Friedrich Hayek

Friedrich August Von Hayek (1899-1992) was a Nobel Prize winning economist and one of the most prominent member of the Austrian School of Economics, a libertarian movement. Hayek emphasized our limited knowledge of the markets (and other subjects), and thus our need for the price mechanism to communicate essential information about supply and demand. No centralized planner or government can manage the economy. A freemarket is the most efficient known allocator of resources.

Hayek has been compared to the philosopher David Hume with respect to his insistence that we should be "sensible of our ignorance."