F. A. Hayek, the 1974 Nobel Memorial Prize winner in Economic Sciences, was an economist and philosopher best known for his defense of classical liberalism and free-market capitalism against socialist and collectivist thought.
Hayek warns the economics profession—and the world—that attempting to use economic science to “scientifically” manage society can only end in disaster.
F. A. Hayek addresses the banquet associated with the 1974 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, arguing that the establishment of the prize was a mistake.
