Hayek, together with Gunnar Myrdal (the economist from the opposing camp), was awarded the “Nobel Memorial Prize” (not really a Nobel prize) in 1974. At Sotheby’s auction, Hayek’s award citation and gold medal went for over $1.5 million.
Although the Nobel prize gave renewed vigor to the then 75-year old Hayek, he was absolutely clear that economists should not be honored with prestigious prizes. “Nobel Prize confers on an individual an authority which in economics no man ought to possess,” he said. Continue reading