![]() That is, the answer to the question of what is the best use of the available means is implicit in our assumptions. ![]() If we possess all the relevant information, if we can start out from a given system of preferences, and if we command complete knowledge of available means, the problem which remains is purely one of logic. What is the problem we wish to solve when we try to construct a rational economic order? On certain familiar assumptions the answer is simple enough. He shared the 1974 Nobel Prize in Economics with ideological rival Gunnar Myrdal “for their pioneering work in the theory of money and economic fluctuations and for their penetrating analysis of the interdependence of economic, social and institutional phenomena.” Among mainstream economists, he is mainly known for his popular The Road to Serfdom (1944). Student of Friedrich von Wieser, protégé and colleague of Ludwig von Mises, and foremost representative of an outstanding generation of Austrian School theorists, Hayek was more successful than anyone else in spreading Austrian ideas throughout the English-speaking world. Hayek (1899–1992) is undoubtedly the most eminent of the modern Austrian economists, and a founding board member of the Mises Institute. A claim for equality of material position can be met only by a government with totalitarian powers.į.
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