Friedrich August von Hayek (1899 –1992) was an Austrian-British economist and philosopher famous for his defence and contribution to the revival of classical liberalism in the post-war era.

Friedrich August von Hayek (1899 –1992) was an Austrian-British economist and philosopher famous for his defence and contribution to the revival of classical liberalism in the post-war era. Hayek worked on how information on price changes helps individuals coordinate their plans and the role of governments.

In his work, The Road to Serfdom (1943), Hayek warns of the danger of tyranny that inevitably results from government control of economic decision-making through central planning. He argued that the abandonment of individualism and classical liberalism inevitably leads to a loss of freedom, the creation of an oppressive society, the tyranny of a dictator, and the serfdom of the individual.

Hayek’s thinking was a key conceptual pillar to challenge the growing British Marxists in Europe and their intentions in central economic planning and empowering the state over the individual.