Friedrich Hayek was an influential economist and political philosopher known for his defense of classical liberalism and free-market capitalism. Born in 1899 in Austria, he became a prominent figure in the Austrian School of Economics. Hayek argued that government intervention in the economy often leads to inefficiencies and restricts individual freedoms. His most famous work, "The Road to Serfdom," warns against the dangers of central planning. Hayek's ideas have had a lasting impact on economic thought and policy. He received the Nobel Prize in Economic Sciences in 1974 for his contributions to the understanding of how markets operate. His work continues to influence debates on liberty, government, and economic systems today.