Friedrich Hayek is an outline of the life and work of the great Nobel economist, social theorist and scourge of socialism, whose ideas influence Margaret Thatcher and Ronald Reagan, and helped change the course of history.

Hayek was the 20th Century’s leading critic of Keynes – correctly forecasting that Keynes’s policies would lead to inflation, unemployment and debt. He explained how booms and busts occur, placing much more of the blame on governments and regulators, rather than bankers. He showed why booms built on cheap credit would inevitably dissolve into deep recessions – and why the best policy is to let the process work out rather than try to keep propping up failing banks and industries.

Hayek went on to map out the principles of a free society in a series of major books, and – alongside his friend and fellow Nobel economist, Milton Friedman – became the leading champion of free markets and the free society.

Dr Eamonn Butler is director of the Adam Smith Institute. He has an MA in Economics and Psychology from the University of St Andrews, and a PhD in Philosophy from St Andrews. Dr Butler’s most recent books include The Best Book on the Market, Milton Friedman, Adam Smith: A Primer, and Rotten State of Britain. Dr Butler writes regularly on economics for leading newspapers. In 2012 he received an Honorary D.Litt from Heriot-Watt University.

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