With the help of Mises, in the late 1920s Hayek founded and served as director of the Austrian Institute for Business Cycle Research, before joining the faculty of the London School of Economics (LSE) in 1931 at the behest of Lionel Robbins. Upon his arrival in London, Hayek was quickly recognised as one of the leading economic theorists in the world, and his development of the economics of processes in time and the co-ordination function of prices inspired the ground-breaking work of John Hicks, Abba Lerner, and many others in the development of modern microeconomics. COUNT 5
QSN1 What position did Hayek gain at the Austrian Institute? ANS1 director QSN2 Who requested that Hayek be employed by LSE? ANS2 Lionel Robbins QSN3 What sort of recognition had Hayek received when he came to London? ANS3 one of the leading economic theorists in the world QSN4 What subject did Hayek's works influence and inspire? ANS4 modern microeconomics QSN5 In what year did Hayek come to London? ANS5 1931