Hayek's Road to Freedom
My article titled "Hayek's Road to Freedom-A Centenary that may hold the Key to the Next Millennium-A Tribute to Friedrich A. von Hayek on his Birth Centenary" was published on May 8, 1999. Introduction This month marks the birth centenary of Friedrich A. von Hayek, one of the greatest philosopher of freedom and Nobel laureate economist. While we in India were fascinated by government planning, a quarter century ago in 1974, the Nobel Academy held that "von Hayek's analysis of the functional efficiency of different economic systems is one of his most significant contributions to economic research in the broader sense. His conclusion is that only by far-reaching decentralization in a market system with competition and free price-fixing is it possible to make full use of knowledge and information." Impact of Hayek Today, a wide range of people has acknowledged his contribution all over the world. From philosophers like Karl Popper, Robert Nozick and Michael Fo...