Hayek (Friedrich August von Hayek)

Friedrich August von Hayek was a renowned economist and philosopher who believed that free markets are vital for a healthy economy. He argued that individual choices and decentralized decision-making better allocate resources than government planning. Hayek emphasized that knowledge is spread throughout society, making it impossible for a central authority to efficiently manage everything. Instead, he supported limited government intervention, advocating for free enterprise where prices and competition guide economic activity. His ideas highlight the importance of personal freedom and spontaneous order in creating prosperity and innovation within society.