Economist and political philosopher Friedrich A. von Hayek dies in Freiburg, Germany. One of the most influential economists in the 20th century, Hayek's work focused on free-market capitalism and defending it as a superior system compared to any and all forms of socialism or collectivism. His way of thinking has come to be known as the Austrian School of economics because he and other founders all came originally from Vienna, Austria.
Today Friedrich A. von Hayek's views are commonly associated with conservative political policies, but Hayek himself rejected the label "conservative" and even the very idea of conservatism. According to Hayek, "Conservatism is only as good as what it conserves" and the problem with most forms of conservatism is that it simply refuses to adapt to the changing realities of everyday life. He also rejected the label "liberal" and, what's more, even the label "libertarian" which has been developed precisely for people in his position.