism. His masterpiece, <i>The Road to Serfdom</i>, played a significant role in the critique of totalitarianism and the defense of the rule of law.