Photo from the Nobel Foundation archive.
Friedrich August von Hayek
The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1974
Born: 8 May 1899, Vienna, Austria
Died: 23 March 1992, Freiburg, Germany
Prize motivation: "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."
Contribution: Research on the interrelations between economic, social and political processes.
Prize share: 1/2
Economic issues affect almost every area of society and economic science also interplays with other social sciences. In the 1920s, Friedrich von Hayek conducted important work on business cycles, but later developed broader social analyses. From the 1930s, he highlighted the problems of central economic planning. His conclusion was that knowledge and information held by various actors can only be utilized fully in a decentralized market system with free competition and pricing.