Hayek

Virginia Postrel on Hayek. Brought to my attention by Kiesling. Indeed, many of those friends who claim themselves as market orientalists have underrated Hayek in the shadow of Friedman. Among all:

"...Hayek, who died in 1992, was not just any economist. He won the Nobel Prize in economics in 1974. His 1945 article, "The Use of Knowledge in Society," is a touchstone work on the role of prices in coordinating dispersed information. His 1944 bestseller "The Road to Serfdom" helped catalyze the free-market political movement in the United States and continues to sell thousands of copies a year.
... Economist Milton Friedman calls him "the most important social thinker of the 20th century." Hayek's most significant contribution, he explains, "was to make clear how our present complex social structure is not the result of the intended actions of individuals but of the unintended consequences of individual interactions over a long period of time, the product of social evolution, not of deliberate planning.... Born in Vienna in 1899, Hayek fought in World War I and earned degrees in law and political economy in the rich intellectual atmosphere of the University of Vienna. In the early 1930s, he was invited to join the faculty at the London School of Economics. There, he made his name as the leading intellectual opponent of John Maynard Keynes. (The two men were nonetheless friends.) Keynes believed that economic slumps could be cured by government deficit spending, while Hayek argued that those policies would only exacerbate the underlying problem of excessive production capacity...."