Word: hayek
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Dates: during 1970-1979
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...scholars picked by the Royal Swedish Academy of Sciences last week to share the $125,000 Nobel Prize in Economics have many things in common. Sweden's Gunnar Myrdal and Austrian-born, British-naturalized Friedrich A. von Hayek are both, at 75, still vigorously writing and teaching as visiting professors - Myrdal at the City College of New York and Von Hayek at Salzburg University. Both men achieved early recognition, as the academy noted, "for their pioneering work in the theory of money and economic fluctuations." And both gained their widest audiences by going beyond the economist's blackboard...
...contrast, Von Hayek, an old-fashioned economic liberal, has been more the traditional professor. Since 1931 he has taught at the Universities of London, Chicago (from which he retired at the age of 63) and Freiburg and has often lectured in Japan. A student of business cycles and one of the few economists to foresee the 1929 crash, he was cited by the academy for his work on the relative efficiency of different types of economic systems. The system that he has criticized most is the one advocated by Myrdal. In his 1944 international bestseller, The Road to Serfdom...