Hayek is best known for his contribution to the understanding of?

Friedrich Hayek was political philosopher and British Economist. He is known for his deeding free market capitalism and liberalism. He resisted too much central control of society, economy and was against socialism, he considered it to be harmful for the economy and individual freedom. He was most important philosophers of 20th century. He was member of Austrian school of economics. Hayek  provided important ideas in Jurisprudence and cognitive science and received the 1974 Nobel Prize in Economics.

the exclusive possession or control of the supply or trade in a commodity or service.

`stare decisis is a legal doctrine that obligates courts to follow historical cases when making a ruling on a similar current or future case. stare decisis ensures that cases with identical facts be approached in the same way, unless overruled by the same court or a higher court such as the us supreme court. simply put, it binds courts to follow legal precedents set by previous decisions.

stare decisis is a latin term meaning "to stand by that which is decided".