Elgar original reference
Edited by Roger W. Garrison and Norman Barry
Chapter 1: Introduction
Friedrich August von Hayek (1899–1992) was a notable contributor to twentieth-century economics and a central figure of the Austrian school. He is credited for advances not only in the field of economics but also in the fields of psychology, epistemology and political philosophy. His scholarly output spans seven decades. Hayek was born in Vienna (then the capital of Austria-Hungary) on 8 May 1899. He served in the military as an artillery officer in World War I before entering the University of Vienna, where he obtained doctorates in law and political science. After spending a year at New York University (1923–24), Hayek returned to Vienna where he joined the celebrated Privatseminar conducted by Ludwig von Mises. In 1927 Hayek became the first director of the Austrian Institute for Business Cycle Research. His writing during the late 1920s reflected his experience in New York, during which time the US was experiencing the early phases of a dramatic economic boom, and his participation in Mises’ seminar, during which his appreciation for the Austrian theories of money and business cycles were strengthened. On an invitation from Lionel Robbins, chair of the economics department at the London School of Economics (LSE), Hayek delivered a series of lectures at the LSE in 1931 and subsequently accepted the Tooke Chair.