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The author was the recipient of the Medal of Freedom in 1991 and co-winner of the Nobel Memorial Prize in Economics in 1974.

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F. A. Hayek (1899-1992), recipient of the Presidential Medal of Freedom in 1991 and co-winner of the Nobel Prize in Economics in 1974, was a pioneer in monetary theory and a leading proponent of classical liberalism in the twentieth century. He taught at the University of London, the University of Chicago, and the University of Freiburg.

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