How was Friedrich Hayek awarded the Noble Prize in Economics?

Name: Friedrich Hayek.
Real Name: Friedrich August von Hayek.
Country: Austria, United Kingdom.
Date of Birth: 8 May 1899.
Died: 23 March 1992.
Education: University of Vienna.
Subjects Of Study: Economic system, Welfare state.
Notable Works: Law, Legislation and Liberty, Prices and Production, The Constitution of Liberty, The Pure Theory of Capital, The Road to Serfdom.
Noble Prize Year: Nobel Prize for Peace in 1974, for their pioneering work in the theory of money and economic fluctuations and for their penetrating analysis of the interdependence of economic, social, and institutional phenomena.