Friedrich August Hayek CH (8 May 1899 – 23 March 1992), born in Austria-Hungary as Friedrich August von Hayek, was an economist and philosopher best known for his defense of classical liberalism and free-market capitalism against socialist and collectivist thought. He is considered to be one of the most important economists and political philosophers of the twentieth century, winning the Nobel Memorial Prize in Economic Sciences in 1974. Along with his mentor Ludwig von Mises, he was an important contributor to the Austrian school of economic thought. Hayek's account of how changing prices communicate information which enable individuals to coordinate their plans is widely regarded as an important achievement in economics. Hayek also produced significant work in the fields of systems thinking, jurisprudence, neuroscience and the history of ideas.
In 1974 Hayek shared the Nobel Memorial Prize in Economic Sciences with Swedish economist Gunnar Myrdal for his "pioneering work in the theory of money and economic fluctuations and [his] penetrating analysis of the interdependence of economic, social and institutional phenomena."