what did friedrich hayek believe 
friedrich hayek had many beliefs in relation to economics he was part of the austrian school of economics and believed in free market capitalism he also believed that free markets allowed for creativity innovation and entrepreneurship which are necessary for societies to bloom and citizens to prosper was friedrich hayek a capitalist friedrich hayek was a defender of free market capitalism and spoke out against many of the economic norms of the 20th century such as keynesian economics and socialism the bottom linehayek is considered a major social theorist and political philosopher of the 20th century his theory on how changing prices relay information that helps people determine their plans is widely regarded as an important milestone achievement in economics this theory is what led him to the nobel prize 