Economist and political philosopher Friedrich A. von Hayek is born in Vienna, Austria. One of the most influential economists in the 20th century, Hayek's writings will focus on free-market capitalism. He will defend it as a superior system compared to any and all forms of socialism or collectivism.
Hayek's way of thinking will be labeled the Austrian School of economics because he and other founders all trace their roots back to Vienna, Austria. Over time, Hayek's views will become closely associated with conservative political policies.
Hayek himself, though, will reject the label "conservative" for himself as well as the very idea of conservatism. According to Hayek, "Conservatism is only as good as what it conserves." The problem with most forms of conservatism, he believed, is that its adherents refuse to adapt to changing realities in everyday life.
Hayek also rejects the label "liberal" as well as "libertarian" which is created precisely for people in his position.