 His account of how changing prices communicate information that helps individuals co-ordinate their plans is widely regarded as an important achievement in economics, leading to his Nobel Prize.Hayek served in World War I during his teenage years and said that this experience in the war and his desire to help avoid the mistakes that had led to the war drew him into economics.At the University of Vienna, he studied economics, eventually receiving his doctoral degrees in law in 1921 and in political science in 1923.