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Free Market Masters: Friedrich Hayek

  • Policy area: Economic theory

Friedrich Hayek was one of the most influential economic and political theorists of the 20th century. In economics two of his most important contributions were to explain how the market price system addresses the problem of economic coordination more effectively than central planning by government; and to understand the role of competition in markets as a process of trial and error discovery.  Professor Mark Pennington from the Department of Political Economy, Kings College London explores his legacy.