Friedrich Hayek, a widely acclaimed Austrian-British economist and philosopher, passed away on March 23, 1992, at the age of 92. He made significant contributions to the field of economic and political theory, and is widely considered to be one of the greatest economists of the twentieth century. Hayek, who was born in Vienna, Austria, in 1899, played an important role in the development of the Austrian School of Economics. He was a member of the London School of Economics, and also held a position at the University of Chicago, where he taught and conducted research in economics and political science. Hayek’s greatest contributions included his landmark work, The Road to Serfdom, which challenged the popular conception of socialism. He also authored numerous articles and books on economics, having published a total of 45 works in his lifetime. He received a Nobel Memorial Prize in Economic Science in 1974, which he shared with his fellow Austrian economist Gunnar Myrdal. Hayek was a committed libertarian and strongly praised the virtues of individual freedoms, a key element of the classical liberal ideology. His writings and teachings heavily influenced the policies of the British government and are still widely used in economic and political theory today. He will be sadly missed by colleagues and friends alike, who remember him fondly for his contributions to the world of economic and political theory.