Abstract
a,N TFIESE times of high unemployment and rising price levels, one looks to the leaders of the economics profession for analysis and solutions. One possible candidate, \vho has investigated these problems in detail, is Friedrich August von Hayek. Hayek was awarded a share of the Nobel Prize for Economics last autumn. Born in 1899 in Austria, Hayek is probably better known in Europe than in the United States. After spending his formative years studying economics and law in Austria, he moved to England in 1931 and then on to the University of Chicago in 1950. Hayek accepted a chair at the University of Freiburg in Germany in 1962. Several years later he returned to Austria, where he now lives.
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