Friedrich a Hayek

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Running head: FRIEDRICH HAYEK 1

Friedrich August Von Hayek
Donotra Woods
Post University

FRIEDRICH HAYEK 2
According to Hayek (1994, p. 168) “Probably it is true enough that the great majority are rarely capable of thinking independently, that on most questions they accept views which they find ready-made, and that they will be equally content if born or coaxed into one set of beliefs or another. In any society freedom of thought will probably be of direct significance only for a small minority. But this does not mean that anyone is competent, or ought to have power, to select those to whom this freedom is to be reserved. It certainly does not justify the presumption of any group of people to claim the right to determine what people ought to think or believe.” This point is sustained by Friedrich Hayek, a defender of liberty, individualism, and free market capitalism, in opposition to, collectivism and government powers to control the economy. Friedrich August von Hayek, was born May 8, 1899 in Vienna. He was an Austrian-British economist, political philosopher, historian, and legal theorist of the twentieth century. In 1974, Hayek won the Nobel Memorial Prize in economics with ideological rival Gunnar Myrdal and received the Presidential Medal of freedom in 1991 (New World Encyclopedia, 2012). Friedrich Hayek was an advocate of liberty. He believed in the rule of law, and not the rule of majority. In his book, The Constitution of Liberty, Hayek established his policy on the political principles of freedom. For example, his main objection to increasing taxation was not that it causes inefficiency, but that it violates



References: Cochran, John P. (2011). Hayek and the 21st century boom bust and recession-recovery. Quarterly Journal of Austrian Economics, . Retrieved from http://www.web.ecscohost.com.libcat.post.edu 14(3), 267. Hayek, F. A. (1978). The Constitution of Liberty. The University of Chicago Press, 133, 394. Hayek, F. A. (1994). The Road to Serfdom. The University of Chicago Press, (50) 129, 168. Mankiw, G. (2012). Principles of Economics. South-Western, Cengage Learning, 342. New World Encyclopedia, (2012). Friedrich hayek. Retrieved from http://www.newworldencyclopedia.org/p/index.php?title=Friedrich_Hayek&oldid=960782 Sowell, T. (1994). A road to hell paved with good intentions. Forbes, 153 (2), Retrieved from http://0-web.ecscohost.com.libcat.post.edu The Concise Encyclopedia of Economics. (2nd ed.) (2008). Library of Economics and Liberty. Retrieved from http://www.econlib.org/library/Enc/bios/Hayek.html .

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