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Free Markets & Liberty

In my opinion, liberty is a policy which "deliberately adopts competition, markets, and prices as it ordering principles" (Hayek). Markets guarantee liberty to all individuals, whereas, government intervention causes us to go down the Road to Serfdom. With too much government intervention, it can cause too much money to be injected and taxes to be lowered, causing entrepreneurs to invest in goods and services which consumers  did not want/need. It also incentivizes long-term capital investment which limited the opportunities for entrepreneurs to realize short-term investments and gains, which could help kick-start the economy after times like the Great Depression.

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Adulthood (1950's - Death)
In the 50's, I moved to America to teach social and moral sciences at the University of Chicago.Whilst I was at the University of Chicago teaching social and moral sciences, I also worked on methodology, psychology, and political theory. After teaching there for a couple of years, in the 60's, I returned to Europe to be a professor of economic policy at the University of Freiburg in Breisgau, West Germany. After that, I went to the University of Salzburg in Austria to teach until my retirement. While there, I had slowed down my publishings; but, in 1974, after I shared my first Nobel Prize with Gunnar Myrdal for my "pioneering work in the theory of money and economic fluctuations and for [our] penetrating analysis of the interdependence of economic, social and institutional phenomena" (Econlib), I had become much more invested in my publications again, and began to publish more, specifically on the topics of economics and politics. I had passed away in 1992.

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Early Life (Post WW1 - 1940's)
After World War 1, I decided to pursue a doctorates in law and political science at the University of Vienna. Originally, I was a medical doctor with a passion for botany, I was even a part-time lecturer in the University of Vienna for the subject of botany. After pursuing my doctorates in Law and political science, Gottfried Haberler, Fritz Machlup, Oskar Morgenstern, and I joined Ludwig von Mises private seminar. I decided to shift away from socialism, to support classical liberalism after reading von Mise's book, Socialism. In 1927, I became the director of the Austrian Institute for British Cycle Research. A few years later, in the early 1930's, I became apart of the faculty in the London School of Economics, by invitation of Lionel Robbins. During my 18 years in London, I became a British citizen.

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https://www.econlib.org/library/Enc/bios/Hayek.html
https://www.pbs.org/wgbh/commandingheights/shared/minitext/prof_friedrichvonhayek.html
https://www.nobelprize.org/prizes/economics/1974/hayek/facts/
https://www.youtube.com/watch?v=SHsCkinrCPE

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Hi, my name is Friedrich von Hayek, and I am an Austrian British economist and philosopher. Born on May 8th, 1899, I was born into a family with a history of scholars. In fact, one of my grandfathers, Franz Von Juraschek, was a leading economist in Austria Hungary. He was the one who stemmed my passion for economics. My other grandfather taught natural sciences in Vienna. My mother came from an affluent upbringing, and my father was an university professor.

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In general, many consider me as a major social theorist and political philosopher in the 20th century. My account of how changing prices communicate information which helps individuals coordinate their plans is widely regarded as an important achievement in economics, which lead my 1974 Nobel prize. I shared the the Nobel Memorial Prize in Economic Sciences with Gunnar Myrdal. Shared the 1974 Nobel Memorial Prize in Economic Sciences with Gunar Mydral, as mentioned previously, it was for my "pioneering work in the theory of money and Economic fluctuations and penetrating analysis of the interdependence of economic, social and institutional phenomena" (Econlib).

In 1984, I was appointed Companion of Honor for my services to the field of economics. I was also one of the first recipients of the Hans Martin Schleyer prize in 1984. The year prior to my death, I received the presidential medal of freedom from president George H W. Bush. My Article “The Use of Knowledge in Society” was selected as one of the top 20 articles published in the American Economic Reviews during its first 100 years

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The business cycle

My principal investigations in economics concern capital, money and the business cycle. Using Ludwig Von Mises concept of marginal utility and the value of money in his Theory of money and Credit, I used this as a starting point for my own interpretation of the business cycle, which later on elaborated into Austrian theory of business cycle. I showed the Austrian approach in more detail in my book, which published in 1929, the English translation, Monetary Theory and the Trade Cycle. In the book I argued for a monetary approach to the origins of the cycle. In my Prices and Production (1931), I argued that the business cycle resulted from the central banks inflationary credit expansion and its transmission over time, leading to a capital misallocation caused by the artificially low interest rates. I believe that the past instability of the market economy is the consequence of the exclusion of the most important regulator of the market mechanism, money, from itself being regulated by the market process. I believe that markets should balance out, creating an equilibrium - gluts and shortages should balance themselves out, via market mechanisms. Through achieving that equilibrium, it will lead to an optimal distribution of resources within an economy.

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Investment and choice

I investigated the choice of thoery of investment. Through examining the inter-relations between non-permanent production goods and "latent" or potentially economic permanent resources, and building on the choice theoretical insight in which "processes that take more time will evidently not be adopted unless they yield a greater return than those that take less time"

Criticism of Collectivism

I was one of the leading academic critics of collectivism in the 20th century. Through arguing that all forms of collectivism (even those theoretically based on voluntary co-operation) could only be maintained by a central authority of some kind. From my point of view, the central role of the state should be to maintain the rule of law, with as little arbitrary intervention as possible. In my popular book, The Road to Serfdom(1944) I argued that that socialism required central economic planning and that such planning in turn leads towards totalitarianism.

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Books that I have written that have influenced Economics  

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Books that I have written that have influenced Economics  

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Due to my great interests in economics, through out my life I have written many books and articles explaining or relating to my findings and opinions in economics. Some of my proudest works in economics would be "Collectivist economic planning"(1935), “Choice in currency”(1909), and "Individualism and Economic Order" (1948). Each book was a special achievement to me to be able to express my theories. Collectivist Economic Planning is a collection of essays which I comment on, mostly based on Economic Calculation in the Socialist Commonwealth, which was suggested by  Ludwig von Mises in the 1920s. It mainly covers the topics of the possibility of socialism. As I am a firm supporter of free-market capitalism, I edited Collectivist Economic Planning,  and Choice in currency” is about my argument on the importance of currency markets. I think that all people should have the option to use a currency of their own choosing, even if it wasn't the mainstream domestic ones. By doing so I believe that this provides a check against inflation, allowing citizens to keep their assets be in any unit.  "Individualism and Economic Order" is also a collection of essays from the 1930s discussing topics from moral philosophy to  economics theory, the main purpose of the collection of these essays was to contrast free markets with planned economies.  In 1944, I also write The Road to Serfdom, a book warning of the dangers of government control. It critiques Keynesian policy and argues that Keynes' ideas of liberalism will lead to a loss of freedom, and eventually, create a tyrannical society.

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The economic calculation problem

Building on the earlier work of Mises and others, I also argued that while in centrally planned economies an individual or a select group of individuals must determine the distribution of resources, these planners will never have enough information to carry out this allocation reliably. This argument, that was first proposed by Marx Weber says that the efficient exchange and use of resources can be maintained only through the price mechanism in free markets. Therefore, I began to advocate for denationalizing money. Private enterprises with distinct currencies would have a motive to retain their currency's purchasing power. Because I am a strong believer in spontaneous order, however, I can't predict whether they would revert to a gold standard - fixing their currencies around a specific amount of gold.