Recently, the names of the three Nobel prize winners in economics were announced. Fifty years ago, one of the best Nobel prize decisions went to Friedrich Hayek. Hayek along with Milton Friedman was one of the few Nobel Laureates to promote free markets together with an open society.

It made headlines in the Wall Street Journal recently when the American Economic Association (AEA) snubbed Friedrich Hayek on the 50th anniversary of the awarding of his 1974 Nobel prize.