The Economist:
FOR much of Friedrich von Hayek’s career, mainstream economists tended to dismiss him as a free-market extremist who had lost the argument against Keynesianism in the 1930s and 1940s. Even anti-Keynesians patronised him as a venerable polymath with correctly anti-interventionist views who nevertheless belonged down the hall in the political-theory department. When in 1950 Hayek joined the University of Chicago, a stronghold of free-market theory, he taught in the newly created Committee on Social Thought, not as he had hoped in the economics faculty, which politely declined him a post. Vindication, however, came to this dry, dogged Austrian in his 70s, by when academic economists and policymakers were belatedly taking note. In 1974 Hayek won the Nobel prize for economics.
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