“It is likely that many modern economists would have no difficulty accepting Hayek's statement of the problem (of macroeconomics) as roughly equivalent to their own. Whether or not this is so, I wish … to argue that it should be so, or that the most rapid progress toward a coherent and useful aggregate economic theory will result from the acceptance of the problem statement as advanced by [Hayek].”

Austrian economist and philosopher

Friedrich August von Hayek was an Austrian economist and philosopher. He was a notable member of the Austrian school of economics, and is best known for his work in political economy, political philosophy, and intellectual history. He shared the 1974 Nobel Memorial Prize in Economic Sciences with Gunnar Myrdal for work on money and economic fluctuations, and for showing how economic, social, and institutional forces depend on one another. He is also widely remembered for his account of how prices convey information, an idea that became an important contribution to economics.