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Macro Economics II Assignment Submitted to: John O Callaghan Submitted by: Ruth Lennon Student No.: 1061022 Present a report which outlines and evaluates the main contributions Friedrich Von Hayek (1889-1992) made to our understanding of macro economics. The Austrian born economist Friedrich Von Hayek presented some of the most influential theories on markets in the 20th century. As a defender of the free market and of classical liberal principles he believed that we must move away from a state-controlled or "planned" economy and towards a society based upon freedom of association and exchange according to the rule of law. He is credited as being the "most prodigious classical liberal scholar of this century" and has been described as the central pioneering figure in changing the course of economic thought in the twentieth century." (Thomas Sowell, 1995). Hayek was born in 1899 in Vienna into a family of intellectuals. After serving in the army of World...

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