“There is no salvation for Britain unless the special privileges granted to the trade unions in 1906 are revoked. The average level of real wages of British workers would undoubtedly be higher, and their chances of finding employment better, if the wages of different occupations were again determined by the market and all limitations on the work an individual is allowed to do were removed.”

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.