Professor Friedrich von Hayek from Austria receives his Nobel Prize in Economy from Swedish King Carl Gustaf, December 1974.
November 15, 2011 Austrian economist Friedrich Hayek's arguments for free-market capitalism and against socialism and central planning made him a popular figure in 1940s America — and again today. His book got a boost last year when Glenn Beck discussed it on air. But some say Hayek and his book are misunderstood.
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