Hayek, Friedrich

Friedrich Hayek was an economist and philosopher best known for his defense of free markets and individual liberty. He argued that decentralized decision-making, through prices and open competition, efficiently organizes resources and information far better than centralized planning. Hayek believed that spontaneous order—emerges naturally when individuals pursue their own interests—underpins economic progress and personal freedom. His work highlights the importance of limited government intervention, emphasizing that too much control can disrupt this natural order and reduce overall well-being. Ultimately, Hayek's ideas advocate for free markets as the most effective way to achieve economic prosperity and personal liberty.