Hayek is best known for his contribution to the understanding of?

Friedrich Hayek was political philosopher and British Economist. He is known for his deeding free market capitalism and liberalism. He resisted too much central control of society, economy and was against socialism, he considered it to be harmful for the economy and individual freedom. He was most important philosophers of 20th century. He was member of Austrian school of economics. Hayek provided important ideas in Jurisprudence and cognitive science and received the 1974 Nobel Prize in Economics.

Friedrich Hayek is well-known for his numerous contributions to the understanding in the field of economics and political philosophy. Hayek was born in Vienna, Austria, in 1899 to 1992. Hayek's approach originated from the Austrian school of economics which he emphasized the limited nature of knowledge. Hayek is remembered as one of the greatest critics of the socialist consensus specifically for his defense of free-market capitalism.