Editing Friedrich Hayek (section)

=== London School of Economics ===
With the help of Mises, in the late 1920s, he founded and served as director of the [[Austrian Institute of Economic Research|Austrian Institute for Business Cycle Research]] before joining the faculty of the [[London School of Economics]] (LSE) in 1931 at the behest of [[Lionel Robbins]].<ref name=":9">{{Cite web|date=23 January 2013|title=WIFO – About WIFO|url=http://www.wifo.ac.at/wwa/jsp/index.jsp?&language=2&fid=23910|access-date=28 April 2021|archive-url=https://web.archive.org/web/20130123163235/http://www.wifo.ac.at/wwa/jsp/index.jsp?&language=2&fid=23910|archive-date=23 January 2013}}</ref> Upon his arrival in London, Hayek was quickly recognised as one of the leading economic theorists in the world and his development of the economics of processes in time and the co-ordination function of prices inspired the ground-breaking work of [[John Hicks]], [[Abba P. Lerner]] and many others in the development of modern microeconomics.<ref>{{cite web |last=Baxendale |first=Toby |url=http://www.cobdencentre.org/2010/07/the-battle-of-the-letters/ |title=The Battle of the Letters: Keynes v Hayek 1932, Skidelsky v Besley 2010 |publisher=The Cobden Centre |date=25 October 2010 |access-date=14 September 2011 |archive-date=2 September 2011 |archive-url=https://web.archive.org/web/20110902120125/http://www.cobdencentre.org/2010/07/the-battle-of-the-letters/ |url-status=live }}</ref>

In 1932, Hayek suggested that private investment in the public markets was a better road to wealth and economic co-ordination in Britain than government spending programs as argued in an exchange of letters with [[John Maynard Keynes]], co-signed with Lionel Robbins and others in ''[[The Times]]''.<ref>{{cite web |url=http://thinkmarkets.files.wordpress.com/2010/06/keynes-hayek-1932-cambridgelse.pdf |title=Info |date=2010 |website=thinkmarkets.files.wordpress.com |access-date=20 August 2011 |archive-date=18 July 2013 |archive-url=https://web.archive.org/web/20130718000832/http://thinkmarkets.files.wordpress.com/2010/06/keynes-hayek-1932-cambridgelse.pdf |url-status=live }}</ref><ref>Malcolm Perrine McNair, Richard Stockton Meriam, ''Problems in business economics'', McGraw-Hill, 1941, p. 504</ref> The nearly decade long [[deflation]]ary depression in Britain dating from [[Winston Churchill]]'s decision in 1925 to return Britain to the [[gold standard]] at the old pre-war and pre-inflationary par was the public policy backdrop for Hayek's dissenting engagement with Keynes over British monetary and fiscal policy.<ref>{{Cite book|last=Hayek|title=Reader's Digest Road to Serfdom|publisher=Reader's Digest|year=1945}}</ref> Keynes called Hayek's book ''Prices and Production'' "one of the most frightful muddles I have ever read", famously adding: "It is an extraordinary example of how, starting with a mistake, a remorseless logician can end in Bedlam".<ref>[https://www.bbc.com/news/business-14366054 "Keynes v Hayek: Two economic giants go head to head"] {{Webarchive|url=https://web.archive.org/web/20201023161952/https://www.bbc.com/news/business-14366054 |date=23 October 2020 }}, Business – ''BBC News'', 2 August 2011.</ref>

Notable economists who studied with Hayek at the LSE in the 1930s and 1940s include [[Arthur Lewis (economist)|Arthur Lewis]], [[Ronald Coase]], [[William Baumol]], [[CH Douglas]], [[John Kenneth Galbraith]], [[Leonid Hurwicz]], [[Abba Lerner]], [[Nicholas Kaldor]], [[George Shackle]], [[Thomas Balogh]], [[L. K. Jha]], [[Arthur Seldon]], [[Paul Rosenstein-Rodan]] and [[Oskar Lange]].<ref>{{cite book |first=J.K. |last=Galbraith |chapter=Nicholas Kaldor Remembered |title=Nicholas Kaldor and Mainstream Economics: Confrontation or Convergence? |location=New York |publisher=St. Martin's Press |isbn=978-0-312-05356-7 |year=1991 }}</ref><ref>{{cite web |url=http://nobelprize.org/nobel_prizes/economics/laureates/1979/lewis-autobio.html |title=Sir Arthur Lewis Autobiography |publisher=Nobelprize.org |access-date=14 September 2011 |archive-date=26 September 2011 |archive-url=https://web.archive.org/web/20110926021808/http://www.nobelprize.org/nobel_prizes/economics/laureates/1979/lewis-autobio.html |url-status=live }}</ref>{{sfn|Ebenstein|2001|pp=[https://archive.org/details/friedrichhayekbi00eben/page/62 62, 248, 284]}} Some were supportive and some were critical of his ideas. Hayek also taught or tutored many other LSE students, including [[David Rockefeller]].<ref>{{Cite web|url=http://www.mskousen.com/Speeches/rockefeller.html|archive-url=https://web.archive.org/web/20090706093719/http://www.mskousen.com/Speeches/rockefeller.html|title=Interview with David Rockefeller|archive-date=6 July 2009}}</ref>

In 1937, Hayek gave a summer course at the [[Geneva Graduate Institute]], then a stronghold of neoliberal thought that was home to [[Ludwig von Mises]].<ref>{{Cite journal |last=Denord |first=François |date=2002 |title=Le prophète, le pèlerin et le missionnaire |url=https://www.persee.fr/doc/arss_0335-5322_2002_num_145_1_2794 |journal=Actes de la Recherche en Sciences Sociales |volume=145 |issue=1 |pages=9–20 |doi=10.3406/arss.2002.2794}}</ref> Unwilling to return to Austria after the ''[[Anschluss]]'' brought it under the control of [[Nazi Germany]] in 1938, Hayek remained in Britain. Hayek and his children became [[British subject]]s in 1938.<ref>{{London Gazette|issue=34541|date=12 August 1938 |page=5182}}</ref> He held this status for the remainder of his life, but he did not live in Great Britain after 1950. He lived in the United States from 1950 to 1962 and then mostly in Germany, but also briefly in Austria.<ref name="ODNB">{{cite ODNB|id=51095|title=Hayek, Friedrich August (1899–1992)|year=2004|last=Brittan|first=Samuel}}</ref>

In 1947, Hayek was elected a [[List of Fellows of the Econometric Society|Fellow of the Econometric Society]].<ref>{{cite journal |date= January 1948 |title= Election of Fellows, 1947 |journal= [[Econometrica]] |volume= 16 |issue= 1 |pages= 117–122 |jstor= 1914293 }}</ref>